CATEGORY ARCHIVE: Seemingly Random
May 18, 2012
Facebook On The Home Front
Priced at $38 per share, Facebook (FB) should begin trading soon. We’ll run a piece after the market closes, but if you just can’t wait that long, here’s the place to start the discussion and an opportunity to call the first day close.
UPDATE: Facebook closed the day at $38.23, up 0.61 percent on its first day of trading. We’re holding our follow-up piece until Monday.
Posted by socketadmin at 8:30 AM | Permalink | Comments (67) | (email story)
April 18, 2012
Lincecum’s Old Party Pad Gets Traded
As we reported a few months ago:
As a plugged-in reader notes, the condo Tim Lincecum rented in 2010, and from which he was accused of stealing and destroying $200,000 worth of household items in 2011, has returned to the market listed for $1,795,000.
Having been listed for as much as $3,500,000 in 2008 but withdrawn from the market in 2010 last asking $1,700,000 prior to Lincecum's leasing, the current listing for the 2,790 square foot 141 Hampshire Street Unit B sports photos from its pre-Lincecum days.
The sale of 141 Hampshire Street Unit #B closed escrow on Friday with a reported contract price of $1,565,000 ($561 per square foot). The unit had been purchased new for $999,000 in 2001. And yes, that $3,500,000 number in 2008 was for Unit #B alone.
∙ Live Like Tim Lincecum (Two Year $40.5M Contract Not Included) [SocketSite]
∙ Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing) [SocketSite]
∙ There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (12) | (email story)
April 16, 2012
Billboards In San Francisco: 733 Down, 109 (969?) Left To Go
A total of 733 illegal billboards have been removed from buildings in San Francisco since 2007. Of the 969 billboards that remain, 860 are legal with 109 left to be removed.
Over the same period of time, São Paulo has not only removed over 8,000 billboards from its city’s streets, but all, and they mean all, outdoor advertising as well.
Border, the Brazilian Association of Advertisers, was up in arms over the move. In a statement released on [October 2, 2006], the date on which law PL 379/06 was formally approved by the city council, Border called the new laws "unreal, ineffective and fascist". It pointed to the tens of thousands of small businesses that would have to bear the burden of altering their shopfronts under regulations "unknown in their virulence in any other city in the world". A prediction of US$133 million in lost advertising revenue for the city surfaced in the press, while the São Paulo outdoor media owners' association, Sepex, warned that 20,000 people would lose their jobs.
Others predicted that the city would look even worse with the ads removed, a bland concrete jungle replacing the chaos of the present. North Korea and communist Eastern Europe were cited as indicative of what was to come. "I think this city will become a sadder, duller place," Dalton Silvano, the only city councillor to vote against the laws and (not entirely coincidentally) an ad executive, was quoted as saying in the International Herald Tribune. "Advertising is both an art form and, when you're in your car, or alone on foot, a form of entertainment that helps relieve solitude and boredom," he claimed.
According to a survey of city residents last year, 70 percent have found the ban to beneficial; the advertising industry in Sao Paulo has been thriving as it's been forced to turn to more effective media; and the city, the 9th richest city in the world, appears to have become even more vibrant and prosperous over the past six years.
∙ General Advertising Sign Program: Fifth Annual Report [sf-planning.org]
∙ São Paulo: The City That Said No To Advertising [businessweek.com]
∙ São Paulo advertising goes underground [ft.com]
Posted by socketadmin at 1:30 PM | Permalink | Comments (38) | (email story)
April 4, 2012
And Then There Were Only Four For The 34th America's Cup In SF
With the French team Aleph pulling out, and just two months left to register, it’s down to four teams who are now expected to participate in the America’s Cup in San Francisco, half the number of teams that were expected to participate at this time last year.
∙ Amended America's Cup Host Agreement Approved [SocketSite]
∙ And Then There Were Eight But Only Six That Are Known [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)
March 30, 2012
Resolving To Suspend Foreclosure Activities In San Francisco
On the agenda for San Francisco’s Land Use and Economic Development Committee next week, a resolution "urging City and County officials and departments to protect homeowners from unlawful foreclosures; and urging City contractors and all mortgage and banking institutions, especially San Francisco-based Wells Fargo, to suspend foreclosure activities and related auctions and evictions until State and Federal measures to protect homeowners from unfair and unlawful practices and provisions for principal reductions are in place."
And yes, Supervisor Cohen who walked away from her underwater condo prior to being elected is one of the sponsors.
∙ Land Use and Economic Development Committee Agenda: 4/2/12 [sfbos.org]
∙ As Pre-Foreclosure Activity Drops, Scheduled Auctions Tick Up In SF [SocketSite]
∙ San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]
Posted by socketadmin at 6:45 AM | Permalink | Comments (13) | (email story)
March 29, 2012
Is It The End Of A San Francisco Listing's Era And Poem?
It would appear as though 830 El Camino Del Mar quietly sold for $9,990,000 last month with a listing that was "withdrawn" a week its before closing and unreported on the MLS.
As plugged-in people know, the Sea Cliff home had been listed and withdrawn seventeen times without selling since 1998 and had been listed for as much as $18,000,000 in 2008.
Feel free to suggest a final stanza for a reader’s original poem. Then again, the buyer was the rather anonymous "830 CDM LLC," so perhaps there's a new poem waiting to be penned.
∙ Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
∙ Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (24) | (email story)
March 13, 2012
The Busy Streets Of Presidio Heights
Through the iPhone and words of a tipster: "…perhaps the real reason the Pincuses never moved in to their Presidio Heights mansion: the pesky line of cars blocking their garage as parents drop off and pick up their kiddies from the school next door."
∙ A Pincus House (But Never A Pincus Home) [SocketSite]
∙ PincusVille [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)
March 12, 2012
Inside A San Francisco Wife-Swapper's House And Actions
In October 2009, the then two-bedroom single-family home at 479 Douglass Street was listed for $779,000 with its upper level "tenant-occupied by [a] longtime [elderly] gentleman" paying $490 per month in rent.
In November 2009, the sale of 479 Douglass closed escrow with recorded contract price of $850,000 with the tenant in place. That December, an "anonymous" complaint was filed with the city noting a "possible illegal unit on [the] second floor" and two kitchens in the single-family home.
Without a history of any permits to convert the property from a legal single family house to a two-unit dwelling, a permit was issued to remove the second kitchen and convert the property back into a single family dwelling, without the elderly tenant in place.
A year later, permits were issued to raise, extend, and rebuild 479 Douglass which has returned to the market as a modern four-bedroom Noe Valley home listed for $2,895,000.
Oh, and about that headline, the seller is Stephen Fowler of ABC's Wife Swap fame.
∙ Listing: 479 Douglass (4/3.5) - $2,895,000 [479douglass.com]
Posted by socketadmin at 9:30 AM | Permalink | Comments (58) | (email story)
March 6, 2012
Getting "Artistic" With The 2012 Dream House Marketing Materials
Apparently there wasn’t enough of an actual Bay view from this year’s San Francisco Dream House for their marketing materials, so as a plugged-in tipster catches, they simply photoshopped in a little more (versus photoshopping out a tower last year).
Also noted by our tipster, while the mailing mentions "house" five times, it doesn’t once mention "condominium," and this year’s "dream house" is technically a condo.
∙ San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]
Posted by socketadmin at 1:45 PM | Permalink | Comments (51) | (email story)
February 23, 2012
It's Not This Mid-Century Modern Noe Valley Home That Was Flawed
As plugged-in people know, the 1,810 square foot Albert Lanier designed Mid-Century Modern home at 4378 Cesar Chavez hit the market this past November priced at $1,100,000 or $608 per square foot for the designer Noe Valley home with views.
At the time of its listing, the average single-family Noe home was selling for well over $800 per square foot. Lo and behold, 4378 Cesar Chavez, the unidentified poster child of a recent Chronicle report, quickly sold for $1,540,000 ($851 per square) with 23 offers.
It’s funny how that happens.
According to the Chronicle’s Carolyn Said, the architecturally significant Mid-Century Modern home "looked like a 1980s Tahoe cabin," one of the "flaws" that led Realtor Bernard Katzmann to price the property so far below market.
∙ Channeling Mid-Century Modern Flair At 4378 Cesar Chavez [SocketSite]
∙ It Would Have Been 50 Percent Over Had They Priced At A Million... [SocketSite]
∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]
∙ Yes, yes, Noe Valley, say eager S.F. home buyers [SFGate]
Posted by socketadmin at 10:45 AM | Permalink | Comments (183) | (email story)
February 13, 2012
The Year Of The Black Water Dragon Brings 255 Berry #708 Back
Back in 2008, it was the wood paneled ceiling and wide plank floors within 255 Berry #708 that first caught our attention, and the multiple balconies, southwest exposure, and completely overhauled kitchen (and baths) that kept it.
On the market for $2,495,000 at the time, the 2,293 square foot designer remodeled two-bedroom penthouse ended up closing escrow for $2,350,000 a month later.
It’s now the year of the Black Water Dragon and 255 Berry #708 has returned to the market listed for a rather auspicious $2,688,800. Gong Xi Fa Cai?
∙ A Designer Remodel Of A Relatively New Penthouse: 255 Berry #708 [SocketSite]
∙ Listing: 255 Berry #708 (2/2.5) - $2,688,800 [Redfin]
Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)
February 10, 2012
A Plugged-In Reader's Disasterlicious Comment/Caption Of The Month
In the words of a plugged-in reader: "The only thing more disasterlicious than a stairway without a handrail is the same with a 90 degree turn at the very top. Then add candles that can be kicked off to ignite a fire for extra effect. Oh yeah and put them in glass containers so the occupants will walk through shattered glass when evacuating." Cheers.
∙ A Chef’s Restaurateur’s Kitchen And Misstep(s) [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | (email story)
February 6, 2012
A Motivated Matt Cain
As a number of plugged-in readers have noted, while the "motivated" sellers of 1901 Diamond are set to take a loss on the sale of the Noe Heights home they purchased in late 2008, with 69 career wins to date and a $15 million contract to pitch in 2012, Matt Cain and family will likely weather the loss (but perhaps he should have rented, like Timmy).
∙ Origins Of The Man Cave [SocketSite]
∙ Live Like Tim Lincecum (Two Year $40.5M Contract Not Included) [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | (email story)
January 30, 2012
Live Like Tim Lincecum (Two Year $40.5M Contract Not Included)
As a plugged-in reader notes, the condo Tim Lincecum rented in 2010, and from which he was accused of stealing and destroying $200,000 worth of household items in 2011, has returned to the market listed for $1,795,000.
Having been listed for as much as $3,500,000 in 2008 but withdrawn from the market in 2010 last asking $1,700,000 prior to Lincecum's leasing, the current listing for the 2,790 square foot 141 Hampshire Street Unit B sports photos from its pre-Lincecum days.
Bonus points for identifying $200,000 worth of "bedding, doors, carpet, pillows, kitchenware, linens, furniture, household appliances, art work, decorations, patio furniture, lights, lamps, and mirrors" which could have been stolen or destroyed.
∙ Listing: 141 Hampshire Street Unit #B (3/3) 2,790 sqft - $1,795,000 [redfin.com]
∙ Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing) [SocketSite]
∙ There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (8) | (email story)
January 3, 2012
A Bit Of Listing Irony And Circa 2007 Foreshadowing
Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."
Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.
∙ Listing: 1893 San Jose Avenue (4/3) 2.275 sqft - $699,900 [Redfin]
Posted by socketadmin at 9:30 AM | Permalink | Comments (16) | (email story)
November 21, 2011
A Concept, Revocation And Consequences For 48 Tehama
A tenant at 543 Howard which is scheduled for foreclosure tomorrow, BAR Architects once sketched a concept for a 19-story mix-use building to rise at 48 Tehama, the approved office allocation for which was revoked for inaction, and the land for which is scheduled to hit the courthouse steps tomorrow as well by way of a second mortgage now past due.
∙ Woot Woof! [SocketSite]
∙ BAR Architects [bararch.com]
∙ 48 Tehama’s Right To Build Ready To Be Revoked [SocketSite]
Posted by socketadmin at 5:30 PM | Permalink | Comments (11) | (email story)
November 14, 2011
You're Sold! (And Hopefully Not Sued For Falling Off The Stairs)
As we reported this past September:
Purchased for $1,330,000 in October 2007, the 1,866 square foot Heublein Building (601 4th Street) loft number 322 has since been extensively remodeled.
The two-bedroom is now back on the market in 2011 and asking $1,450,000 ($777 per square foot). The sale will likely contribute to price "appreciation" when it comes to industry stats, but as plugged-in people know, it won’t be apples to apples.
This past Thursday the sale of 601 4th Street #322 closed escrow with a reported contract price of $1,455,000 ($780 per square foot). And yes, as a reader referred, the seller was an "Apprentice," at least for the first six episodes of season two.
∙ The Heublein Building Lofts (601 4th Street) [SocketSite]
∙ Before, After And "Appreciation" At (Or At Least For) The Heublein [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (1) | (email story)
Not Only Kinky, But Perhaps Somewhat Hinky As Well
A pair of emails forwarded from a plugged-in tipster reveals that the owner of the Armory, who was leading the charge against the development of 49 Julian, had made an all cash offer for the property and was seeking "to move forward ASAP with escrow, in order to avoid any additional work having to be done for the [Historic Preservation Committee] and Planning Commission hearings."
Following the offer to acquire the entire property, and despite continuing to publicly oppose the project, the owner of the Armory then proposed "to pre-purchase units on the top two floors [of 49 Julian]" in order to "assist [the developer in] financing and remove a certain amount of risk of house price fluctuations from [the developer’s] plate."
Once again, following a few modifications, the project appears to be headed for approval this week. And as far as we know, all offers from the owner of the Armory to purchase the property in part or in whole have since been withdrawn.
∙ The "Kinky" Opposition To 49 Julian Avenue As Proposed [SocketSite]
∙ Working Out The Kinks To Build Eight Homes At 49 Julian [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)
November 9, 2011
Déjà Vu This (More Tightly Cropped) Cow Hollow View Before
With a kitchen accent wall appropriately painted fire engine(ish) red, 2243 Greenwich has returned to the market "lender owned" and listed for $1,818,000. As we reported in 2008 when the asking price for the Cow Hollow house had been reduced to $1,695,000:
As any truly plugged-in person should know, the location of 2243 Greenwich is a bit more problematic than any of the tightly cropped listing photos might suggest.
And as such, that’s most likely why this six-bedroom Cow Hollow home sold for only $1,800,000 at the end of 2005 (and became an asterisked neighborhood comp).
And while it was briefly in escrow when it was listed for $1,745,000, it is no longer. And the price has once again been reduced. Asking $2,195,000 five months ago. Asking $1,695,000 today (5.8% below its selling price in 2005).
Despite what Redfin reports, as best we can tell the property was never actually foreclosed upon in 2009 but rather deeded back to the lender in lieu of foreclosure that October with $2,405,000 owed at the time.
∙ Listing: 2243 Greenwich Street (6/5) 2,750 sqft - $1,818,000 [Redfin]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (19) | (email story)
November 8, 2011
A Rather Quick Close For 393 Cumberland
The sale of the Ogrydziak/Prillinger redesigned house at 393 Cumberland closed escrow yesterday with a reported contract price of $2,027,475 ($1,198 per square foot). And yes, closing escrow after an official "seven days on the market" might suggest the property was in contract prior to being listed on the MLS for $2,095,000.
∙ Inside The "Modernist-Inspired" House Atop The Cumberland Steps [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (5) | (email story)
October 12, 2011
Listing License (And An "Updated" Kitchen In Question)
Speaking of listing license, from a reader with respect to the listing for 53 Manzanita which notes an "Updated kitchen":
It drives me insane when realtors say "updated kitchen" when that update occurred 40+ years ago. I would bet that the original cabinets are still intact as are most of the appliances. That isn't "updated" in my book. There oughta be a law...
As far as we know there aren't any laws when it comes to listings, and perhaps nary a rule.
As we noted back in 2006 after we first exposed the practice of relisting to "refresh" an unsold property and its official days on the market (DOM):
The National Association of Realtors Code of Ethics provides that "Realtors shall be careful at all times to present a true picture in their advertising and representations to the public," though Lucien Salvant, a spokesman for NAR, said that MLSs are not considered advertising vehicles."
And as we wrote at the time, taking the position that "MLSs [and by extension their listings] are not considered advertising vehicles" is an utterly asinine argument.
Our assessment of NAR's aforementioned position hasn't changed.
∙ Mad Men On Manzanita [SocketSite]
∙ Sorry NAR, But No [SocketSite]
∙ You Can Relist, But You Can’t Hide [SocketSite]
Posted by socketadmin at 4:00 PM | Permalink | Comments (39) | (email story)
October 7, 2011
Inside Tim Lincecum's Old Party Pad (Pre-Alleged Trashing)
As we first reported yesterday, the rental Tim Lincecum is accused of trashing is 141 Hampshire Street Unit B, a 2,790 square foot three-bedroom condo which was purchased new for $999,000 in 2001.
In 2004 the 3,425 square foot sister Unit A with lesser views sold for $1,265,000 having been purchased for $899,000 in 2001. And in 2008, 141 Hampshire Unit B hit the market seeking $3,500,000 while advertising a gross annual rental income of $72,000.
The asking price for Unit B was first reduced to $2,788,000 and then to $1,700,000 in 2009 before the condo was withdrawn from the market in April 2010. The condo was rented to Timmy fully furnished that May.
∙ There Might Have Been Smoke, But No Report Of A Fire... [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (4) | (email story)
October 6, 2011
There Might Have Been Smoke, But No Report Of A Fire...
According to the Mercury News, San Francisco Giants pitcher Tim Lincecum is being sued by his former landlord, "who accuses him of stealing and destroying $200,000 worth of household items earlier this year in his furnished San Francisco apartment."
Among the items damaged or taken were "bedding, doors, carpet, pillows, kitchenware, linens, furniture, household appliances, art work, decorations, patio furniture, lights, lamps, and mirrors, among other things," according to the compliant.
The complaint, which seeks $350,000 in damages, also states that Lincecum failed to pay rent on time and stole and destroyed his landlord's personal property and papers. "Things were missing," [the landloard's attorney] said. However the attorney added that he didn't know if Lincecum took the items or somebody else.
According to the complaint, Lincecum signed a lease in May 2010 to rent the apartment in San Francisco's Mission District. Shortly after the lease expired on Feb. 28, Lincecum re-entered the unit without his landlord's permission and stayed through May 13...
The rental in question is at 141 Hampshire, a two-unit building.
UPDATE: Lincecum's unit was 141 Hampshire B which was purchased as new for $999,000 in 2001. 141 Hampshire Unit A traded for $1,265,000 in 2004 having sold for $899,000 in 2001. And while the report doesn't mention a fire, perhaps a bit of "smoke" damage is in play as well.
∙ Lawsuit claims Giants' Lincecum trashed San Francisco apartment [mercurynews.com]
Posted by socketadmin at 3:45 PM | Permalink | Comments (14) | (email story)
August 25, 2011
311 Marina Boulevard Sells On The Steps For Half What Was Owed
A perennial favorite which plugged-in people have been keeping an eye on since we first featured it back in 2006, yesterday 311 Marina Boulevard sold to a third party on San Francisco’s courthouse steps for $1,845,000 cash versus an opening bid of $1,700,000.
As plugged-in people know, the prime Marina district home had been purchased for $2,350,000 in 2004 and then refinanced a number of times since, most recently in 2007 with a first mortgage for $2,583,000 and a second for $500,000.
The transfer of the property that was recorded in 2007 with a sale price of "$3,690,000" appears to have been between family members. And at the beginning of this month, the balance due on the first mortgage had grown to $2,928,035 including fees.
Don't forget those invitations to the housewarming (and the America's Cup).
∙ PropertyShark Launches San Francisco Foreclosure Listings [SocketSite]
∙ Scheduled Auctions Flat As Pre-Foreclosure Activity Ticks Down [SocketSite]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (8) | (email story)
August 19, 2011
No Reduction But A New List Price That’s $290,000 Less On Granville
On the market as "new," the nicely detailed West Portal home at 153 Granville Way was listed for $1,189,000 in April before being withdrawn from the MLS asking $995,000 in July.
While we’re not sold on what looks like a new addition off the back, we are digging the original woodwork and details, new finishes, and new "original" (at least according to those official industry stats) list price of $899,000 as well.
∙ Listing: 153 Granville Way (4/2) - $899,000 [MLS]
Posted by socketadmin at 9:30 AM | Permalink | Comments (11) | (email story)
August 11, 2011
Was The Removed Price Per Square Foot Out Of Whack? Let's See...
This past March we first published the following report from a house hunting reader moving to San Francisco:
On February 28, 716 Sanchez Street hit the market with a list of $2.45M for the 2100 sqft house. That comes to a whopping $1187/sqft which is way out of whack with both comps and listing in the neighborhood.
When I checked back on March 2, the listing had been "updated". The only change was that the number of square feet was removed! I suppose that's one way to make the place look more reasonably priced.
As we noted at the time, the fully renovated 716 Sanchez had first been listed for sale in 2008 asking $2,650,000 ($1,262 per square foot) having been purchased for $1,175,000 in 2003 as a much less modern 1,250 square foot home.
While we took a bit of heat for running the piece ("The price per square foot for this house is not "out of wack" [and this] posting should be immediately removed."), following our report, the list price for 716 Sanchez was reduced a few times, last asking $1,999,000.
And last week, the sale of 716 Sanchez officially closed escrow with a reported contract price of $1,900,000 (and an unreported price per square foot of $905).
∙ Price Per Square Foot Out Of Whack? Reduce Remove It… [SocketSite]
∙ And Then Reduce It Too… [SocketSite]
Posted by socketadmin at 3:15 PM | Permalink | Comments (16) | (email story)
August 1, 2011
America's Cup Uncovered And A Waterfront Rebuilt
A two year series leading up to the 34th America’s Cup in San Francisco, the first episode of America’s Cup Uncovered touches on how "the San Francisco Bay is setting the stage for the Cup’s transformation" and pays a visit to Auckland, New Zealand, "where locals recall their Cup experience and how the oldest trophy in international sport helped rebuild and modernize their city’s waterfront," a recollection we hope to have as well.
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
∙ San Francisco’s Last Minute Giveaways To Get The America’s Cup [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (2) | (email story)
July 27, 2011
A Common Question In San Francisco: How Much For The Weed?
From the Bay Citizen:
Regulators have refused to issue permits necessary for the [America's Cup] to move forward until organizers can prove the event won't significantly spread invasive seaweed through San Francisco Bay.
Concerns over exotic seaweed, including Undaria pinnatifida, a fast-growing Asian species that reaches 10 feet and poses dangers to native kelp species, prompted the San Francisco Bay Regional Water Quality Control Board on Friday to reject a 107-page permit application filed late last month by the Port of San Francisco.
But before anybody panics:
If it appears that it will be impossible to prevent the spread of the seaweed, [Watershed Division Chief Shin-Roei Lee] wrote, then the Port and America's Cup Event Authority will need to propose compensation, such as providing funds to an invasive species eradication program.
∙ Invasive Seaweed Fears Stall America's Cup [baycitizen.org]
∙ The 34th America's Cup Environmental Impact Report (And Issues) [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (11) | (email story)
July 25, 2011
The Second Of Two AIA Tour Homes Closes On Harrison
We first stated following the construction of the two modern townhomes at 3119 and 3121 Harrison a little over three years ago. Originally expected to be finished in 2009, they were asking $2,700,000 a piece as pre-construction in late 2008. And in March 2009 one of the two (3119 Harrison) was listed for $2,370,000.
Now construction complete, the two condos have been listed anew with a bit more modern expectations as well. Now asking $1,895,000 for the 2,500 square foot three-bedroom at 3119 Harrison and $1,950,000 for the 2,645 square foot three-bedroom at 3121 Harrison.
In addition to three bedrooms, both units offer three (and one-half) bathrooms across three levels and parking for three cars side-by-side.
In June the sale of 3121 Harrison closed escrow with reported contract price of $1,750,000 ($716 per square foot). And this past Friday, the sale of 3119 Harrison closed escrow with a reported contract price of $1,650,000 ($717 per square).
And yes, they’re the "Harrison Street Residences: 1 x 2" on the upcoming AIA Home Tour.
∙ The Threes At 3119 And 3121 Harrison Now Listed For Under Two [SocketSite]
∙ Coming (Not So) Soon To An Empty Lot (3119 Harrison) Next Year [SocketSite]
∙ We’ll Give You The Jump Once Again: 3119 Harrison On The Market [SocketSite]
∙ We Gave You The Jump, Now Some New Renderings: 3119 Harrison [SocketSite]
∙ 2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]
Posted by socketadmin at 11:30 AM | Permalink | Comments (7) | (email story)
July 14, 2011
From Foreclosure To Foreclosures At 333 Grant Avenue
Designed by Coxhead and Coxhead and built in 1908, the former headquarters of the Home Telephone Company at 333 Grant Avenue was converted to condos in 2004 having been foreclosed upon in 2002.
One of 39 post-conversion condos and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.
In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.
Another of the 39 units and not a BMR, 333 Grant Avenue #303 sold for $405,000 in 2004 and then for $550,000 in 2005, purchased by way of a $439,999 first mortgage to which a second for $166,380 was added in 2006.
Last month #303 was taken back by the bank with no bidders at $377,550 in cash on the courthouse steps.
∙ Listing: 333 Grant Avenue #405 (0/1) 441 sqft - $140,000 (BMR) [Redfin]
∙ A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (35) | (email story)
July 11, 2011
Planning Closes Its Doors To Discuss Academy of Art Litigation
San Francisco’s Planning Commission will meet behind closed doors with legal counsel on Thursday to discuss "exposure to litigation from a challenge to or enforcement of the City's affordable housing requirements" and "whether to initiate litigation with respect to the Academy of Art University." As always, we’ll keep you posted and plugged-in.
Posted by socketadmin at 7:15 AM | Permalink | Comments (2) | (email story)
June 24, 2011
Oops!..We Did It Again
We don’t know if it’s another (failed) attempt to make a steep block look a little flatter, but we do know the exterior shot for 3318 Folsom likely isn’t doing the listing any favors, especially on a listing that notes: "Home has a lot of deferred maintenance…"
As the image would look after a simple rotation to adjust for the camera angle:
But hey, it is just a listing for a half-million dollar home.
UPDATE: As a reader notes, our rotated photo has since replaced the listing agent's.
∙ Listing: 3318 Folsom (3/2) 1,250 - $539,000 [MLS]
∙ The Only Appropriate Headline: “What The Hell Were They Thinking?” [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (36) | (email story)
June 14, 2011
Below Market Rate For Above Market Down (And A Bit Of Irony)
The Mayor's Office of Housing Below Market Rate (BMR) homeownership program was established to offer "low to moderate income" households "the option of purchasing homes that are priced below the typical market rate price" but are restricted in terms of resale price and the qualified buyer pool.
One such unit is 888 7th Street #351, a 691 square foot one-bedroom which was purchased for $267,000 in May 2008 and is now listed on the MLS for $299,000 or $305,200 on the Mayor’s Office of Housing site. As noted, eligible single buyers for this unit can make no more than $69,600, a two person household no more than $79,500.
Also noted on the Mayor's site, "due to a pending lawsuit in the building…only all-cash buyers will be able to purchase the unit." That’s right, per the terms of the program, the low to moderate income buyers for this unit will need to have three-hundred thousand dollars of disposable cash on hand.
∙ BMR Resale: 888 7th St. #351 - $305,200 (cash) [sf-moh.org]
∙ Listing: 888 7th Street #351 (1/1) 691 sqft - $299,000 [MLS]
∙ Below Market Rate (BMR) Homeownership Programs [sf-moh.org]
Posted by socketadmin at 1:00 PM | Permalink | Comments (60) | (email story)
June 13, 2011
Ahoy There Buyers...
Last asking $9,900,000, while the sixteenth listing for 830 El Camino Del Mar has been withdrawn from the MLS and it’s no longer official inventory, a plugged-in tipster reports:
Well, if I can't buy 830 El Camino, at least I can take her for a jaunt around the bay. Or maybe the owners are finally ready to let her go?
That’s right, the ten million dollar property is now "For Sail."
∙ Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
∙ San Francisco Listed Housing Inventory Update: June 6, 2011 [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (11) | (email story)
June 1, 2011
Local Lenders Take Note
As we first reported in February:
2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.
Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.
With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.
Yesterday, the sale of 2760 Sacramento #6 closed escrow at its restricted price of $250,765. Lenders take note, don't forget those invitations to the housewarming, and all comments on our original thread.
∙ Comments: A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]
∙ Eight Days To Apply For A $206 Per Square Foot Pacific Heights Condo [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | (email story)
May 23, 2011
The Penthouse Atop 455 Vallejo Sells For "$435,000"...
Our penthouse parade continues with the 3,100 square foot condo atop 455 Vallejo now listed for $2,850,000. While the day old listing notes "First time on the market!" we’ll note it was also listed for $2,995,000 last year (and as still noted on its brochure).
And yes, there's seven car parking below. Oh, and speaking of said parking, and by way of that aforementioned brochure, they're touting some rather unique Realtor math:
"…the 7 car parking alone is worth a million dollars – the breathtaking views are worth another million dollars – which leaves this spacious penthouse at under a million dollars."
The sale of the penthouse atop 455 Vallejo closed escrow today with a reported contract price of $2,435,000, only "$435,000" per the aforementioned math.
∙ Atop 455 Vallejo For Under A Million! (Plus Two For Parking And Views) [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | (email story)
April 29, 2011
The United (236) States Of Easy Money And Forgiveness
As we wrote about 236 States in July 2008:
While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).
And to be honest, it was simply the operable windows in the kitchen that caught our eye.
Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a "make me move" price of $849,000 on Zillow).
Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.
∙ Listing: 236 States Street #1 (2/1) - "$619,000" (short sale) [MLS]
∙ Sometimes It’s The Small Things (In More Ways Than One) [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (9) | (email story)
The Power Of Four(s) And A Friendly Reminder
Sure, 381 Teresita could use some updating. But it looks perfectly livable until you can. And it is a District 4 single-family four-bedroom for under four hundred a square foot.
And as an aside, and while it might be a cool feature, if you happen to have a hidden escape, panic or storage room in your house, don’t post pictures of it on the web.
Well, at least not if it's a feature for which remaining hidden in the future is a selling point.
∙ Listing: 381 Teresita Boulevard (4/2) 2,016 sqft - $775,000 [MLS]
Posted by socketadmin at 9:00 AM | Permalink | Comments (5) | (email story)
April 27, 2011
Fourteen Days For 110 Freelon
As a plugged-in reader notes, and steals a bit of our afternoon thunder, the sale of 110 Freelon closed escrow yesterday with a reported contract price of $3,320,000.
And yes, that’s $220,000 over asking and 14 days from list to close for the 4,430 square foot (not including the roof terrace) live-work loft which suggests a truly all cash offer.
Don’t forget those invitations to the housewarming. We'll bring the tunes. And a ball.
∙ 110 Freelon: Let's Get Ready To Rave [SocketSite]
Posted by socketadmin at 3:30 PM | Permalink | Comments (6) | (email story)
A Painful Situation For A Plugged-In Reader (And Plea For Help)
A plugged-in reader in need writes:
Where do people go who have had realtors - realtors of some prestige, paragons of real estate experience one might say - who seem to have hidden or ignored pertinent information on a property?
This is both scary and almost amusing tale of woe were it not for the all too serious consequences.
Say, for example, someone buys a condo in a two-unit building, agrees to all the conditions, then, after closing, is told by the other condo owner that other unit is an S&M, um, er, "chamber," and the building is not suitable for children to occupy because strangers visit at odd hours and they're not the sort of people who are good with children. Plus, the new owner had better seriously soundproof the unit and never, ever let the child use the shared yard, go down into the garage or help with the laundry because it's near the "guest" room. Oh, yes, and the seller knew about this, um, "lifestyle."
The seller's realtor and the purchaser's realtor claim no knowledge, "not our job to ask personal questions" sort of thing even if you did raise this exact question with your realtor, "This isn't some S&M dungeon is it?" [Editor's note: apparently a number of locked rooms below raised the question], besides, the seller has left the state and well, sorry, it's a done deal, you own it.
Please keep in mind this isn’t meant as a condemnation of an S&M lifestyle, but rather an issue of disclosure and a serious concern. And yes, we have confirmed the sale. So, if you’ve successfully negotiated a similar situation, do you think you can help a reader out?
Posted by socketadmin at 8:30 AM | Permalink | Comments (75) | (email story)
Cohen’s The Bank’s Candlestick Point Condo Closes Escrow
The bank-owned resale of the Candlestick Point two-bedroom condo that newly elected San Francisco Supervisor Malia Cohen purchased for $581,500 in December 2006 before letting the bank foreclose ("It was underwater, so I let it go...") has closed escrow with a reported contract price of $320,000, a 45 percent ($261,500) drop in value since 2006.
As previously noted, while the Chronicle reported Cohen’s January move from the condo, we reported the bank had actually foreclosed on the condo this past August, a few months before her election.
∙ San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]
Posted by socketadmin at 5:30 AM | Permalink | Comments (46) | (email story)
April 25, 2011
Down A Decade (But Officially "Over Asking") For 655 5th Street #9
Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.
The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."
And as a plugged-in reader noted last week, the sale of 655 9th Street #9 closed escrow this past Thursday with a reported contract price of $701,000. Call it $395 per square foot, 10 percent ($80,000) under its year 2000 sale, and 34 percent ($317,000) under its sale for $1,018,000 in 2007.
The sale was, however, officially "over asking" according to industry stats.
∙ Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
∙ 30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]
∙ 14 Percent Below Its Year 2000 Price And Offers Anytime [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)
April 21, 2011
Another Listing On Lyon
With 33 of its 71 listing photos featuring neighborhood establishments within a one mile radius, it might be a new record. And it might explain such classic listing photo captions as: "Another deli" and "Another picture of the Sundance Theatres."
∙ Listing: 1407 Lyon Street (4/4) 2,887 sqft - $1,795,000 [MLS]
Posted by socketadmin at 7:15 AM | Permalink | Comments (15) | (email story)
April 19, 2011
Minor’s "Abandoned" Mansion At 3800 Washington
While it’s looking a lot better today than it did in 1906, as a plugged-in reader notes and following an anonymous complaint a year ago, Halsey Minor’s Le Petit Trianon at 3800 Washington has been deemed "abandoned" by the city and an order of abatement has been issued for failing to comply with San Francisco’s Abandoned Building Ordinance.
As plugged-in people know, Minor paid $20,000,000 for the 17,895 square foot property in 2007 (a notice of default followed in 2009).
And yes, we should all be so lucky as to live near such "blight."
∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
∙ Le Grand Notice De Default For Le Petit Trianon (3800 Washington) [SocketSite]
Posted by socketadmin at 11:45 AM | Permalink | Comments (33) | (email story)
April 14, 2011
An Amazing Down To The Studs "$75,000" Renovation At 55 Rico Way
The down-to-the-studs remodel in 2004 included a horizontal addition, so we’re assuming the single-family Marina home at 55 Rico Way is living larger than the 1,846 finished square feet per public records (the listing doesn’t specify beyond "greatly expanded").
Per the permit, the estimated cost for the down to the studs renovation and expansion of the home was $75,000, the figure off of which permit fees would have been figured.
We’d be willing to bet the cost of renovating the kitchen alone ran close to $75,000, and yet some wonder why minimum permit fees have had to be raised for all.
∙ Listing: 55 Rico Way (3/3) - $2,200,000 [55rico.com] [MLS]
Posted by socketadmin at 12:00 PM | Permalink | Comments (45) | (email story)
March 28, 2011
If They Weren't Million Dollar Views Before, They Really Are Now...
In 2006 the "Vintage Cow Hollow Edwardian" in need of some "TLC" at 3025 Scott Street was purchased for $2,750,000 by its uphill neighbor(s) in what would appear to have been a strategic bid to protect views.
Four years later, and with an easement aimed at restricting any increases in height newly attached, the property returned to the market listed for $2,100,000. Failing to sell in 2010, the property was relisted for $1,900,000 with "one day" on the market in January.
Thirteen days ago the sale of the 2,557 square foot Cow Hollow fixer officially closed escrow with a just now reported contract price of $1,800,000 ($704 per square foot). Call it a little over a million dollars spent to protect a few million dollar views and a 35 percent ($950,000) drop in value for the property.
∙ A Vintage Mini-Vertical For The Cow Hollow Fixer At 3025 Scott [SocketSite]
Posted by socketadmin at 11:00 AM | Permalink | Comments (29) | (email story)
March 24, 2011
America’s Cup Preview. Now Think Bigger. And More Boats.
Four AC45’s were sailing about New Zealand’s Hauraki Gulf yesterday, a mini-preview of what’s in store for San Francisco’s Bay when the larger 72-foot hardwing multihulls arrive to compete for the America’s Cup in 2013.
∙ America's Cup: AC45's sailing as a fleet [youtube.com]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (6) | (email story)
March 21, 2011
Eight Days To Apply For A $206 Per Square Foot Pacific Heights Condo
It was three weeks ago that we first plugged our readers in to the 1,220 square foot Below Market Rate (BMR) Pacific Heights condo at 2760 Sacramento.
Purchased for $211,500 as a resale restricted unit in 2003, the condo was refinanced with $712,014 in debt over the next five years before being taken back by the bank.
Applications to purchase 2760 Sacramento #6 for $250,765 are due in eight days.
∙ Listing: 2760 Sacramento #6 (1/1) - $250,765 [MLS]
∙ A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]
Posted by socketadmin at 12:45 PM | Permalink | Comments (7) | (email story)
March 15, 2011
And Then There Were Eight But Only Six That Are Known
Eight entries for the 34th America’s Cup in San Francisco have been received so far including Aleph (France), Artemis Racing (Sweden), Energy Team (France), Mascalzone Latino (Italy), Team Australia and the defending home town team of ORACLE Racing.
Two entrants, however, have yet to officially announce. Readers?
∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (4) | (email story)
March 3, 2011
The "America’s Cup Effect" In Action?
The re-sale of 425 1st Street #4702 closed escrow yesterday with a reported contract price $1,350,000 ($1,031 per square foot) for the One Rincon Hill two-bedroom which was purchased from the sales office for $1,605,500 ($1,226 per square) in August 2008.
As we wrote when #4702 hit the market asking $1,107 per square foot in December:
At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s "LAST 02") sold for $1,297,000 ($991 per square foot).
And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the "Last Brand New 02 Unit") closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02's in the high forties.
Of course it wasn’t until the last day of December that San Francisco secured the next America’s Cup (at which point “Front Row Seats to America's Cup!” was added to the listing). And while we’re filing this under apples-to-apples, it’s possible the unit ended up reselling with a few extras (“Seller will entertain selling home fully furnished”).
∙ "The Last" Of The Last One Rincon Hill 02’s [SocketSite]
∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (28) | (email story)
March 1, 2011
San Francisco Conservatory of Flowers Goes Condo (No, Not Really)
From a plugged-in tipster that forwards an email for a "well located" two-bedroom condo with "many windows" that "afford peaceful green outlooks to Golden Gate Park while bringing in perfect natural light" and features a rather familiar façade:
Always wanted a condo in that building! HOA dues seem low for several hundreds of acres of garden. Dues include doing the windows regularly? How do you handle weekend visitors?
And yes, that’s the San Francisco Conservatory of Flowers pictured above and currently the first photo of the listing. The facade of 795 8th Avenue would be photo number fifteen.
∙ Listing: 795 8th Avenue #204 (2/1) - $585,000 [paragon-re.com] [MLS]
∙ San Francisco Conservatory of Flowers [conservatoryofflowers.org]
Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)
February 25, 2011
A Bank-Owned BMR (No, Not BMW) In Pacific Heights
2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.
Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.
With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.
∙ We’ve Almost Got A Line (Another Data Point At 2760 Sacramento) [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (50) | (email story)
February 18, 2011
Overused Listing Descriptor Of The New Year: "Stunning"
While it’s barely half over, we’re already calling "stunning" the most overused word for listings in San Francisco in the first quarter of 2011. Or more accurately, we’re calling it the most misused word in terms of the properties to which it’s rather liberally being attached.
On deck, references to the America’s Cup.
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]
Posted by socketadmin at 6:45 AM | Permalink | Comments (13) | (email story)
February 10, 2011
Riders On In The Storm As 55 Buena Vista Sells For $2,100,000
Purchased for $2,177,000 in April 2006 but significantly expanded and remodeled by architect Jonathan Feldman and interior designer Joseph Oroza since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining), the now 3,106 square foot designer home with big glass doors and some big city views at 55 Buena Vista Terrace returned to the market in September 2008 asking $3,395,000.
Withdrawn from the market in November 2008 but then relisted anew in January 2009 asking $2,995,000, the list price for the designer home was reduced to $2,695,000 that February and then $2,595,000 that April before being withdrawn again that June.
Listed anew once again this past September with an "original" list price of $2,295,000 (and an official one day on the market per aggregate industry reports), as a plugged-in reader notes, yesterday the list price for 55 Buena Vista Terrace was reduced to $2,100,000.
The resale of 55 Buena Vista Terrace closed escrow yesterday with a reported contract price of $2,100,000. As a plugged-in reader noted last month, MLS based statistics will reflect a $77,000 (4%) drop in value versus 2006 for this data point and miss a few hundred thousand dollars invested in between.
∙ 55 Buena Vista Terrace Back Below Its 2006 Pre-Renovated Price [SocketSite]
∙ Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
∙ Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
∙ From Easy Profit To Likely Loss For 55 Buena Vista Terrace [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)
February 8, 2011
Listing Irony For 85 Caine: "Cash Only, Bank Might Not Finance"
In April 2006 the four bedroom Ingleside home at 85 Caine Avenue was purchased for $675,000, a purchase which was refinanced in November 2007 with two loans totaling $693,000 in debt.
On January 15, 2010 the home was taken back by the bank with no bidders at $435,160. Two week later the property went up in flames.
From one of the tenants in the house at the time of the fire:
“We were renting, supposedly, from the owner and paying him rent,” she said. “Three weeks ago a bank representative came by and said don’t pay the landlord, we own the home…. The house has apparently been up for auction since May and he (the landlord) hasn’t owned it. We’ve been paying him rent since we moved in in September.”
“We spoke with him this morning and it was the first time he had openly told us he is not the owner of the house,” she added. “He said we had to deal with the bank.”
Keep in mind the tenant appears to have been a bit confused (surviving a fire will do that to you) as the bank didn't own the property up until two weeks before the fire.
Yesterday the burned out building returned to the market listed for $279,900. A bit of listing irony: "Cash Only, bank might not finance." Well, at least not 100 percent anymore.
∙ Listing: 85 Caine Avenue (4/1) - $279,900 [Redfin]
∙ Mystery Surrounds SF Mission District Fire [ktvu.com]
Posted by socketadmin at 12:45 PM | Permalink | Comments (21) | (email story)
February 2, 2011
No Sale Despite A $1,000 Per Square Foot Price Cut On Yerba Buena
Despite a $6,950,000 (55 percent) price cut since being listed $12,700,000 in 2007, and another 250 days on the market (most recently asking $5,750,000), the listing for the 6,555 square foot home at 168 Yerba Buena Avenue has once again been withdrawn from the market without a reported sale.
As plugged-in people know, its unfinished sister property at 166 Yerba Buena appears to have sold $1,980,000 in 2008. It had been listed for $10,700,000 (finished) at the time.
∙ A Finished 168 Yerba Buena Avenue Returns At Fifty Percent Off [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
∙ It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]
∙ Once Billed As "A Symbol Of Success, Not Extravagance" [SocketSite]
∙ Solaria Sells For About As Much As The Rendered Bugatti In Its Garage [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)
January 27, 2011
The Secretive Sale Of 2600 Pacific
For the past three weeks we’ve been inundated with questions about the recorded sale of 2600 Pacific for $15,500,000 late last year. Or more accurately, a recorded transfer tax of $232,500 in December which translates to said sale price.
And while we couldn’t get past the hidden buyer to confirm ("HOS Pacific LLC" anyone?), neither could the Wall Street Journal. So with that we’re calling it a day and leaving it up to any plugged-in readers with the inside scoop or better sleuthing skills to weigh in.
∙ Big Spenders Buoy Housing [wsj.com]
Posted by socketadmin at 1:30 PM | Permalink | Comments (29) | (email story)
2041 Sacramento Sells (For Reals This Time) At 38% Under 2007
As plugged-in people know, the MLS reported "sale" of 2041 Sacramento for $1,950,000 this past October wasn’t actually a sale but rather the bank foreclosing upon the remodeled top floor Pacific Heights condo back. And not even at that "price."
Yesterday, however, a legitimate sale of 2041 Sacramento appears to have closed escrow with a reported contract price of $1,418,000. The sale represents a 38 percent ($868,500) drop in value for the property since its purchase for $2,286,500 in June 2007.
The "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park" was last listed for $1,499,000 ("DRASTIC REDUCTION for quick sale!!!").
∙ While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
∙ A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]
∙ 2041 Sacramento Cuts Again But Gains Three Exclamation Points!!! [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (58) | (email story)
January 26, 2011
Behind The Sperling’s Shocking "Sale" Of 2323 Hyde For $9,000,000
A reader perusing Redfin is a bit shocked to come across the reported sale of 2323 Hyde Street for $9,000,000 two weeks ago, a nearly 9,000 square foot Russian Hill home that was listed for $18,700,000 for most of last year.
The least expensive of three big San Francisco properties accumulated by the Sperlings of University of Phoenix fame and fortune over the past decade, 2323 Hyde Street had been purchased by Peter and Stephanie Sperling in 2003. The home had been listed for $15,000,000 at the time.
And while we can’t confirm the exact purchase price in 2003, we will note a $15,420,495 tax assessed value in 2009 which would suggest a price around $14 million.
So was it really a $5,000,000 and 36 percent drop in value for the Hyde Street house as reported? Yes and no. While 2323 Hyde did in fact sell for $9,000,000 this past November with $225,000 in transfer taxes paid, the buyers were John and Peter Sperling, the co-trustees of a John Sperling Irrevocable Trust. We don’t believe their offer was countered.
Keep in mind that the difference between a $14,000,000 and $9,000,000 tax basis would be about $60,000 a year and transfer taxes for properties valued over $5 million in San Francisco increased at the beginning of this year with the passage of Proposition N.
∙ Save A Collective $21,700,000 On Hyde And Upper Broadway [SocketSite]
∙ The Day After: November 2 Real Estate Related Election Results [SocketSite]
Posted by socketadmin at 3:45 PM | Permalink | Comments (39) | (email story)
January 25, 2011
The 34th America’s Cup Race Schedule You've Known To Expect
As we wrote when we broke the news three weeks ago with respect to the proposed course for the 34th America’s Cup in San Francisco’s bay: "Races will be held July through mid-September in both 2012 and 2013 with up to three races each day beginning at 1:00pm and ending by 6:00pm."
According to an America’s Cup Race Management notice released today, the America’s Cup Challenger Series (The "Louis Vuitton" Cup) is tentatively scheduled to commence on July 13, 2013 with the 34th America’s Cup Match starting September 7, 2013.
We'd file it under "breaking news" but plugged-in people have known what to expect for weeks.
∙ The Proposed 34th America’s Cup Course For San Francisco’s Bay [SocketSite]
∙ 34th America’s Cup Regatta Dates [americascup.com]
Posted by socketadmin at 4:45 PM | Permalink | Comments (6) | (email story)
Condo Conversion HIV Challenge Back In Front Of The Board
A tenant’s challenge of the condo conversion of 74-76 Castro based on his HIV positive status is back in front of San Francisco’s Board of Supervisors this afternoon. As we first reported three weeks ago:
At issue, whether or not the tenant’s HIV positive condition qualifies as being disabled, and as such entitles the tenant to a lifetime lease of the unit pursuant to San Francisco Subdivision Code 1391. And at stake, a potential eviction (post-conversion) if not.
We’ll note that from a procedural standpoint the tenant will likely be found to have prematurely claimed a lifetime lease, a right the Subdivision Code grants after conversion. And without an eviction on record, the parcel map and condo conversionwill likelyshould be upheld (with the lifetime lease issue likely returning after).
We’ll also note that the building owners assert that the tenant offered to drop his claim in exchange for $150,000.
Also amongst the items on today’s Board agenda, the proposed appointment of Richard Johns and reappointment of Andrew Wolfram and Karl Hasz to San Francisco’s Historic Preservation Commission through the end of 2014.
∙ Does Having HIV Make One Disabled? [SocketSite]
∙ San Francisco Board of Supervisors Agenda: January 25, 2011 [sfbos.org]
Posted by socketadmin at 11:30 AM | Permalink | Comments (27) | (email story)
January 19, 2011
From "Sold" To Actually Sold To Facing Foreclosure At 3208 Pierce
As plugged-in people might recall, while the Marina development at 3208 Pierce hit the market in 2007 with printed marketing materials touting "SOLD" for unit #407, the unit quietly hit the MLS listed for $1,279,000 once the rest of the building was in contract.
The two-bedroom condo ended up selling for $1,249,000 that October by way of a first mortgage for $999,200. A month later a second for $80,000 was added and a third for $124,000 the month after that. Call it a 96 percent Loan to Value ratio for the property within two months of purchase and at the end of 2007.
So why do we mention it now? Well, while the original notice of default was filed in November 2009, and the notice of trustee sale was finally filed a year later, the December 2010 auction being postponed due to the million dollar condo buyer's bankruptcy but the property is currently scheduled to hit the courthouse steps again in a week.
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]
∙ Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)
January 14, 2011
The One Without A Caption (For Now)
At least the close-ups of the lemons and flowers speak to flora while the wine bottle and Bertazzoni shots speak to the kitchen. But honestly, we have absolutely no idea what the photo above is supposed to tell us about the TIC at 1438 Chestnut.
And considering that out of the twenty-eight (28) listing photos it’s the only one (1) currently without a caption on the MLS, perhaps we’re not the only ones. Or damn it, perhaps we just took the (alligator) bait.
∙ Listing: 1438 Chestnut (2/1.5) - $1,099,000 [MLS]
Posted by socketadmin at 3:45 PM | Permalink | Comments (17) | (email story)
January 13, 2011
Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time
Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.
Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.
Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.
∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $777,900 [MLS]
∙ 30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]
Posted by socketadmin at 4:30 PM | Permalink | Comments (23) | (email story)
January 10, 2011
If Homes In Bayview Are Selling For $770,000 $375,000 $345,000…
As we wrote this past December:
In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").
In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.
On Friday the short sale list price for 1747 La Salle was reduced to $345,000. And yes, it’s still listed as a "must see" but "won’t last" no longer.
∙ Listing: 1747 La Salle Avenue (5/3) - $345,000 [MLS]
∙ If Homes In Bayview Are Selling For $770,000 $375,000… [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)
January 6, 2011
Former Giants #35 Is Looking To Sell (255 Berry) #610
Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.
Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.
∙ Listing: 255 Berry #610 (3/2.5) 2,293 sqft - $1,650,500 [MLS]
∙ 255 Berry: Seven Percent Active [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)
January 5, 2011
San Francisco Realty TV: Fear The Beard Foreclosure
A plugged-in reader pegged it as the place San Francisco Giants Brian Wilson and Barry Zito once rented while we pegged it as the "Marina Mansion" seeking $13,500 a month in rent last year.
Listed for sale at $5,000,000 in 2008 and then $3,695,000 in 2010, 3157 Baker Street is now scheduled to hit the courthouse steps tomorrow afternoon with an opening bid of $2,571,939 for the 3,646 square foot five-bedroom Marina home. Don't forget those cashier's checks.
And no, we never should have doubted our readers who pegged 3159 Baker as San Francisco’s Top Chef home. But hey, the two Marina homes are adjacent and owned by the same persons. Well, at least for another day.
∙ A Hollywood Ending (And Not) For 3157 Baker Street [SocketSite]
∙ Would The Real Top Chef San Francisco House Please Stand Up? [SocketSite]
∙ Are There Any Plugged-In Top Chef Aficionados In The House? [SocketSite]
Posted by socketadmin at 5:00 AM | Permalink | Comments (29) | (email story)
December 24, 2010
A Little Over (Half) For A Little Under (Half) At 873 Van Ness
Purchased as a 4,285 square foot two-unit Inner Mission building for $1,500,000 in July 2006, a little over half the building (2,337 square feet) is back on the market today, remodeled and asking $729,000 as a tenancy in common (TIC).
And while the listing touts "EZ CONDO READY!!," understand how the "bonus/entertainment room w/ kitchen+bath included with the unit" could affect the not always so EZ conversion process.
∙ Listing: 873 South Van Ness (2/1) 2,337 sqft - $729,000 [MLS]
Posted by socketadmin at 9:45 AM | Permalink | Comments (10) | (email story)
December 23, 2010
Over Under Asking For 2939 Vallejo (Plus The Lot Next Door)
A reader comments that Curbed has reported (with exclamation points!) that 2939 Vallejo "sold for $1,00,000 (sic) above asking. $9,500,000 clams!" Unfortunately, it didn’t.
While the sale price was $9,500,000, and 2939 Vallejo was listed for $8,500,000, the sale included the lot next door (2921 Vallejo) which was listed separately for $2,250,000. In other words, it was actually $1,250,000 (12%) under asking for the two.
But hey, why bother to be right when reporting real estate. And yes, MLS based statistics, reports, and industry newsletters will reflect "over asking!" for the sale as well.
∙ You See, It's Not Pacific Heights Prices That Are Falling... [SocketSite]
∙ Listing: 2939 Vallejo (4/5.5)/2921 Vallejo (lot) - $8,500,000/$2,250,000 [sfproperties]
∙ 2939 Vallejo Gets $1M Above Asking Price [Curbed]
Posted by socketadmin at 1:15 PM | Permalink | Comments (18) | (email story)
You See, It's Not Pacific Heights Prices That Are Falling...
Now that the listing for 2111 Franklin #4 includes photos, the 33 percent difference between the purchase price in 2005 ($1,075,000) and the list price today ($725,000) for the Pacific Heights condo all makes sense. Apparently the building is falling over.
But hey, what would you expect when there’s only $38,750 in sales commissions at stake.
∙ The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)
December 21, 2010
Out, Damned Spotted Sidewalk! Out, They Say!
The dreaded white spots have been falling like holiday snow with the notices hung by the door. For those unfamiliar, the white dots mark sections of sidewalk in need of repair, reconstruction or improvement while the notices alert the adjacent property owners that they’re responsible to pick up the tab.
Once notified, property owners have 30 days to commence repairs on the spotted sections of sidewalk fronting their property. If they don’t, the Director of Public Works can order the repairs to be completed and send the property owners the tab, which if isn’t paid will result in a lien on the property. And yes, even if city planted tree roots are to blame.
One potential bright spot, in some cases there are opportunities to replace damaged pavement with landscaping instead.
Posted by socketadmin at 3:45 PM | Permalink | Comments (39) | (email story)
December 14, 2010
DO NOT READ THIS Unless You Really Need To Know Re: 333 Harrison
As proposed, the development of 333 Harrison Street and Fremont in San Francisco’s Rincon Hill neighborhood would result in a 7-story, 65-foot tall residential apartment building containing approximately 308 units, with two levels of subterranean parking for 204 and a landscaped park between Harrison Street and the building.
Tomorrow, San Francisco’s Historic Preservation Commission will hold a public hearing to review and comment on a recently finished Cultural Resources Sensitivity Study for the development. From the introduction to the study which is now online:
This report contains confidential cultural resources location information; report distribution should be restricted to those with a need to know. Cultural resources are nonrenewable, and their scientific, cultural, and aesthetic values can be significantly impaired by disturbance. To deter vandalism, artifact hunting, and other activities that can damage cultural resources, the locations of cultural resources should be kept confidential.
Or just posted online.
∙ A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison [SocketSite]
∙ 333 Harrison Street Section 106 Review and Comment [sfplanning.org]
Posted by socketadmin at 11:30 AM | Permalink | Comments (10) | (email story)
December 9, 2010
If Homes In Bayview Are Selling For $770,000 $375,000…
In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").
In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.
Listing: 1747 La Salle Avenue (5/3) - $375,000 [MLS]
Posted by socketadmin at 12:00 PM | Permalink | Comments (24) | (email story)
December 6, 2010
Two Bank-Owned TICs In The Mission…
Are there really bank-owned TICs in the Inner Mission? Yes, but it’s probably not the exact scenario some have been expecting.
In January of 2005 the six-unit building at 1419 South Van Ness Avenue sold for $1,090,000. Financing for the purchase and a likely renovation was provided primarily by the "Magnate Fund LLC" to the tune of $1,490,000.
Five months ago the building was taken back by "the bank" which then appears to have transferred the property to a new LLC which shares the same Concord address as the lender. And three days ago, two of the six units hit the MLS as "bank owned" TICs.
∙ Listing: 1421 South Van Ness Avenue (3/1) 1,074 sqft - $485,000 [MLS]
∙ Listing: 1423 South Van Ness Avenue (3/1) 1,159 sqft - $519,000 [MLS]
Posted by socketadmin at 11:30 AM | Permalink | Comments (34) | (email story)
December 3, 2010
Industrial Chic On Clarence Place (2 Number 3)
Sporting poured concrete counters, radiantly heated concrete floors, and some rather nice steel accents throughout (including the hardware on the double barn doors), we’re calling it industrial chic for 2 Clarence Place #3.
In January 2003 it sold for $685,000 and year later (minus a week) for $725,000 which wouldn’t have made for a good investment on account of transaction costs, but did represent year-over-year and apples-to-apples appreciation of 5.8 percent.
The two-bedroom loft is back on the market today and asking $879,000. We can’t confirm what’s been done to the property since 2004 and it won't be apples-to-apples this time around until we do.
Listing: 2 Clarence Place #3 (2/2) 1,288 sqft - $879,000 [MLS]
Posted by socketadmin at 9:00 AM | Permalink | Comments (9) | (email story)
December 2, 2010
Would The Real Comp Setting Price Please Stand Up…
In 2009 a listing for the sale of 25 20th Avenue was entered into the MLS "for comp purposes only" with a reported contract price of $3,500,000, the price which was used for industry sales reports, statistics, and agents’ "due diligence." Public records, however, suggest the sale closed escrow with a recorded contract price of $3,350,000.
Regardless, two weeks ago the four-bedroom home bordering the Presidio returned to the market asking $3,600,000.
∙ Listing: 25 20th Avenue (4/5) 4,161 - $3,600,000 [MLS]
Posted by socketadmin at 2:00 AM | Permalink | Comments (16) | (email story)
Might Some Find The Sale Price To Be As Stunning As The Design?
The sale of the Charles Warren Callister designed 176 Palo Alto Avenue closed escrow yesterday at 16 percent under asking with a reported contract price of $1,925,000 which tax records would suggest is just under $600 per square foot. It's a result which some might find just as stunning as the design.
∙ Inside Callister's Stunning 176 Palo Alto Avenue [SocketSite]
∙ 176 Palo Alto Avenue: A Meditative Charles Warren Callister Design [SocketSite]
Posted by socketadmin at 2:00 AM | Permalink | Comments (14) | (email story)
November 24, 2010
Snow On The Brain (And Mountain) As Squaw Valley Is Sold
While a bit outside our typical coverage area we’ve got snow on the brain and Squaw Valley has been sold to Colorado based KSL Capital Partners which plans to invest $50 million in the resort over the next three to five years.
Current base on the mountain: between fifty (50) and seventy (70) inches.
∙ Squaw Valley USA [squaw.com]
Posted by socketadmin at 10:45 AM | Permalink | Comments (14) | (email story)
November 9, 2010
Why Own When You Can Just Rent…
"Save Florida Homes Inc. and its owner, Mark Guerette, have found foreclosed homes for several needy families here in Broward County, and his tenants could not be more pleased. Fabian Ferguson, his wife and two children now live a two-bedroom home they have transformed from damaged and abandoned to full and cozy.
There is just one problem: Mr. Guerette is not the owner. Yet."
∙ At Legal Fringe, Empty Houses Go to the Needy [New York Times]
Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)
An Alabama Street Apple (And Chattanooga Street Comparison)
With the development of Union and Mosaica since 916 Alabama Street was purchased for $690,000 in 2005, one could argue its sale today won’t be perfectly apples-to-apples as the neighborhood has developed. That being said, the "bright top floor" two-bedroom is back on the market today as a "likely short sale" and listed for $625,000.
Compared to 110 Chattanooga Street #A, which property might you consider to be more typical of the housing stock in San Francisco?
∙ Listing: 916 Alabama (2/1.5) - $625,000 [MLS]
∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Mosaica 601 On The Market And Affordable Rental Applications Soon [SocketSite]
∙ A Zack | De Vito Designed Apple That Didn't Totally Derail [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (22) | (email story)
November 2, 2010
That’s The WORLD SERIES CHAMPION SAN FRANCISCO GIANTS To You!
Purchased for $920,000 in September 2007 and listed for $979,000 three months ago, the asking price for 410 Jesse Street #201 has been reduced to $899,000. Touted in the listing: "Seller will offer 2 partial season tickets to the GIANTS 2011."
Of course that last bit was added prior to the outcome of yesterday’s game. And yes, we added a bit to the image above (and are hereby soliciting better Photoshop jobs).
∙ Listing: 410 Jesse Street #201 (2/2) 1,229 sqft - $899,000 [MLS]
∙ Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (8) | (email story)
October 29, 2010
Not Fit (For Some) To Print
Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.
Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.
As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.
∙ Listing: 2605 California (4/5.5) 4,013 sqft - $2,795,000 [MLS]
Posted by socketadmin at 9:45 AM | Permalink | Comments (19) | (email story)
October 28, 2010
Keep An Eye Out For A Craig Steely On That Other Craig's List...
The listing for half of the Craig Steely redesigned "Xiao-Yen’s House" at 3794 16th Street has been withdrawn from the MLS without a reported sale. We'll be keeping an eye on that other Craig's list.
∙ Comments: Half Of Xiao-Yen’s House (3794 16th Street) Hits The Market [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | (email story)
October 13, 2010
One Less Listing (But Without A Reported Sale)
After 33 days on the market, and just five days after reducing its list price from $799,000 to $749,000, the MLS listing for 848 Potrero has been withdrawn from the market without a reported sale.
Once again, the Inner Mission property was purchased for $920,000 in April 2008 having sold for $849,000 in November 2005.
∙ Inner Mission Apples-To-Apples-To-Apples To Be At 848 Potrero [SocketSite]
Posted by socketadmin at 4:00 AM | Permalink | Comments (18) | (email story)
October 7, 2010
From Three Ellis Act Fixers To Three Remodeled TIC Flats On Jackson
The three unit Nob Hill building at 1426-1430 Jackson was purchased for $1,800,000 last December having been listed as "3 big vacant Ellis Act fixer flats" for $2,050,000.
Having been "painstakingly remodeled with extreme attention…undergone major seismic upgrades, allowing expansion to a five-car underground garage…[and containing] new systems throughout," the building is back on the market as the "Jackson View Flats."
The list prices for the three TIC units now range from $1,199,000 to $1,399,000.
And interestingly enough, we didn’t notice any mention of the prior evictions in the marketing materials or listings this time around.
∙ Listing: 1426 Jackson (3/2.5) 2,080 sqft - $1,399,000 (TIC) [jacksonviewflats.com]
∙ Listing: 1428 Jackson (3/2.5) 2,020 sqft - $1,199,000 (TIC) [MLS]
∙ Listing: 1430 Jackson (4/2.5) 2,390 sqft - $1,399,000 (TIC) [MLS]
∙ Prohibition On Condominium Conversion Passes [SocketSite]
Posted by socketadmin at 11:15 AM | Permalink | Comments (28) | (email story)
San Francisco’s "$3 Million" Dream House Returns Asking $2.595M
With only 36,313 tickets sold versus 38,000 sales required to trigger the "dream house" clause in this year's San Francisco Dream House Raffle, the grand prize winner walked away with $1,500,000 in cash versus the Noe Valley home at 815 Alvarado.
And as a plugged-in tipster notes, the "$3 Million Dream House" has just hit the market again but strangely enough with a list price of $2,595,000 versus the failed $2,965,000 for four months last year.
∙ Listing: 815 Alvarado (4/3.5) - $2,595,000 [MLS]
∙ Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]
∙ An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (25) | (email story)
October 6, 2010
And With An Operatic Sale To Boot...
Re-built in 2003 for renowned mezzo-soprano Blanche Thebom (who passed away this past March), the three bedroom Potrero Hill home at 1216 19th Street offers the kind of decks and views that inspire song (or at least a long-weekend post on SocketSite).
As we write today, the sale of 1216 19th Street closed escrow yesterday with a reported contract price of $2,440,000 (23 percent over asking).
∙ The Kind Of Decks And Views That Inspire Song (1216 19th Street) [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | (email story)
October 1, 2010
Apples Versus Medians (And Case-Shiller) For 1251 44th Avenue
As we wrote this past July:
Purchased for $479,000 in June of 2002, the [1,000 square foot] one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.
The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.
Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis [smaller homes tend to yield higher prices per square foot], and remodeling has been particularly popular over the past eight years.
Yesterday the sale of 1251 44th Avenue ("…clean, bright and airy home in prime Sunset Location!") closed escrow with a reported contract price of $460,000 ($460 per square).
To recap, from June 2002 to September 2010 the value of 1251 44th Avenue fell 4% on an apples-to-apples basis while the neighborhood median price per square foot increased 29% (the median price increased 27%). From June 2002 to July 2010 the Case-Shiller index for middle tier San Francisco properties increased 3%.
∙ Apples, Medians, And May Case-Shiller For 1251 44th Avenue [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (10) | (email story)
September 29, 2010
The Planning Department’s Very Different Criterion For 448 Diamond
While San Francisco’s Planning Department recommends the Planning Commission deny a family's application to demolish and rebuild their long-time single-family home at 673 Brussels, at the same time they’re recommending the Commission approve the demolition and rebuilding of the recently purchased (2007) single-family home at 448 Diamond.
The basis for the Planning Department’s recommendation for 448 Diamond:
1. The Project will replace one, three bedroom family-sized dwelling-unit with a new, five bedroom family-sized single-family home.
2. No tenants will be displaced as a result of this Project.
3. Given the scale of the Project, there will be no significant impact on the existing capacity of the local street system or MUNI.
4. Although the structure is more than 50-years old, a review of the Historic Resource Evaluation resulted in a determination that the existing building is not an historic resource or landmark.
Point number one was actually held against the bid for 673 Brussels ("The Project will not result in a net gain of dwelling-units") while the other three points hold true for both.
And while the specter of losing affordable housing stock is raised with respect to 673 Brussels (even though it’s not speculative development), it’s brushed aside with respect to 448 Diamond (which fails Planning’s protection of affordable housing criterion as well).
∙ A Family's Plea To Rebuild Their Home (And Planning’s Objections) [SocketSite]
∙ Discretionary Review Analysis: 448 Diamond [sf-planning.org]
Posted by socketadmin at 12:00 PM | Permalink | Comments (31) | (email story)
September 27, 2010
A Family's Plea To Rebuild Their Home (And Planning’s Objections)
This isn’t a case of neighbors objecting while those outside the neighborhood with a vested interest in the project make up the majority of support. It isn’t a case of alleged willful neglect in order to circumvent a needed demolition permit. And it isn’t a case of speculative development in somebody else’s backyard.
No, this is a case of 21 letters from neighbors in support of the project without a single voice opposed. It’s a case of children being overwhelmed while trying to manage their deceased parents’ long-time family home. And it’s a case of a family wanting to replace their outdated single-family home with another they plan to occupy themselves.
All that being said, the Planning Department recommends the Planning Commission disapprove the application to demolish and rebuild 673 Brussels Street. The basis for the Planning Department's recommendation:
1. The Project will not result in a net gain of dwelling-units.
2. The condition of the existing building was a result of deferred maintenance.
3. The existing housing stock is the Cityʹs major source of relatively affordable housing. It is very difficult to replace given the cost of new construction. Priority should be given to the retention of existing units as a primary means to provide affordable housing.
And while we're at a loss for words, or perhaps tongue tied by a choice few too many, we can only hope the Planning Commission manages but one on Thursday: approved.
∙ The "Resourceful" Demolition Of A Historic Resource? (1268 Lombard) [SocketSite]
∙ The Vanguards Of Development For 35 Lloyd [SocketSite]
∙ Discretionary Review Analysis: 673 Brussels Street [sf-planning.org]
Posted by socketadmin at 3:00 PM | Permalink | Comments (38) | (email story)
September 22, 2010
A Green (And No Longer Confidential) Apple To Be On Russian Hill
Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.
Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.
∙ Listing: 1070 Green #902 (2/2) 1,660 sqft - $1,695,000 [sfproperties.com] [MLS]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (7) | (email story)
Two Bedrooms, Baths, Parking, And Years Later For Heublien #223
Listed for $1,350,000 in January 2008, with the help of their agent the buyers of 601 4th Street #223 were able to purchase the two-bedroom Heublien Building loft for $1,320,000 that March. It’s now two and one-half years later and the 1,930 square foot condo is back on the market and listed for $1,250,000.
UPDATE: As a plugged-in reader notes, originally listed for $1,580,000 and also currently available for rent asking $6,800 per month.
∙ Listing: 601 4th Street #223 (2/2) 1,930 sqft - $1,250,000 [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (6) | (email story)
September 10, 2010
An Average Of Only 212 1.3 Days On The Market For These Three
Continuing the parade of properties that have recently been reduced offline and re-listed anew: 1454-1456 Kearny (now asking $2,849,000), 41 Ford (now asking $3,550,000), and 715 Commercial (now asking $679,000).
With respect to widely published average days on the market (DOM) reports, these three properties now contribute an average of 1.3 days (4 days total) versus 212 (635 days total) if one was to include their previous listings. And of course, any sales at their current list prices will be considered to be at "100% of asking."
∙ 41 Ford: Born A Two Bedroom, Rebuilt As A Four And Back [SocketSite]
∙ Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]
∙ This Gallery Is The Show [SocketSite]
Posted by socketadmin at 11:30 AM | Permalink | Comments (20) | (email story)
September 8, 2010
Transparency At Firehouse 44 (3816 22nd Street)
Briefly in contract last month when asking $4,800,000, this afternoon the list price for Firehouse 44 (3816 22nd Street) was reduced to $4,250,000.
Once again, the renovated firehouse was first listed for $6,375,000 in May of 2008. And in the words of a plugged-in reader, a "seller will typically lower the asking price to the previously accepted in-escrow price."
∙ Listing: 3816 22nd Street (4/4.5) 6,140 sqft - $4,250,000 [firehouse44.com] [MLS]
∙ Firehouse 44 (3816 22nd Street) Catches On Contract [SocketSite]
∙ Holy Hotness, History, And Home: Engine Company No. 44 Returns [SocketSite]
∙ The Holy Hotness Of Firehouse 44 (3816 22nd Street) Hits The Market [SocketSite]
Posted by socketadmin at 4:30 PM | Permalink | Comments (7) | (email story)
August 27, 2010
A Forced San Francisco Sale Circa 1903
During renovations of a pre-quake Victorian last year, a plugged-in tipster discovers a scrap of San Francisco newspaper dated September 18, 1903.
The text of the boxed ad (click image to enlarge):
Lot and cottage of 6 rooms and bath; high basement; situated on Mason st. within 120 feet of the Fairmount Hotel, cor California and Mason sts.; this is a forced sale and will be closed out for $3100, the amount of the mortgage. DAVIDSON & LEIGH. 219 Montgomery.
In the words of our tipster, "seems like short sales were common even back then."
We also love the bit about Willits atop the page. And yes, a short sale would have actually been for less than the amount of the mortgage, but that’s such 21st century thinking.
Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)
August 26, 2010
Foundations Poured (And Spray Cans At Work) At 1399 Clayton
While the heavy equipment have long finished their work, and the foundations for two 4,000 square foot three-story single-family homes have been poured, as a tipster notes, spray cans have been hard at work at 1399 Clayton as well.
∙ Heavy Equipment Hard At Work At 1399 Clayton (We Do Believe) [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (23) | (email story)
An Auspicious Contract Price But Inauspicious Outcome On First
Listed for $899,000 in July of 2005, the two-bedroom top floor loft at 346 1st Street #304 closed escrow that October with an auspicious recorded contract price of $888,000. This past March the unit was inauspiciously taken back by the bank.
Now listed for $669,900, perhaps it’s a prime opportunity for our head banging RAB to make an offer.
∙ Listing: 346 1st Street #304 (2/1.5) 1,617 - $669,900 [MLS]
∙ Who’s Down With OPM In The Marina? [SocketSite]
Posted by socketadmin at 11:45 AM | Permalink | Comments (18) | (email story)
August 13, 2010
If At First A Second Doesn’t Succeed, Try, Try Again…
As we wrote this past March:
Purchased for $1,280,000 in May 2008, the single-family at 1124 Stanyan was gutted, started rebuilding ("new electrical & plumbing [but] not finished"), and then taken back by the bank. On the market and asking $899,000 in its "contractor’s special" condition.
As a plugged-in reader noted, it was the second that had foreclosed upon the property at the time (yes, there is a difference), but it appears the first has now done the same.
From the new listing for 1124 Stanyan:
Framed back to it's original splendor with an open living/kitchen area, formal dining room & formal living on the main level, 3 beds & 2 baths upstairs with a 4th room and bath on the lower garden level plus two car parking this hot reo project is not to be missed. Under construction when foreclosed on, much of the construction work appears complete with approved permits on file with the city of san francisco. So sharpen your pencils & come take a look at this reo opportunity.
And now they're asking $1,300,000.
∙ Listing: 1124 Stanyan (gutted) - $1,300,000 [MLS]
∙ Save $381,000 (If You've Got The Cash) [SocketSite]
∙ Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]
Posted by socketadmin at 3:30 PM | Permalink | Comments (24) | (email story)
August 6, 2010
Do We Have A Winner?
To be honest, we probably wouldn’t have taken the friendly wager. Or more accurately, we wouldn’t have taken a wager that defined the southern boundary of Pacific Heights as north of Clay (it’s technically north of California, both old and new).
But the dollars to doughnuts wager between a couple of readers on the basis of whether or not we’d see a single-family home sale in Western Pacific Heights ("defined as north of Clay, south of Green, west of Fillmore, east of Presidio") close for under $1,300,000 before the end of 2010 was accepted.
And on July 9, 2010 the sale of the single-family home at 2807 Clay closed escrow with a reported contract price of $1,275,000. Granted, the listing noted "Kitchen and bath are very dated, and all systems need major work," but fixers weren’t specifically excluded from the wager as long as they were habitable, only "no fires or acts of God" and "delivered vacant free of tenants" (the listing also notes possession at close of escrow).
The only potential sticking point, 2807 Clay is on the south side of the street. That being said, in the language of the party defining the boundaries, "I deliberately left out the area south below Clay because there are a few very small Victorian places, from when PacHts was still the Western Addition" which would suggest both sides of Clay were included, but that 2807 Clay was exactly the kind of property said party was trying to exclude.
∙ The Income Might Look Interesting But Don't Neglect The Principal(s) [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
∙ Apples To Apples (If You Ignore The New Bath): 2203 Broderick [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | Comments (47) | (email story)
August 5, 2010
Take Two For 638 Minna Number Three
Listed for $799,999 in August 2006 ($617 per square foot), the three-level, three-bedroom and agent owned loft number three at 638 Minna ended up selling for $661,500 that November.
At $510 per square versus a neighborhood live/work loft median of $626, and at 17% under original asking, it might have seemed like a bargain basement price at the time.
It’s now four years later, however, and the property has returned to the market asking $639,000 or $493 per square (versus a year-to-date median of $510).
∙ Listing: 638 Minna Street #3 (3/2.5) 1,296 sqft - $639,000 [MLS]
Posted by socketadmin at 2:15 PM | Permalink | Comments (22) | (email story)
August 4, 2010
Will 104 Funston Return With Even More "Move In Equity?"
As we wrote this past May:
104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.
Oh, and it’s also another property with "$400K of recent upgrades" which won’t be accounted for when it comes time to be counted in any industry "appreciation" (a.k.a. median sales price) reports.
Yesterday the listing for 104 Funston was withdrawn from the MLS after 155 days on the market without a reported sale or buyer capturing the aforementioned "move in equity."
No word on whether or not 104 Funston will soon return to the MLS at a lower price and touting "even more move in equity!"
∙ Instant (Appraiser's) Equity At 104 Funston [SocketSite]
∙ A Newly Renovated 355 Bryant #308 Returns [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (45) | (email story)
August 2, 2010
Lo And Behold, "Multiple Offers!" And "Over Asking!" On 477 Day
As we wrote in June:
With the 1,058 square foot single-family Noe home at 489 Day selling at 3 percent under asking for $875,000 this past February, it’s probably safe to assume the 1,068 square foot (according to tax records) 477 Day is priced to attract "multiple offers!" at $659,000.
Regardless, we think it's worth noting if you’re looking for perfectly livable Noe Valley homes under nine (and assuming 477 truly is a cosmetic fixer asadvertisedlisted of course).
The sale of 477 Day closed escrow this past Friday with a reported contract price of $767,000. That’s 16 percent "over asking!" but $108,000 less than the sale of 489 Day.
Granted, 489 Day had been remodeled with a new kitchen and bath as noted in its listing language, although neither are noted in its permit history online. But eyeballing the finishes at 489 Day, we’d be surprised if it had been more than a mid-five figure job.
∙ One Day In Noe Under Nine (And Another Listed Under Seven) [SocketSite]
∙ Sorry NAR, But No [SocketSite]
Posted by socketadmin at 1:00 PM | Permalink | Comments (27) | (email story)
July 30, 2010
One Day On The Market (For The Eighth Time) At 188 South Park
Sorry folks, but it looks like we miscounted this past April when 188 South Park #7 was listed for what we thought was the eighth time without a sale since first being listed for $1,995,000 in 2006. In fact, it now appears that had only been the seventh.
It’s today’s re-listing at $1,549,500 that marks number eight for 188 South Park number seven. Our re-listing count for 830 El Camino Del Mar remains at fifteen.
And over in Noe, 4214 26th Street has returned to the market after a hiatus of a year.
∙ Listing: 188 South Park #7 (2/2) - $1,549,500 [MLS]
∙ Will The Eighth Time Be The Charm For 188 South Park Number Seven? [SocketSite]
∙ Oh So Sexy Showers [SocketSite]
∙ Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
∙ 4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]
Posted by socketadmin at 2:45 PM | Permalink | Comments (16) | (email story)
July 20, 2010
2683 San Jose: One Of Our One Hundred And Eighty
From the listing in 2007 when 2683 San Jose sold for $649,000 (listed for $648,888):
Completely redone including electrical & plumbing. 2bd 2ba open floor plan. Inlaid hardwood floors, coved ceiling and recessed lighting. Granite counters in kichen (sic), eating area deck and 2 car garage. Steps to M line, Bart and Fwy entrance.
From the listing for 2683 San Jose today:
Pre-Foreclosure Opportunity! Property is situated on the nice part of SJ Ave. , close to Geneva, all conveniences, transportation and freeways.
The single-family Oceanview home is currently listed as a short sale (one of 180 in San Francisco proper) at $499,000. No mention, however, of being pre-approved at that price.
∙ Listing: 2683 San Jose Avenue (2/2) 1,085 sqft – "$499,000" (short sale) [MLS]
∙ Bank-Owned And Short Sale Listings On The Rise In San Francisco [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)
June 30, 2010
From "Landlords Gone Wild!" To Landlords On The Run
Kip and Nicole Macy (Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!")) have skipped town after posting a combined half-million dollar bail bond.
They had both spent some time in the slammer -- Nicole more than Kip, who got out to raise cash for her bail -- before being allowed to put up Kip's parents' property as collateral for bond.
Let’s hope the bail bondsman didn’t use Zillow when deciding whether or not to issue said bond (or at the very least checked for notices of default or delinquency).
∙ Pacific Heights The Sequel (Working Title: "Landlords Gone Wild!") [SocketSite]
∙ ''Landlords from Hell'' vanish [SFGate]
Posted by socketadmin at 7:30 AM | Permalink | Comments (14) | (email story)
June 21, 2010
Billionaires: They’re Just Like Us! They Park On The Street Too!
A Pacific Heights garage (or not) debate yields the following quote and lends itself to a "they’re just like us" spoof (consider yourself lucky if you don't get the reference):
I knew I shouldn't have brought up the Getty's. It just tickles me that have three consecutive houses and only one itty bitty garage - the result being their cars are just parked all over the street.
Okay, perhaps there is a difference or two (or rather three).
∙ A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)
June 18, 2010
Apples To Apples And Now Year Over Year: 1409 20th Street Reduced
Yesterday the list price for 1409 20th Street was reduced to $799,000, exactly what was paid for the "beautifully remodeled" Potrero Hill single-family home a year ago (June 2009), and back to 7 percent under its May 2005 apples to apples sale at $860,000.
At the same time main stream media and industry reports continue to misrepresent tout confuse year-over-year increases in San Francisco's median sales price with appreciation.
∙ Listing: 1409 20th Street (2/1) 1,225 sqft - $799,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]
∙ A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
∙ A 7 Percent Slide From 2005 To 2009 But Up 8 Percent Since? Nope. [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)
June 8, 2010
San Francisco’s DUM Policy In Principle (And Action At 2037 Jefferson)
Built as a single-family residence in 1926, converted to a two-unit building in 1981, and sold in 2009 (for $2,003,500), the new owners of 2037 Jefferson would like to return their building to a single-family residence.
The five criteria to be considered by Planning in evaluating any proposed dwelling unit merger (DUM) pursuant to Section 317 of the Planning Code:
1. Removal of the units would eliminate only owner occupied housing
2. Removal of the units and the merger with another is intended for owner occupancy
3. Removal of the units will bring the building closer into conformance with the prevailing density in its immediate area and in the same zoning district
4. Removal of the units will bring the building closer into conformance with zoning
5. Removal of the units is necessary to correct design or functional deficiencies that cannot be corrected through interior alterations
Unfortunately for the owners of 2037 Jefferson their DUM request has been deemed to fail criteria one (there’s a tenant), four (it’s zoned RH-2), and five (functional deficiencies are rather subjective). And as such, the Planning Department has recommended that the Planning Commission reject the application.
Keep in mind that the City’s stated objective for strictly controlling unit mergers is driven by a desire to retain existing housing and is rationalized by "the fact that existing rental housing stock is virtually irreplaceable given the cost of new construction."
Of course the latest long-term housing pipeline for San Francisco includes 46,600 units of new construction, including Avant Housing’s 194-unit 1880 Mission Street project which isn't the only rental project in the reality mix.
∙ Dwellng Unit Merger (DUM) Review: 2037-39 Jefferson [sf-planning.org]
∙ San Francisco’s Q4 2009 Housing Pipeline Report [SocketSite]
∙ 1880 Mission (Gardens) Now Slated For Spring 2011 Bloom [SocketSite]
Posted by socketadmin at 11:15 AM | Permalink | Comments (27) | (email story)
June 4, 2010
(D)ow! And Did We Say Skittish?
Our rather succinct headline on May 6 when the Dow closed down 3.2 percent lower at 10,520: "A Rough Day On A Skittish Street."
A comment from auden four days later when the Dow closed at 10,781: "[SocketSite], stick to subjects you are good at reporting on, or, if you aren't any good, at least post the whole story, not just the doomsday downturn on the 6th but the recovery the following week."
Today the Dow closed down 3.1 percent for the day to 9,931. No new updates from auden.
∙ QuickLinks: A Rough Day On A Skittish Street [SocketSite]
Posted by socketadmin at 12:38 PM | Permalink | Comments (79) | (email story)
May 27, 2010
From "Needs TLC" To "Contractors' Special" (And Now Bank Owned)
From the listing for 1482 Underwood in November 2007 asking $445,000 (purchased for $250,000 in August 2000): "Needs some TLC…A very motivated seller...."
In April 2008: "$100,000 Price Reduction...Needs cosmetic work. A short sale…" Two weeks later: "Handyman special! $130,000 Price Reduction!" And in May of 2009 at $279,900: "Great for contractors."
Today at $205,900 and now bank owned: "Contractors special…Foundation is poor."
∙ Listing: 1482 Underwood (2/1) - $205,900 [MLS]
Posted by socketadmin at 8:00 AM | Permalink | Comments (14) | (email story)
May 26, 2010
Well, We Do Recognize A House Or Two...
While we passed on publishing an early tip as to the neighborhood preparations for the President’s dinner at the Getty’s last night (there’s no need to be atop the Secret Service’s watch list), our tipster later passed along a shot of the President’s limo making its way through Pacific Heights.
Plugged-in people should at least recognize a house or two in the background, but we’ll have to take our tipster’s word for it that the President was in the ride.
And the real point of this post, bonus points for including a photo with the tip (hint, hint).
∙ The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]
Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)
May 25, 2010
The Era Of Their Ways…
A reader’s random (i.e., way off topic) question of the day:
Is there a specific era regarded as especially poor for condominium construction? I often hear "early 1980s, late 1970s", but is that really true across the board? And conversely, is there an era of nicer condominium construction?
Yes, any answer is likely to be painted with broad brush strokes and subjectivity. And no, no answer will ring true across the board with respect to quality.
Now if we were talking errors eras of aesthetics…
Posted by socketadmin at 2:30 PM | Permalink | Comments (9) | (email story)
May 20, 2010
Unfortunately It's A Zero-Sum Game
Purchased for $858,000 in July 2007, 1310 Fillmore #403 returned to the market this past March listed as a short sale for "$675,000." Three weeks later its list price was reduced to "$599,000." The Heritage Fillmore two-bedroom has been in contract for a month.
Yesterday 1310 Fillmore #801 hit the MLS with a listed short sale "price" of $599,000 (but no mention of any pre-approval). Purchased for $859,705 in October 2007, the current listing notes: "Heritage Fillmore winner!" Unfortunately it's a zero-sum game.
And as best we can tell, the proposed short sale of 1310 Fillmore #802 at $599,000 never materialized.
∙ Listing: 1310 Fillmore #403 (2/2) 1,407 sqft – "$599,000" [MLS]
∙ Listing: 1310 Fillmore #801 (3/2) 1,353 sqft – "$599,000" [MLS]
∙ Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long [SocketSite]
Posted by socketadmin at 9:15 AM | Permalink | Comments (59) | (email story)
May 19, 2010
From Services For Chronic Back Pain To...Chronic After Services
With 405 pages of multi-signed petitions and 177 letters and e-mails in opposition ("resulting in thousands of signatures") but 12 pages of multi-signed petitions, 359 letters and e-mails, and 1,508 applicant submitted signatures from local residents and merchants in support, the Planning Commission is expected to approve an application to repurpose the vacant chiropractors' office at 2139 Taraval into a medical marijuana dispensary.
The site would be strictly retail (no "smoking, vaporizing, ingesting, or medicating of any kind" allowed on premises). And while the adjacent Chinese Gospel Church apparently has "No Position" with respect to the proposed change, "business hours on Sunday would be limited to 3 p.m. to 9 p.m. to address concerns expressed by the Pastor."
∙ Medical Cannabis Dispensary Discretionary Review: 2139 Taraval Street [sf-planning.org]
Posted by socketadmin at 4:45 PM | Permalink | Comments (32) | (email story)
May 14, 2010
Have We Seen This Movie (Or Symphony) Before?
The latest campaign from the sales office at Symphony Towers: "Buy your own studio home with only $13,000 down payment.*" From the asterisk: "Down payment is based on a $369,000 purchase price, FHA approved financing, and seller paid closing cost."
∙ Symphony Towers Moves To Sell Twenty-Six Leased Leftover Units [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (11) | (email story)
May 11, 2010
Don't Ignore The Subtle Signs...
You might want to avoid the intersection of Broadway and Divisadero this afternoon. The sign in the shadows above: "Sharp Crest: Trucks Not Advised." Don't ignore the signs.
Posted by socketadmin at 10:45 AM | Permalink | Comments (27) | (email story)
May 7, 2010
This Gallery Is The Show
We’re not vouching for the "numerous opportunities." And only those with deep pockets need apply. But we do find ourselves enamored by the (albeit likely unintended) artistic nature of a few of the listing photos from inside 715 Commercial.
∙ Listing: 715 Commercial (4/1) 1,901 sqft - $929,000 [MLS]
Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)
An Under $600 Per Square Foot One-Bedroom Comp At 255 Berry
Referenced by a reader on our post about an under $600 per square foot comp at 235 Berry (dismissed by many as a glitch...), the short sale of 255 Berry #504 closed escrow three days ago with a reported contract price of $514,000.
At 873 square feet, that’s $589 per square foot for the one-bedroom condo that had been purchased for $610,000 in October 2004.
All granite and stainless steel appliances had been left intact.
∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (35) | (email story)
May 6, 2010
Our Divining Rod Strikes 454 Edinburgh
As we wrote about 454 Edinburgh in February:
It’s risky to divine too much from a single tightly cropped and catawampus interior photo. That being said, we’re seeing signs of pride of ownership (or at the very least good bones) for the single-family Excelsior home at 454 Edinburgh.
Asking $499,000 for the vacant, three bedroom (two on the main floor, one below), one bath home with a three car garage.
The listing photos were subsequently updated. And yesterday the sale of 454 Edinburgh closed escrow with a reported contract price of $608,000. It’s amazing how much a trained eye can divine from a photo.
∙ Divining The Condition Of A Potentially Divine 454 Edinburgh [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (3) | (email story)
May 4, 2010
Another Perkins Payday As 207 Maple Closes Escrow
The very first comment from a plugged-in reader with respect to 207 Maple a month ago when the Presidio Heights property first hit the market asking $2,950,000:
A+++ location... Is this underpriced? That seems REALLY low for a corner lot in ultra-prime Presidio Heights. Maybe it's really small. Could go over asking.
Twenty nine days later the sale of 207 Maple closed escrow with a reported contract price of $3,310,000 (12 percent over asking).
∙ Care To Venture Upon 207 Maple's New New Return? [SocketSite]
Posted by socketadmin at 1:15 PM | Permalink | Comments (10) | (email story)
April 9, 2010
All Systems Go (Save $65,000) For Brian Barneclo’s Mural Project
As the 600-foot wall backing David Baker + Partners Crescent Cove development looks today above, as it will look once Brian Barneclo’s Systems Mural Project is in place below.
Adobe has donated $10,000 to get the paint rollers rolling, but the extra dollars still needed to make the rendering a reality currently stands at around $65,000 (for which there's a fundraiser this Saturday). And yes, click either image to enlarge.
∙ Crescent Cove [dbarchitect.com]
∙ Systems Mural Project [systemsmural.com]
Posted by socketadmin at 2:15 PM | Permalink | Comments (23) | (email story)
April 5, 2010
What Would Gandhi Have Done?
From the Chronicle:
A group of homeless people and housing activists took over a privately owned Mission District duplex on Sunday in what served as the climax of a protest designed to promote use of San Francisco's vacant buildings as shelters for the needy.
But the owner of the property - who was targeted over his eviction of a tenant - said the demonstration was nothing more than breaking and entering.
The targeted duplex at 572 San Jose Avenue was purchased out of foreclosure for $180,000 in 1993 and then emptied via the Ellis Act in 2008.
∙ Housing protest leads to takeover of duplex [SFGate]
Posted by socketadmin at 8:15 AM | Permalink | Comments (123) | (email story)
March 29, 2010
860 De Haro: An Orwellian Reference In More Ways Than One
Built in 1984 and last sold for $1,700,000 in March 2007, 860 De Haro has been extensively remodeled since. A new kitchen now opens to the dining room (for which a new beam was installed to accommodate), all the bathrooms were redone, all the windows and doors were replaced, new flooring was installed, and the yard was landscaped.
The Potrero Hill home is back on the market and asking $2,190,000. And while its sale is likely to set a new "peak" for the property, at least plugged-in people will understand why.
∙ Listing: 860 De Haro (2/2.5) - $2,190,000 [MLS]
Posted by socketadmin at 10:30 AM | Permalink | Comments (37) | (email story)
March 5, 2010
(For The Sake Of) Pretty Please?
Okay, so we know it might seem to be a bit nitpicky to some. But if you’re going to go to the effort of undertaking a gut job remodel, either customize the cabinets or pick a refrigerator that fits its designated space. Pretty please?
∙ Listing: 262 Corbett (2/2) - $975,000 [262corbett.com] [MLS]
Posted by socketadmin at 11:00 AM | Permalink | Comments (24) | (email story)
February 18, 2010
The Monster’s Confidential (And Slightly Less Monstrous) Sale Price
This past September Kirk Hammett’s Pacific Heights "Monster" mansion at 2505 Divisadero came roaring back on the market at $8,995,000 having once sought $12,500,000 when first listed four years ago.
In contract within two months, the sale closed escrow on December 11, 2009 with a confidential sale price on the MLS. And as such, all MLS based reports and averages would have reflected a selling price of $8,995,000 (and an "official" 63 days on the market).
As a plugged-in tipster notes, however, the recorded sale price is now public. And the property actually sold for $7,600,000. Don’t forget to adjust those industry stats and newsletters accordingly.
∙ Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (22) | (email story)
February 17, 2010
Please Don’t Confuse "Contractors Especial" And "Fixer"
Purchased for $800,000 with 10 percent down in July 2004, the property at 834 44th Avenue was taken back by the bank this past December at $575,000. From its latest listing at a rather aggressive ("especial" considering its condition) $899,900:
Contractor especial! Fixer needs a major renovation!...Please allow 2-3 business days for seller's response, cash sale, bank will not finance as is!
As far as we’re concerned "contractors special" (or especial) and "fixer" (which this is not) do not belong in same listing. And bad things happen when people confuse the two.
∙ Listing: 834 44th Avenue (3/2) - $899,900 [MLS]
∙ As Joe Sees It: 149 Mangels Before And After [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (28) | (email story)
February 16, 2010
Lesson Number One: Don’t Do This
While we noted 161 San Pablo was taken back by the bank and is now listed for $1,485,000, a plugged-in reader notes that one of the pre-bank owners who purchased the property for $1,825,000 in February 2006 and then invested in its renovation is...
...a Platform Speaker and Teacher for the Rich Dad Company, speaking many times a year with Robert Kiyosaki, author of Rich Dad, Poor Dad [and] has partnered with Trump University on two educational courses, Bubble-Proof Real Estate Investing and Three Master Secrets of Real Estate Success. He also teaches the course “How to Build a Fortune in Real Estate” at The San Francisco Learning Annex.
No word on his curriculum for 2010. All comments on our original post.
∙ 161 San Pablo Makes Another Grand (Bank Owned) Return [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | (email story)
February 11, 2010
A Lack Of Appreciation (And MLS Data) For 219 Brannan #10D
Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.
Last March the unit was listed for $1,495,000 and sold with what appears to have been a "confidential" sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a "sale price" of $1,495,000 would have been employed.
The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.
∙ Listing: 219 Brannan #10D (2/2) 1,347 sqft - $1,295,000 [MLS]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (33) | (email story)
February 9, 2010
Of Course We Might Question That $7.5 Million Valuation As Well...
"Prosecutors say that starting in January 2009, [Winston] Lum forged the true owner's signatures on grant deeds for three condominiums at One Rincon Hill, put them in his name and recorded them with the city. He then borrowed $2.2 million against the units, which are worth a total of $7.5 million, prosecutors said."
∙ Tennis teacher accused of condo scam [SFGate]
Posted by socketadmin at 10:30 AM | Permalink | Comments (11) | (email story)
February 8, 2010
Parking Space Trivia (And Spoiler): 441,541 Spaces In San Francisco
San Francisco’s first ever parking space inventory totaled 441,541 on-street, off-street, paid or free parking spaces in the city. Unwarranted spaces not included we're guessing.
Also mentioned in the Mayor’s weekly YouTube address this past Friday: Federal funds of $20 million for San Francisco’s Central Subway, $15 million for Bus Rapid Transit (BRT), and a nod to San Francisco’s Jobs Now! program.
∙ Mayor Newsom's YouTube Update: Feb. 5, 2010 [YouTube]
∙ Coming Soon: Guidelines For Tending Concrete Gardens Out Front [SocketSite]
∙ San Francisco's Central Subway: Make That 2018 And An Extra $278M [SocketSite]
∙ JOBS NOW! Information [sfhsa.org]
Posted by socketadmin at 8:30 AM | Permalink | Comments (4) | (email story)
February 4, 2010
A Smaller Lily Pad And Hayes Valley TIC Apple To Be Comp In 2008
We’d call it an apples to apples sale to be for 75 Lily #4, but while the sale price of $489,000 in April 2008 is reported on the MLS, it appears that the recorded selling ("75 Lily Street") and purchasing ("75 Lily Street") parties might have been one and the same.
Regardless, back on the market as of yesterday and asking $449,000 for the Hayes Valley one-bedroom TIC today. No mention of the address in the 2010 condo lottery results.
And yes, we know walls of books and earthquake zones aren't a great match, but we do have a soft spot for the look (albeit a little less so when careening towards one’s head).
∙ Listing: 75 Lily #4 (1/1) – $449,000 (TIC) [MLS]
∙ San Francisco's 2010 Condominium Conversion Lottery Results [SocketSite]
Posted by socketadmin at 4:00 PM | Permalink | Comments (17) | (email story)
February 2, 2010
The Old Bonus Rooms (So To Speak) At 130 Cresta Vista Drive
From yesterday's listing of 130 Cresta Vista Drive:
Immaculate Westwood Highlands 4-story residence with amazing views! Main floor offers spacious dining/living/kitchen and 1/2 bath. Upper floor consists of 3brm 3ba. Two lower levels have additional rooms which could be used as extra bedrooms, office rooms or entertainment rooms.
From the San Francisco Police with respect to the arrest of four suspects across four properties three weeks ago for growing marijuana on a relatively large scale.
The locations searched were 130 Cresta Vista Drive, 15 Dorchester Way, and 1400-1402 Kansas Street. Officers observed an elaborate marijuana grow operation with numerous grow lights and ballasts in place at each location, including both flats on Kansas. Police seized a total of over 5,900 marijuana plants, with an estimated street value in excess of $200,000.
We'll assume the electric meter bypass has since been removed from that lower level. And while it appears the suspect arrested at 130 Cresta Vista was renting, no word on 15 Dorchester Way or 1400-1402 Kansas Street which said suspect appears to own.
∙ Listing: 130 Cresta Vista Drive (5/5.5) - $1,350,000 [MLS]
∙ San Francisco Police Arrest Four Suspects In Marijuana Grow Busts [sf-police.org]
Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)
January 26, 2010
One Room, Two Perspectives (And An Alvarado TIC Apple To Be?)
It’s two different perspectives on the "open concept living/dining area" within 90 Alvarado (and with no real argument from us as both shots are included and titled in the listing).
We’re digging the high ceilings and ladder to the loft storage area (but desperately want to reconfigure the rest). And assuming the remodeling was prior to its sale for $415,000 in November 2007, it’s an apples to apples TIC sale to be and asking $449,000.
∙ Listing: 90 Alvarado (1/1) - $449,000 (TIC) [MLS]
Posted by socketadmin at 12:15 PM | Permalink | Comments (23) | (email story)
January 25, 2010
A Glen Park Short Sale Not Exactly Hidden In Plain Sight
Our first thought (and as supported by the slew of complaints filed since 2005): feuding neighbors. Our second: perhaps the same as yours. And as 536 Laidley looked in 2003 when purchased for $899,000:
On the market in 2010 and listed for $875,000 as a short sale. Goodwill not included.
∙ Listing: 536 Laidley (5/3) - $875,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (28) | (email story)
January 21, 2010
A Sensational Modernistic Neo-Classical Six Days On The Market
Listed for $9,250,000 in June 2007 but then withdrawn that November. Listed In May 2008 but then withdrawn that November. Listed for $7,980,000 in February 2009 but then withdrawn three weeks ago.
Listed for $7,980,000 once again a week ago, it’s now six official days on the market (and all MLS based stats and market reports) for 1089 Chestnut in 2010. The "sensational modernistic Neo-Classical" reference lives on.
∙ Listing: 1089 Chestnut (7/7) - $7,980,000 [MLS]
∙ Sometimes It’s Simply The Description (1089 Chestnut) [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (28) | (email story)
January 19, 2010
A Strong Second Sale But Not Quite The Real(tor) Facts
Last week the press release went out for the sale of 222 Broadway #1505 across the bay at $1,100,000 touting the "First Oakland Million Dollar Condo Since October 2008" and including the following line:
The last time more than one million dollars was paid for an Oakland condominium was in October 2008, according to the East Bay Association of Realtors.
Both the Chronicle and Business Times ran stories based on the release but neither appear to have checked the basic premise (or facts). Plugged-in people, however, might recall the sale of 737 Second Street #405 which closed escrow for $1,675,000 (15% under its July 2008 sale price) over in Oakland in June 2009.
But hey, second isn't so bad and that Second (the real first) was rather sweet.
∙ Designer East Bay Apples To Apples For 737 Second Street #405 [SocketSite]
∙ $1 million Oakland condo sells [SFGate]
∙ Oakland condo sale breaks $1M barrier [Business Times]
∙ Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]
Posted by socketadmin at 12:45 PM | Permalink | Comments (7) | (email story)
A Rare Peek Into Permits Versus Reality Via A Lien On Presidio Terrace
The two permits pulled for work on 4 Presidio Terrace in 2008 and completed in 2009 that identify Plath & Company as contractor total $60,000 in estimated costs (the amount on which permit fees and taxes are based) but does includes a revision to a permit pulled in 2007 for $50,000 worth of work (which they might have done as well).
Two weeks ago Plath & Company filed a Mechanics Lien for their work on 4 Presidio Terrace in the amount of $259,896 (the amount on which they actually want to be paid).
Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)
January 15, 2010
A Tip Of The Hat To That New MLS Rule: 2140 Jefferson Closes Escrow
As a plugged-in reader notes, the sale of 2140 Jefferson closed escrow today. Originally asking $8,180,000 in September but reduced to $7,400,000 in October, the reported contract price was $6,500,000. And it's a tip of the hat to that new MLS rule.
∙ 2140 Jefferson: Apparently "Lease To Own" Wasn’t An Option For Thiel [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Posted by socketadmin at 3:30 PM | Permalink | Comments (3) | (email story)
January 13, 2010
Asking $1,425,000. Owed $1,133,837. Sold For $528,500 (Cash).
Purchased for $820,000 in March 2002, the then three-unit building at 442 Holloway Avenue was refinanced in 2006 with a loan in the amount of $945,000.
In February 2008 a Notice of Default (NOD) was delivered on the Ingleside (District 3H) property. And yesterday, almost two years later, the now five-unit building with two unwarranted kitchens finally hit the courthouse steps.
Despite a first mortgage balance due of $1,133,872 including fees, the bidding started at $527,558. It closed four bids later with a sale at $528,500 (the only courthouse sale of the day in San Francisco). We’ll let you draw your own conclusions as to just how competitive the bidding between the two bidders seemed.
Oh, and if you’re in the process of submitting an offer on the Active MLS listing for 442 Holloway at $1,425,000, keep in mind the sellers no longer have anything to sell (and thank your lucky stars).
∙ Listing: 442 Holloway Avenue - $1,425,000 [MLS]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (20) | (email story)
Perhaps Seven Percent More Five Months Later Was A Bit Aggressive
While MLS based reports and sales history reflect a "confidential" sale price of $5,600,000 for 3570 Washington in April 2009, it was a plugged-in reader that first reported the property had actually sold for $5,225,000 (which public records confirm).
And just five months after said purchase, the Presidio Heights property returned to the market asking a real $5,600,000. Yesterday the list price was reduced to $5,250,000.
∙ Listing: 3570 Washington (6/3.5) - $5,250,000 [presidioheightsviewhome.com] [MLS]
∙ If You Missed It When It Sold Five Months Ago... [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (15) | (email story)
January 11, 2010
A Successful Foreclosure Flip For Fifteen Twenty-Two (1522) Lake
It's a successful foreclosure flip for fifteeen twenty-two (1522) Lake. Think financing.
Purchased on the courthouse steps a month ago for $1,305,500, the quick re-sale of the "unfinished" (i.e., stripped) single-family Lake Street home closed escrow on 1/7/10 with a reported contract price of $1,700,000 ($50,000 under asking).
∙ Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped [SocketSite]
Posted by socketadmin at 4:30 PM | Permalink | Comments (45) | (email story)
January 6, 2010
Coming Soon: Guidelines For Tending Concrete Gardens Out Front
From San Francisco's Planning Department:
Code Enforcement Staff is currently working to develop public outreach and downloadable guidelines with information on how to comply with the city ordinance (Planning Code Section 132(g)) requiring at least 20 percent of the front yard to be devoted to landscaping or plant material.
We'll keep you posted in case you'll want to slip one under your neighbor's door. (You're already complying, right?) No update on the impact of Sandoval’s citations so far.
∙ San Francisco Planning Department: Code Enforcement [sf-planning.org]
∙ Forget About The In-Law, What If The Parking Is (Was) Unwarranted? [SocketSite]
∙ We’re All In Favor (But Wondering If It Will Actually Work) [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (74) | (email story)
Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million)
Apparently we might have miscounted by one in August. And with yesterday’s listing at $11,500,000 it’s the fifteenth time 830 El Camino Del Mar has hit the market seeking a buyer over the past twelve years.
As we’re running out of new facts for this one, we’ll turn to a tipster’s poem (for better or self-admittedly long and worse) and creative chronology:
Well Well Well
It just didn’t sell
In ‘98
when times were great
It was priced…
Just a little too high
At 8 million and Five (1)
Well well well
It just didn’t sell
In ‘99 Malin
tried again
for 7.8 (2)
with a view
of the gate
Twasn’t enough bait
Well well well
Time will surely tell
In 2000 Sotheby’s
Surely they blustered
An offer we’ll muster
An offer as great
As a half million plus 8 (3)
just didn’t arrive
Later that year
Alain Pinel Did crow
“It’s priced too low!”
We”ll get it sold best
At nine million and five (4)
No sold sign arrived
Well well well
The truth is there
For all to tell
Its price too low
So they had another go
At 12 million and five (5)
No Sold sign arrived
Nuanced pricing
‘tis the answer
APR did tell
Thrice relisted
This we ‘ll sell
Just under 11
At 10 million point eight (6)
With a view of the Gate
Persistance surely
wins the race
it’s on
thier 4th relisting
10 million eight
With a view of the gate
In 2001
The sold sign not hung
Well well well
That son of gun
Kevin Cole will
not be undone
HE re-listed it fine
He’s just asking nine (7)
In 2002
No sold sign
Boo hoo,
it just can’t be true
Well well well
Later that year
Nina did appear
Price adjustin’ in
The air
Into this mix
Coldwell did list
For measly little six (8)
It was not adjusted enough
No sold sign appeared
That 2002 year
Well well well
Its price too low
Cole shouted again
It’s never too late
To buy it for eight (9)
No sold sign appeared
That 2003 year
Well well well
The market is up
The time is right
It’s price too low
We ‘ll get it sold
in 2004
For eight and half (10)
I wish I could laugh
In 2005
No sold sign
It’s price too low!
So here we go
Tis 18 million so (11)
A price arrived
with Micheal J King
With a view
of the gate
No Sold sign
Was placed
In 2008
Proclaiming it sold
a familiar tale
to be told
In 2008
Have no fear
Later that year
John Saar willing
To sell
A golden cliff house
With a view of the gate
Three times’s an old price
18 million’s just great (12)
With a view of the gate
Yet no sold sign appeared
That 2008 year.
Thirteen is a lucky number
Some brave heart will say
Sothebys
Knows the drill
So into 2009
economy in full dive
The Duponts
(Of Decker Bullock fame)
did not jive
When they
Arrived a price
With a view of the gate
For 11 million Five (13)
Then took a swan dive
When the house
did not sell
in 2009.
There was no
SOLD sign.
Later that year
Telegraph Hill Property
Did appear
Fourteenth
time around
it was clear
they could sell
To someone
from dwell
A location so live
Right down
to the ground
For 11 million and five (14)
No sold signed appeared
That 2009 year.
Well well well
There is a house to sell
Its sits on cliff
With a view of the gate
And Olivia did list
A view home
Can be yours
For nothing more
Its 11.5 million (15)
In 2010
Its New Years Again
And an official two days on the market according to those industry stats.
∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [MLS]
∙ Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
∙ 830 El Camino Del Mar Moves Away From 2008 And Closer To 2002 [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (17) | (email story)
January 5, 2010
The Final Chapter For 135 Fernwood Drive (At Least For Now)
The sale of the single-family 135 Fernwood Drive closed escrow on 12/30/09 with a reported contract price of $2,400,000 ($400 per square foot), asking $2,395,000.
The 6,000 square foot Monterey Heights property was purchased in December 2005 for $3,000,000 and then completely renovated and restored in 2007 (after which they were asking $4,285,000).
As a plugged-in reader added in August:
They made every mistake in the book with their pricing strategy - this would have sold for well north of $3M in 2007 (there was an offer around $3.75M), but rather than cut to what the market would bear the specuvestors rented it out for a time (starting in 12/2007) thinking the market would "come back".
Perhaps they were the only ones in San Francisco who were (or are) thinking or advised that way. And hopefully nobody relied on that 2005 sale as a neighborhood comp.
∙ From Full Financial Monty To Dropping The Drawers For 135 Fernwood [SocketSite]
∙ The Full Plan Financial Monty For 135 Fernwood Drive [SocketSite]
∙ The Full Plan Monty (135 Fernwood Drive) [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | Comments (133) | (email story)
January 4, 2010
A "Third" Strikes Against 2100 Vallejo
As we noted the most recent listing for 2100 Vallejo expired at the end of the year with an asking price of $13,500,000 (down from $25,000,000 in 2007). A plugged-in tipster adds:
A pretty serious [Notice of Default (NOD)] was filed against 2100 Vallejo (both House and Lot) on 12-17-2009. There appears [to be] 3 Open Deeds Of Trust [with a third mortgage in November 2008 for $750,000]. Looks like the 3rd is foreclosing and that all loans are in default.
It will be very difficult for the owners to receive further financing regardless of equity. Will they sell cheaply or try to continue?
Many are experiencing the same problem.
Purchased for $2,475,000 in 1995 but then restored "from the studs up."
As we noted in 2007, designed by Houghton Sawyer (who was also the architect behind the Verdier/Scholes Mansion at 1001 Vallejo), the woodwork within is quite captivating, the views are indeed stunning, and the garden is huge (as in another separate lot).
UPDATE: With respect to a reader's comment regarding whether it’s actually the "second" versus the "third" loan that’s filed the NOD, our tipster’s three loans appears to include a line of credit that was opened in 2001.
UPDATE: As of this afternoon the listing for 2100 Vallejo is once again active at $13,500,000 and offering a few peeks inside.
∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
∙ Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
∙ Add Your Name To This Mansion [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (36) | (email story)
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000
Speaking of properties that were withdrawn from the MLS at the end of the year, after 1400 days on the market at $65,000,000, and without a single official reduction, on Friday the first the listing for 2845 Broadway was withdrawn from the market without a sale.
As we wrote in 2006 when the property was first listed:
Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the “Buzz among brokers” is that it will cost another $8-16 million to finish the property. Just to clarify, for $65M you won’t be getting any “interior walls, ceilings and finishes”.
No update on the current finish of the property (or whether it will soon return to the market with 1399 fewer days on the market and no official reductions).
Other notable properties that have either recently been withdrawn from the MLS without a sale, pulled off the market for the holidays, or have had their listings expire: 2100 Vallejo, 2006 Washington #4, 999 Green #2802 and 393 Carl.
UPDATE: Noted by a plugged-in reader on our original thread with a reminder by another this morning, a tiny peek inside 2845 Broadway via Forbes a few years back.
∙ The $65,000,000 House [SocketSite]
∙ SocketSite's San Francisco Listed Housing Inventory: 1/04/10 [SocketSite]
∙ Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
∙ 2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less [SocketSite]
∙ The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
∙ 393 Carl: One Of Four New Construction Condos After And Before [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (31) | (email story)
December 30, 2009
A Quick Short(er) Sale And Key Word: Pre-Approved
As we wrote last month:
Listed as a short sale for $595,000, the Lower Pacific Heights single-family (but zoned RH2) home at 2874 Bush Street sold for $675,000 in June of 2003.
According to a plugged-in source a short sale has already been approved (although at exactly what price was unknown), and while most definitely a fixer (if not a gut and build), it could possibly be perfectly habitable with a bit of elbow grease.
And while the short sale of 2874 Bush Street closed escrow on 12/22/09 with what appears to be a "confidential" sale price on the MLS (and will be considered to be $595,000 with respect to industry reports), a bit of digging and calculating reveals the actual sale price to be $550,000 (18.5% under its 2003 contract price).
Key word in the listing: pre-approved. No word on any credits for the furnace.
∙ The Beginning Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
∙ Personal Effects, Check. Washer And Dryer, Check. Furnace… [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (26) | (email story)
Playing Chicken With A Five Year Arm (It’s Not Just About Rates)
While Chicken John Rinaldi’s Chez Poulet has been on the market for two months at $899,000, on Monday Laughing Squid added a bit of color with a quote from John himself:
I’m caught in the mortgage crisis by association. I took a 5 year arm mortgage with a balloon payment thinking I could re-finance. There are no loans today for Showman with non-conforming warehouses. So it goes on the block. Hell, I’ll even finance it…
And as a plugged-in tipster added last week:
Although it's his home, he's made it into a funky hangout space for the local arts community... it will be sad to see it fall into the hands of more sensible property owners, but such is the way of the world.
Or perhaps not. A follow up from from Chicken John yesterday:
I talked to a loan guy today that may be able to do something. I only owe like $220,000. It's not *that* much. It's all phony money to me. I've got like $60 in my pocket. It's comedy, really...
∙ Listing: 3359 Cesar Chavez (1/1) 2,800 sqft - $899,000 [MLS]
∙ Chicken John Is Selling His Legendary San Francisco Warehouse [Laughing Squid]
Posted by socketadmin at 7:00 AM | Permalink | Comments (34) | (email story)
December 23, 2009
Twas The Day Before Christmas And On The Courthouse Steps…
Its 7,531 square foot oversized corner lot along Marina Boulevard makes it hard to miss. And we’ve always been rather keen on the 4,170 square foot four-bedroom home as well.
Purchased for $2,800,000 in 2001 and refinanced in 2002 with a $1,800,000 note, 485 Marina Boulevard was scheduled to hit the courthouse steps on 12/24 with $1,848,366.41 owed on said loan. At least it was the last time we checked.
And although we’d be surprised if it actually goes to auction tomorrow, consider it an early Christmas present if it does and you’re plugged-in and prepared.
We’ll see you next week to wrap up the year.
UPDATE: As expected, it appears as though any auction has indeed been postponed until 2010. And perhaps that first isn’t all that’s owed. Cheers.
Posted by socketadmin at 11:30 AM | Permalink | Comments (52) | (email story)
December 21, 2009
The "Confidential" Infinity Short Sale Scoop: 301 Main #9E
Asking just under $900,000 when the Infinity sales office first opened, tax records suggest 301 Main Street #9E was purchased for $867,000 in March 2008. The upgraded Tower One condo returned to the market at the end of 2008 listed for $885,000.
The resale asking price was subsequently reduced to $799,000 this past January, and then to $749,000 as a short sale in June. The short sale closed escrow December 10.
And while the sale price in the MLS was reported as "confidential," and as such will reflect the asking price of $749,000 ($635 per square foot) when queried by those who rely on it for market stats and averages, the recorded deed reports a transfer tax of $4,127.60 which equates to an actual sale price of $607,000 or $514 per square foot for the 1,180 square foot two-bedroom condo with parking, 30 percent under its price in 2008.
Keep in mind that the 1,180 square foot 301 Main Street #10E was purchased for $845,000 in July 2008. And tax records suggest the 1,180 square foot 301 Main Street #11E sold for just over $900,000 this past february while the 1,303 square foot 301 Main Street #8E sold for $1,038,000 in February 2008.
Full Disclosure: We advised the plugged-in buyers in their search for a San Francisco property. And as always, we’re looking forward to the housewarming.
∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]
Posted by socketadmin at 2:15 PM | Permalink | Comments (27) | (email story)
December 18, 2009
A Rather "Junior" Russian Hill Resale For 2552 Hyde
As a plugged-in reader notes, the sale of the single family 2552 Hyde Street closed escrow today with a reported contract price of $1,385,000, 29 percent under its February 2007 acquisition for - and neighborhood comp setting price of - $1,950,000.
Film buffs might recognize the house as that which Arnold Schwarzenegger’s character called home in "Junior." Although the walls (and exterior) have since been painted.
UPDATE (12/21): While still a valid data point and food for thought, in light of a retaining wall issue we've pulled our "apples to apples" tag for 2552 Hyde.
∙ 2552 Hyde Street Overview [monicaslist.com]
∙ Last Listing: 2552 Hyde Street (3/3) - $1,595,000 [Redfin]
∙ Junior [filminamerica.com]
Posted by socketadmin at 3:00 PM | Permalink | Comments (64) | (email story)
San Francisco’s Tsunami Inundation Map (Literally Not Figuratively)
By way of the California Emergency Management Agency, California Geological Survey, and University of Southern California: San Francisco’s Tsunami Inundation Map.
The inundation map has been compiled with best currently available scientific information. The [red] inundation line represents the maximum considered tsunami runup from a number of extreme, yet realistic, tsunami sources. Tsunamis are rare events; due to a lack of known occurrences in the historical record, this map includes no information about the probability of any tsunami affecting any area within a specific period of time.
Pink is potentially problematic. Now about that development of Treasure Island...
∙ Tsunami Inundation Map for Emergency Planning: San Francisco [ca.gov]
∙ Treasure Island: Sold To The Bidder Across The Bay For $105M (Plus) [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (14) | (email story)
Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped
Purchased for $1,888,000 in October 2005, 1522 Lake Street underwent a major renovation and returned to the market this past July asking $2,100,000. It didn’t sell.
A week ago it returned to the MLS asking $1,750,000. From the listing:
…Skylights galore, Marble tiled baths, Box Beamed Ceiling, Period Details, New Andersen Dual Paned Wndws, Top Fixtures + much more! A Bargain at this price as the home is unfinished! Kitchen Cabinets, BA Fixtures, Speakers, Lighting/Trims are needed to finish this Grand Home!
While the listing notes "unfinished," however, a plugged-in reader reports: "stripped."
Oh, and did we mention the property also hit the courthouse steps eleven days ago with a minimum bid of $1,301,817? As a plugged-in tipster reports, it sold for $1,305,500. Yes, more than a penny over, but not too much so considering a reported three bidders.
∙ Listing: 1522 Lake Street (3/4) - $1,750,000 [MLS] [Map]
∙ Are The Real San Francisco Foreclosures On Their Way? [SocketSite]
∙ Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (46) | (email story)
December 15, 2009
565 Castro: A Tipster’s Off Handed Comment (And Actual Update)
It’s not exactly our usual fare, but for a bit a early week levity by way of a plugged-in tipster and San Francisco’s Planning Commission Agenda for tomorrow:
565 CASTRO STREET - on the east side of Castro Street between 18th and 19th Streets; Lot 062 in Assessor’s Block 3583 - Request for a Conditional Use Authorization, pursuant to Planning Code Sections 303, 715.54, and 790.60, to allow a massage establishment (dba Hand Job) to operate within the Castro Neighborhood Commercial District and 40-X Height and Bulk District.
Preliminary Recommendation: Approval with Conditions
Our tipster’s off handed (ba-dump-bump) comment: "…I hope one of the conditions is reconsideration of the name."
To bring the story full circle (which is why the tip made our cut), it was two years ago we broke the news that First American Title which had occupied the space was closing down due to "market conditions" at the time.
UPDATE: The reader's comment we wish we would have thought of first: "I hope the tipster will let us know if this story has a happy ending."
∙ First American Title Co. Closing Castro Branch (565 Castro Street) [SocketSite]
∙ Planning Commission Agenda: Thursday, December 17, 2009 [SFGov]
Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (email story)
December 14, 2009
The Mayor’s Attempted Eviction Legislation One-Two Punch (Or Jab)
While Mayor Newsom prepares to veto Supervisor Avalos' sponsored "just cause" extension legislation which was passed by San Francisco’s Board of Supervisors last week, on Tuesday he will introduce a bit of eviction legislation of his own (9:16 in the above).
In the address, titled "Mayor Newsom's YouTube Update," the mayor said he would introduce alternative legislation Tuesday that would protect tenants living in nonrent-controlled units from evictions if their home is foreclosed upon by a lender.
The legislation will protect tenants from the "predatory nature of banks" and "other circumstances" related to "macroeconomic challenges," Newsom said.
Seizing the asset that secured a nonperforming loan is "predatory" behavior? Who knew.
And depending upon how it’s written, keep an eye on Craigslist for way below market rate (WBMR) rentals with long-term leases for cash up front should it pass...
UPDATE: While we actually considered featuring the bank owned sale of 3730 Fillmore when it first hit the market, we didn’t. Purchased for $500,000 in September of 1999 the property was taken back by the bank this June with a first mortgage of $1,099,079 owed.
Two weeks ago the 1,722 square foot two-bedroom condo returned to the market asking $925,000. And yes, it’s already in contract. So why do we mention it now?
As a plugged-in reader adds:
i'm surprised [SocketSite] didn't pick up on 3730 Fillmore street, a rare foreclosed condo in the marina that just went into contract at a very reasonable price. sold for under $1M, the previous owner had racked up (i think) about $1.6M in loans from those "predatory" banks. and the poor victim? none other than [the Mayor’s] cousin.
And giving credit where credit is due, it's actually another plugged-in reader that first commented on the plight of 3730 Fillmore eight months ago.
∙ Just Cause Eviction Extension Approved, But With Four Key No Votes [SocketSite]
∙ Just BeCause Eviction Vote Scheduled For Tomorrow [SocketSite]
∙ Newsom plans foreclosure eviction bill [Examiner]
Posted by socketadmin at 9:45 AM | Permalink | Comments (13) | (email story)
December 11, 2009
Better Late Than Never For A "New" Palms Short Sale Comp
Three months after having closed escrow for a recorded $400,000 ($508 per square foot), the MLS listing for 555 4th Street #605 was just updated to reflect the sale. Purchased for $620,500 in November 2006, the one-bedroom at The Palms returned to the market this past April asking $585,000. Last asking $479,000 as an approved short sale in July.
Posted by socketadmin at 1:45 PM | Permalink | Comments (16) | (email story)
December 10, 2009
And After 47 Months 62 Days On The Market...
In case you missed it nine days ago when a plugged-in sleepiguy first noted it was in contract, or yesterday when a plugged-in reader noted the staggers removing their furniture, Kirk Hammett’s 2505 Divisadero has in fact found a buyer.
According to the MLS, however, it hasn’t yet closed escrow (or officially "sold") but contingencies have been waived. And while it first hit the market 47 months ago (asking $12,500,000 at the time), keep in mind it’s an official 62 days on the market according to those industry stats (assuming it closes today).
A sale at its last list price of $8,995,000 would also be reported as at "100 percent of asking," but expect we wouldn't be surprised to see an MLS asterisk (i.e., "confidential") on that sale price. Of course if you have the inside scoop and care to share...
∙ Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
Posted by socketadmin at 1:45 PM | Permalink | Comments (7) | (email story)
December 9, 2009
Personal Effects, Check. Washer And Dryer, Check. Furnace…
With the short sale of 2874 Bush Street over in Lower Pacific Heights currently in escrow, and contingencies waived, a plugged-in source reports:
Looks like moving day at 2874 Bush. Seeing the washer and dryer on the truck didn’t surprise me...but seeing the furnace sure did!
It's starting to sound familiar. And props for the candid cell phone shot (hint, hint).
∙ The Begining Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
∙ Strip This (Short Sale) House: The 1467 Underwood Episode [SocketSite]
Posted by socketadmin at 1:15 PM | Permalink | Comments (44) | (email story)
Let's Begin The (Building) Begin Again: The Lot At 586 Lisbon Sells
The sale of the stalled-construction Excelsior lot at 586 Lisbon closed escrow yesterday with a reported contract price of $335,000 (31% under original asking). No update on the touted $238,750 estimate to finish building a 3,200 square foot house.
∙ Build A New Home For The Cost Of A High-End Kitchen? [SocketSite]
Posted by socketadmin at 9:45 AM | Permalink | Comments (1) | (email story)
December 7, 2009
Strip This (Short Sale) House: The 1467 Underwood Episode
Purchased for $639,500 in February of 2007, the single-family 1467 Underwood returned to the market as a "lender approved short sale" asking $340,000 this past October.
Currently in contract and scheduled to close this week (according to a plugged-in tipster), it appears as though some likely non-lender approved activity is now in play as well. As our source reports:
…the new owners or potential new owners were trying to do a walk-through yesterday but were not allowed inside, meanwhile you could hear banging inside the property, and later in the rainy night [you] could see the appliances…and plumbing fixtures [(vanities, vanity mirrors, doors)] being loaded onto a truck.
Stripping a property prior to foreclosure in San Francisco isn’t an unheard of occurrence (especially when an expensive kitchen is involved). But this is the first time we've heard of doing so between having negotiated a short-sale and its (now attempted) close.
It ought to be an interesting walk-through and response by the buyer and the bank.
∙ Listing: 1467 Underwood (4/2) - $340,000 (sale pending) [Redfin]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]
Posted by socketadmin at 1:00 PM | Permalink | Comments (8) | (email story)
December 2, 2009
3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)
As its MLS listing was simply withdrawn on 7/10/09 without mention of a sale, we missed it when 3577 Pacific closed escrow on 7/8/09 with a recorded contract price of $4,900,000.
Once again, purchased pre-renovation for $2,225,000 in August 2005; returned to the market post-renovation in October 2008 asking $7,700,000; reduced to $6,950,000 three days later; reduced to $5,995,000 this past February; and then reduced to $5,650,000 in May before being withdrawn from the MLS without a reported sale or contract price in July.
And as it looked "before":
∙ 3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]
∙ An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue [SocketSite]
Posted by socketadmin at 11:30 AM | Permalink | Comments (52) | (email story)
November 20, 2009
Another Deja Vu All Over Again (This Time Thanks To The FHA)
Banking on appreciation with little skin in the game ($33,000 on a $963,000 purchase); counting on income from the upper unit of the Hayes Valley duplex to subsidize low carrying costs thanks to "rock-bottom" interest rates; and little in terms of reserves.
That's the story in a nutshell.
∙ With F.H.A. Help, Easy Loans in Expensive Areas [New York Times]
∙ US (But Not DA) Prime And FHA Mortgage Defaults Climbing [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (67) | (email story)
November 6, 2009
The Captain’s House Goes For To A Cruise?
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 (28) | (email story)
The Scene Opens Sitting In The Palms' Sales Office Two Years Ago…
Back in October of 2007 when The Palms was advertising "Only 8 Left!" a plugged-in reader had submitted an offer on one of the units. From the reader at the time:
I offered 13% less than listing price. The sales agent was not even interested in looking at my offer even though I explained him that I had excellent credit and income and was not using an agent. He said that the [seller] will never consider the offer and decided not even to offer it to the builder.
We don’t know if #920 was the one on which our reader had made an offer (it was one of the eight). But we do know that 555 4th Street #920 recently closed escrow with a reported contract price of $480,000 (24% less than its "Only 8 Left!" list price of $631,000).
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (15) | (email story)
October 27, 2009
Overlooking Architecture (And Upgrades) At The Montgomery (#502)
According to our plugged-in inside source, The Montgomery (74 New Montgomery) #502 offers great light and is surprisingly quiet ("thick walls and double-pane windows really keep the noise out").
Also noted, "the owners put a lot of money into it - subzero fridge (not a builder option) and custom cabinetry in living room, master bedroom and 2nd bedroom" so it’s not an apples to apples to comparison.
That being said, purchased for a recorded $1,242,500 in June 2008, asking $945,000 today (24% under its un-upgraded value in 2008). It's been on the market for 188 days with an original list price of $1,050,000.
Regardless, we're digging the old school city vistas and architecture.
∙ Listing: 74 New Montgomery #502 (2/2) 1,010 sqft - $945,000 [MLS]
∙ 74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close [SocketSite]
Posted by socketadmin at 12:30 PM | Permalink | Comments (66) | (email story)
October 23, 2009
Former Thirteen Million Dollar Mansions And New Comps To The South
While a plugged-in reader reports that 200 Manzanita down in Woodside "that sold for $13.8mm back in 2000 just sold for $8mm (after trying to get more than they paid and following the market down for three years)," according to the Chronicle the key witness in the Galleon investigation sold "her $13 million Atherton mansion" for $9.4 million in May.
UPDATE: We can’t confirm, but another plugged-in reader believes the 2009 sale price for 200 Manzanita was actually even less:
I believe that the more recent sale price (contract executed in August, with the sale having closed in September of 2009) was $5.62 million, not $8.0 million.
If so, call it a 59% drop in value over the past nine years for the Woodside mansion. If not, it’s only 42%. And perhaps Kahn did okay.
∙ Trying To Tell It Like It Is For 114 Crescent Avenue In Bernal Heights [SocketSite]
∙ Listing: 200 Manzanita, Woodside [tomdallas.com]
∙ More players emerge in Galleon Group scandal [SFGate]
Posted by socketadmin at 6:00 AM | Permalink | Comments (9) | (email story)
October 22, 2009
The California Connection(s) To Tishman Speyer’s Manhattan Flop
As a plugged-in reader notes, Tishman Speyer’s led 2006 investment of $5.4 billion in Manhattan’s Stuyvesant Town and Peter Cooper Village continues to head south with all equity investors likely being wiped out.
Amongst those equity investors, the California Public Employees' Retirement System (Calpers) to the tune of $500 million and the California State Teachers' Retirement System (Calstrs) to the tune of $100 million.
That being said, "Tishman-Speyer apparently has very little skin in the game. The firm contributed just $56 million of its own money to the $5.4 billion purchase price and did not use any of its other properties as collateral."
∙ NY court rules against Stuyvesant Town owners [reuters.com]
∙ Big Legal Setback for Tishman and BlackRock [New York Times]
Posted by socketadmin at 2:15 PM | Permalink | Comments (19) | (email story)
October 20, 2009
Buy A BMR...For $10K More Than Bank-Owned At Candlestick Point
The Mayor’s Office of Housing is helping to promote the resale of Candlestick Point (101 Crescent Way) Below Market Rate unit #2213. It’s two bedrooms, two baths, 1,063 square feet and asking $399,945 with purchase and resale restrictions.
If interested, you might also want to take a look at the bank owned Candlestick Point #2305. It’s two bedrooms, two baths, 1,063 square feet and asking $389,900. And it's without any restrictions – other than the free market – of course.
∙ Listing: 101 Crescent Way #2213 (2/2) 1,063 sqft - $399,945 [MLS]
∙ Listing: 101 Crescent Way #2305 (2/2) 1,063 sqft - $389,900 [MLS]
Posted by socketadmin at 10:00 AM | Permalink | Comments (27) | (email story)
October 15, 2009
While A Bird Tweets, A Shark Sings
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 (46) | (email story)
Have We Seen This Marquee Lofts (#708) Movie Before?
As we wrote in July:
As a plugged-in reader notes, a fully remodeled and renovated Marquee Lofts (151 Alice B. Toklas Place) #708 has returned to the market asking $739,000 following its kitchen-less foreclosure sale for $580,000 in June of 2008.
Once again, Marquee Lofts #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000; and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08.
After 103 days on the market the list price for 151 Alice B. Toklas Place #708 has been reduced $40,000 (5%) to $699,000 and the listing now notes: "MOTIVATED SELLER!! Price reduction, make an offer!"
No word on how much was invested in the new kitchen, bathroom or rest of the renovation, but we'll be keeping an eye on Craigslist.
∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $739,000 [MLS] [YouTube]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (27) | (email story)
September 18, 2009
54 South Park Sells (And We Think Alpha Rather Than Beta)
As a plugged-in tipster let us know last night, the sale of 54 South Park has closed escrow with a reported contract price of $3,375,000. As far as we know that’s a new high on a dollar per square foot basis for South Park (over $1,000 per square foot). But in and of itself that’s not proof the “the market” is up.
It’s what we’ll call real estate alpha versus beta (the financial Greeks for those who are unfamiliar), and to a certain extant “mix” (i.e., a new product that really never before existed in the neighborhood – high-end modern – and is relatively rare in San Francisco).
No word on number 56.
∙ 54-58 South Park: The Inside Scoop (Both Literally And Figuratively) [SocketSite]
∙ From A Peek To A Poke For 54 And 56 South Park [SocketSite]
Posted by socketadmin at 4:15 PM | Permalink | Comments (37) | (email story)
September 15, 2009
See, Two (Shower) Heads Are Better Than One...
Agent owned and listed as a short sale, 4096 17th Street #206 was purchased for $500,000 in October of 2005 and then remodeled. And while there’s only one bedroom and one bath, there are two shower heads (and a listing that, umm...features the feature).
∙ Listing: 4096 17th Street #206 - $549,000 [MLS]
Posted by socketadmin at 3:00 AM | Permalink | Comments (36) | (email story)
September 11, 2009
Oh Puck, 949 Lombard (Real World San Francisco) Facing Foreclosure
A plugged-in tipster keeps the local television theme alive with a note about the unpaid $3,715,730 mortgage balance and foreclosure filing for 949 Lombard, also known as The Real World San Francisco house.
The house at 949 Lombard Street was rented to MTV by local stockbroker/entrepreneur Martin Eng, who owned the house since 1985. It became a tourist stop, receiving more than 10,000 visitors in the months during and following the series [in 1999].
The house was gutted by a June 2000 fire (caused by a tipped candle), refinanced in 2005, and then "sold" to Lombard Flats LLC in January of 2009. According to PropertyShark the property has an assessed tax basis of $737,919.
No update on Puck.
UPDATE: A plugged-in reader adds:
[I]f you do a little snooping, I think you'll find that Mr. Eng has 2 other properties in the neighborhood facing foreclosure - 818 Green and 939 Lombard (the neighbor of your subject property). These are held in a different LLC, to which they were recently transferred from Mr. Eng. This topic dovetails nicely with the Lembi story, imho.
Not to mention our Muhawieh Maher or other "only in Miami" type San Francisco stories.
∙ San Francisco in Cinema: Real World (949 Lombard) [mistersf.com]
∙ The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
Posted by socketadmin at 4:30 AM | Permalink | Comments (31) | (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 (50) | (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 (29) | (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 $3,300,000 in February.
∙ The Mayor Moves To (Real Estate) District Five [SocketSite]
Posted by socketadmin at 3:45 PM | Permalink | Comments (33) | (email story)
From The Readers' Archives: The Battle Over 2125-2135 Leavenworth
From the comments with respect to 2125-2135 Leavenworth:
I rent a block north of these. The local homeowners were up in arms with this project and there were posters circulated to "Save Leavenworth Street." I think the neighbor to the south of these was particularly peeved: theirs is a beautiful & stately Julia Morgan home.
Story goes, as I understand it from the public hearings...was that someone purchased the place and then intimated to one and all that they were going to rehab the place and live in it with extended family. Whether or not that was ever the intention, they then requested to transform the existing and deteriorating 3 (or 4) units into the current six units. The owners/developers claimed that the existing structure was in too far a state of neglect to be saved, including troubled foundation. The locals/neighbors claimed that the owner was leaving the place in intentional neglect to facilitate the desired teardown/development.
From a plugged-in tipster’s personal archives (and our inbox) above and below:
I love how they made the picture of the proposed condos in B&W and to appear threatening or haunted in a Vincent Price sort of way. The pictures of the proposed rehab of the existing structure is in happy color and even has three Telegraph Hill parrots flying happily over it.
That didn't apparently persuade the planning commission...but I figure the delay the locals created cost the developers a hell of a lot of money, since if this has been started in 2004 and completed in 2006, they would have been in the thick of insanity and have pulled down Big Ca$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 (21) | (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 (11) | (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 (82) | (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 (25) | (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 (36) | (email story)
June 25, 2009
A Case Of Sales Office "Sales" Shenanigans That Didn’t Pay Off
It was a plugged-in reader that caught The Hayes increasing the list price on 55 Page #222 from $699,000 to $850,000 (21.5%) right before their 72-hour sale kicked off. When it didn’t move during those 72 hours, it was once again listed on the MLS for $699,000.
Yesterday 55 Page #222 closed escrow with a reported contract price of $570,000. That’s either eighteen (18) percent under its post-sale list price, or thirty-three (33) percent under its "pre."
And at 1,124 square feet it’s $507 per square foot for this two-bedroom (well below the $640 average for these other four).
∙ The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster) [SocketSite]
∙ Contract Prices Behind Six Recently Closed Condos At The Hayes [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (4) | (email story)
June 19, 2009
Going Once, Going Twice...Sold (Just Not At Auction)
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 (25) | (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 (45) | (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 (33) | (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 (41) | (email story)
May 6, 2009
An Unemotional Fifty-Four Percent Off In The Excelsior (398 Vienna)
From the listing for 398 Vienna a little over a year ago (eight months after being purchased for $549,000):
Gem of a property on the inside. Large one bedroom and bath and an additional oversized room and bath with own private separate entrance on Brazil. Laminate floors, updated bathroom, and spacious living room/dining room combo.
Asking $499,000 at the time and perhaps banking on a bidding war. Subsequently reduced to $425,000. Then to $349,000. And then to $330,000. Bought back by the bank in January for $289,960 and now on the market and asking an unemotional $251,750.
It's funny what happens with real estate when emotions don't get in the way.
∙ Listing: 398 Vienna (1/2) - $251,750 [MLS]
Posted by socketadmin at 10:30 AM | Permalink | Comments (38) | (email story)
May 5, 2009
2404 Washington: Perhaps An Apple And An Anecdote To Be...
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 (84) | (email story)
April 6, 2009
Mortgage Rates Are Down But Are The "Bad Ways" Picking Back Up?
From a plugged-in reader refinancing a home up in Portland:
We just signed on our refinance (4.625% for 1 point) and we were talking to a woman who worked at the title company and she said things are going right back to the old (bad) ways. People taking mortgages that over extend them financially, brokers pushing through anything they can. She said it is going straight back to how things were before and she wasn't happy about it.
Is it an "only in Oregon" or anomalous report?
Posted by socketadmin at 10:45 AM | Permalink | Comments (18) | (email story)
April 3, 2009
Back In Black By Brown (And Not By Auction): 3731 Fillmore #2
It’s a plugged-in tipster that notes 3731 Fillmore Street #2 is back on the MLS. If the address sounds familiar it should. As we wrote in February:
Asking $699,000 when originally marketed by Brown & Co. but then re-listed, reduced and withdrawn at $549,000 last month, 3731 Fillmore Street #2 is back on the MLS with a "list price" of $295,888 (from the listing: "Must sell by tuesday, february 24th. Auctioned to the highest bidder at the property.”).
As you might recall the highest bidder came in at $410,000 but the seller declined to sell (apparently "must" means something else in listing land). So it’s once again listed by Brown & Co. and back to asking $549,000.
As previously noted, 3731 Fillmore #6 sold for $710,000 in October of 2008 and four other units remain availble in the six-unit building.
∙ Listing: 3731 Fillmore Street #2 (1/1) - $549,000 (TIC) [MLS]
∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]
∙ A Plugged-In Reader Calls Shenanigans And Sets The Record Straight [SocketSite]
Posted by socketadmin at 3:45 PM | Permalink | Comments (33) | (email story)
April 2, 2009
74 New Montgomery: Half Sold (And Still Buying Some Agent Love)
From a plugged-in tipster living at 74 New Montgomery:
[I] attended an HOA meeting [at The Montgomery] last night and the developers announced they had sold 55 units (out of 107) and that 13 have gone into escrow since the recent price decrease...so the price drops did a pretty good job stimulating interest, nearly 20% bump in sales in a very short time.
From the sales office via another:
As you know, The Montgomery is the only development in San Francisco to offer all brokers a generous 4.5% commission. To further show our appreciation, we are pleased to announce the extension of this unsurpassed offer. The Montgomery's 4.5% broker commission now expires on May 31, 2009*.
And an editorial comment from said another as well:
This demonstrates one of the continuing pervasive problems that contributes to the real estate problem...Instead of decreasing prices, some developers think they can drive traffic by raising broker fees, but this just wastes more cash by diverting it to unproductive hands.
The recent sales results are likely a combination of the two (price cuts and commission). And perhaps some hands do become more productive when "generously" motivated than one might think (or hope).
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]
Posted by socketadmin at 9:10 AM | Permalink | Comments (66) | (email story)
March 30, 2009
Apples To Apples (But Likely No Longer 5% Down): 4174 26th Street
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 (38) | (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 (28) | (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 (55) | (email story)
JustQuotes: Now About That Ferrari Index For San Francisco...
“Conventional wisdom has it that premium manufacturers do better in a downturn because people with more money can weather the storm,” said Michael Tyndall, an automotive specialist with Nomura in London. “This time it’s different.”
UPDATE: A plugged-in reader reports:
I saw a report from BMW North America that shows 7-series sales at 23 cars for Jan 09 versus 710 for Jan 08 (a 97% decline). The Z4 sold 45 in Jan 09 v 363 in Jan 08. Overall, BMW was off "only" 21% for Jan 09 v Jan 08 - however, the overall Feb sales are reported down by 32%.
Then again, who drives a BMW in San Francisco...
∙ Rolls-Royce, Ferrari Suffer as Slump Reaches New Rich [Bloomberg]
Posted by socketadmin at 10:00 AM | Permalink | Comments (31) | (email story)
Cognitive Listing Dissonance At The Watermark (501 Beale #14D)
Originally listed as a Watermark resale for $1,585,000 last July, from a listing later last year: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”
From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.
From the listing today: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.
And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.
∙ Listing: 501 Beale #14D (2/2) - $1,365,000 [MLS]
Posted by socketadmin at 9:00 AM | Permalink | Comments (42) | (email story)
March 3, 2009
Note To Daly (And Others): Let The Market Take Care Of Itself
From the City Insider:
Supervisor Chris Daly plans to introduce a series of new laws that's intended to help renters during these tough economic times -- a proposal that is likely to anger landlords.
The proposals include the suspension of any rent increases that would cause a tenant's rent to exceed one-third of their income; expansion of the rights of tenants who want to add roommates to help pay their rent; and limiting the amount of "banked" rent increases -- where annual rent increases allowed under city laws are saved up and then imposed at one time -- to 8 percent.
Our note to Daly (and others): stop introducing externalities and let the market take care of itself. If you let it, it will.
∙ Help for SF renters could be on the way [SFGate]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
Posted by socketadmin at 3:15 PM | Permalink | Comments (57) | (email story)
February 25, 2009
A Plugged-In Reader Calls Shenanigans And Sets The Record Straight
From a plugged-in agent with regard to the auction of 3731 Fillmore #2:
I had clients who were interested in showing up to the auction today, but who could not pull it together by this afternoon. Good thing we did not waste our time! Read on...
I have been going back-and-forth with the listing agent/auctioneer over the past few days. I also exchanged e-mails with the previous listing agents at Brown & Co. Turns out that this is just a decision that the Seller made in an effort to [sell it fast].
Well, it turns out after all that there was a confidential "reserve price" (i.e., minimum accepted bid price) set by the Seller, which the auctioneer was aware of, of course.
Apparently this price was $550k and tons of people showed up today but nobody went up that high, and therefore nobody walked away owning 1/6 of this building today w/the exclusive right to occupy #2 or any unit for that matter.
The listing agent told me this morning prior to the auction that the other 4 vacant units may very well go up for auction today as well if things went in the right direction; but OF COURSE nobody wanted to offer anything above $550k. Duhhh! [Editor's Note: As you might recall 3731 Fillmore #2 failed to sell for $549,000 when last listed on the MLS.]
I told the listing agent to let me know when his Seller gets back in touch with reality and the current economy/market. What a frickin...waste of time!
Our apologies for any unwitting role we played. That being said, we now have another data point: a high bid of $410,000. Now about all that "pent-up demand"…
∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (70) | (email story)
February 24, 2009
Hearst Close To Calling It Quits With The San Francisco Chronicle?
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 (24) | (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 (24) | (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 (25) | (email story)
If Nothing Else It Should Continue To Distort Those Foreclosure Stats
"Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley agreed to suspend foreclosures until next month and signaled a readiness to help the Obama administration craft a housing plan to modify mortgages for troubled borrowers."
∙ Citigroup, JPMorgan, Morgan Stanley Halt Foreclosures [Bloomberg]
Posted by socketadmin at 10:00 AM | Permalink | Comments (8) | (email story)
February 11, 2009
Homeowners In The West "Now Nine Percent Less Delusional!"
While we don’t buy into Zillow’s analytics as accurate measures of any reality (or realty), we can’t argue with the results of their surveys on perception. A recap of their second-quarter 2008 survey of homeowners in the West:
My Home's Value Has Increased Over Past Year: 28%
My Home's Value Has Decreased Over Past Year: 56%
My Home's Value Has Stayed the Same Over Past Year: 16%
And from the fourth-quarter:
My Home's Value Has Increased Over Past Year: 19% (-9% from Q2)
My Home's Value Has Decreased Over Past Year: 70% (+14% from Q2)
My Home's Value Has Stayed the Same Over Past Year: 11% (-5% from Q2)
∙ Perhaps An Apple A Day Would Keep Their Delusions Away... [SocketSite]
∙ Zillow Homeowner Confidence Survey: Q4 2008 [Zillow]
∙ Luckily The Sellers Weren't Looking At Their "Zestimate" [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (22) | (email story)
4356 25th Street: No, It Hasn’t Closed Escrow But In Contract It Is
As a general rule we don’t point out properties we’ve previously featured until they’ve actually closed escrow. But we did take some heat for suggesting that 4356 25th Street could quickly go into contract (and to see it while you could). And well, in contract it is.
Of course we’ll let you know if it falls out of escrow (and you’ll have another chance to peruse), or as always, when it closes (and for how much).
∙ 4356 25th: A Modern Mid-Century Modern AIA Home Tour Home [SocketSite]
Posted by socketadmin at 2:00 AM | Permalink | Comments (11) | (email story)
February 10, 2009
JustQuotes: A San Francisco Reader Takes A Cue From The Banks
"Well I've taken a lesson from the banks and started hording my cash. I had paid off $10k on my HELOC over the two years I've had my condo but last week I took it back. Now the only thing I have at risk in my place is the 5% down…"
∙ JPMorgan Chase’s Jumbo Mortgage Performance And Default Forecast [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (50) | (email story)
February 4, 2009
SocketSite Reader’s Report: An Old Infinity Lockup Glitch?
As always, reader’s comments with regard to contracts, legal matters and investments should always be seen as a potential starting point for a conversation with a qualified professional rather than as answers or advice. That being said, it’s a plugged-in reader that catches a potential lockup glitch in old Infinity contracts:
Regarding resale lockup and first right of refusal, there was a glitch in the contract that wasn't caught until mid-2008. The sale lockup & builders 1st right of refusal is only 1 year COMBINED...not 1 year each. I know, because I caught the glitch.
The builder told everyone that it was 2 years (1 year for each) but admitted I was right. So everyone who signed a contract prior to mid-2008 actually only has a 1-year combined lockup & first right of refusal period... not 2 years. Although, I suspect none of them know it...until now.
∙ Infinity Tower Two: "Starting From The Mid $500,000s" This Weekend [SocketSite]
Posted by socketadmin at 1:30 AM | Permalink | Comments (36) | (email story)
Exposed Brick, Trusses, And Sales Price: 400 Spear Street #205
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 (24) | (email story)
January 23, 2009
JustQuotes: Did We Say Rumor? (And Plugged-In Traffic Picks Up)
“[Millennium Partners Managing Director Richard Baumert] said traffic through the sales office has picked up since Sunday when the real estate web site Socketsite reported the rumor that price reductions were imminent.”
∙ Condo price cuts reach top tier at Millennium [San Francisco Business Times]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]
Posted by socketadmin at 4:30 PM | Permalink | Comments (12) | (email story)
It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006…
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 (81) | (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 (44) | (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 (26) | (email story)
September 12, 2008
Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks)
From the listing for 152 Banks in Bernal Heights: “New Owner - Reduced Price. Recently renovated with kithcen (sic) updates, hardwood flooring, and new windows. 2/1 upstairs - 1/1 downstairs.”
From public records: purchased for $675,000 in July of 2005, sold in April of 2006 for $900,000. And while we’re assuming that aforementioned “recent renovation” occurred in that nine month window between sales (which might help explain the bump in price), we didn’t find any mention of permits online.
And of course, that doesn’t help explain what’s happened between 2006 (when purchased for $900,000) and now (asking $749,900).
UPDATE (9/29): Reduced to $699,900.
∙ Listing: 152 Banks (3/2) - $749,900 [MLS]
Posted by socketadmin at 7:00 AM | Permalink | Comments (26) | (email story)
September 10, 2008
Read And Respond At Your Own Risk...
At the risk of rewarding a reader’s bad behavior (hijacking not only one, but two completely unrelated posts), and possibly even feeding a troll (we're willing to give him/her the benefit of the doubt), we’re establishing a “read and respond at your own risk” repository for “In-Contract-At-Infinity.”
Our thanks to everyone who has already responded sincerely, and now on to ICAI's inquiry (and back to your regularly scheduled programming elsewhere)…
UPDATE: Comments on this post make reference to unit 9B at The Infinity and a wildly erroneous contract price. We just confirmed the unit is in contract for over $1,000,000.
Posted by socketadmin at 4:30 PM | Permalink | Comments (69) | (email story)
Never Mind The Nine Reductions, Focus On The Previous Sale (Comp)
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 (12) | (email story)
August 15, 2008
QuickLinks: San Francisco Gets Less Surreal, Goldman More Mortal
∙ Carol Lloyd bids Surreal Estate Good-bye [SFGate]
∙ Goldman, JPMorgan May Prove 'Mortal' as Earnings Drop, UBS Says [Bloomberg]
Posted by socketadmin at 4:30 PM | Permalink | Comments (9) | (email story)
When Being “Priced Out Of The Market” Is A Blessing In Disguise
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 (23) | (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 (20) | (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 (23) | (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 (28) | (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 (51) | (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 (15) | (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 (78) | (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 (32) | (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 (36) | (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 (19) | (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 (6) | (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 (8) | (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 (21) | (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 bestof peopleresults, 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 any and all floor plans along with a listing, here’s out handy hint of the day: size matters. Shown above, the actual size (at least from the listing) “floor plan” for 2678 18th Avenue.
∙ Listing: 2678 18th Avenue (4/5.5) - $1,280,000 [MLS]
Posted by socketadmin at 4:00 AM | Permalink | Comments (1) | (email story)
May 22, 2007
75 Miraloma: Not A Lot Of Depth (Although Wide And Tall)
According to a “plugged-in” reader’s comment, 75 Miraloma (another new construction home “bordering St. Francis Wood”) first hit the market in late 2004 with a list price of around $4,000,000.
Turned into a rental when it failed to sell, the property retuned to the market four months ago with a list price of $2,285,000. Four days ago, the price was dropped another $90,000 (3.9%). And while we haven’t been inside, as best we can tell there’s not a lot of depth to the property (although it does appear to be wide and tall).
∙ Listing: 75 Miraloma (4/3.5) - $2,195,000 [75miraloma.com]
∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
Posted by socketadmin at 9:47 AM | Permalink | Comments (21) | (email story)
Harbor Lofts Living For Less (If You Can Find It)
Perhaps the photos don’t do it justice (it’s looking a bit cave like), and it is a relatively small one-bedroom (and a loft "one bedroom" to boot), but it’s also Harbor Lofts living for $334,383 (and that includes parking).
∙ Listing: 400 Spear St #114 (1/1) 480 sqft - $334,383
The only problem…we can’t find a public link to it on the MLS (or any other website that doesn’t require registration). An opportunity lost? And if so, for who?
UPDATE: As a couple of "plugged-in" reader's quickly noted, there are actually a few more "problems" with this listing: 1. it's a "100% of Area Median Income" BMR (income limit of $63,850 for one person); 2. neither ZipRealty nor CleanOffer have it designated as such (although both offer pictures); and 3. while the odd price did raise a red flag, the $700/sqft had us convinced otherwise (and now simply leaves us scratching our heads).
UPDATE (5/24): As of this afternoon the listing notes, “BMR Loft 1/1 great! max income 1person $63K 2person $72K” and “Leased PKG.” Funny how that happens. And yes, we're still left scratching our heads.
∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (20) | (email story)
Was It The Views Or Simply The Bidding? (141-143 Willard)
Two months ago two new construction TICs hit the market in Lone Mountain. The lower unit (141 Willard) was priced at $1,280,000 and offers four bedrooms, three and one half baths, and a “deck, patio, & garden” off the master suite. The upper unit (143 Willard) was priced at $1,295,000 and offers four bedrooms, three and one half bath, and a “sitting area & spectacular view deck” off master suite.
According to a “plugged-in” tipster, a bidding war erupted on the upper unit (currently in contract) and on 4/9/07 the sellers raised the asking price on the lower unit $75,000 to $1,355,000 (which might suggest a contract price of around $1,370,000 on the upper). On 5/11/07 the price on the lower unit was reduced $45,000 to $1,310,000. And as of today, it’s still available.
The question of the day: were the views of the upper unit simply undervalued relative to the garden below, or is this commentary on what happens when the bidding breaks out?
∙ Listing: 141 Willard (4/3.5) - $1,310,000 (TIC) [MLS]
∙ Listing: 143 Willard (4/3.5) - $1,295,000 (TIC) [MLS]
Posted by socketadmin at 8:19 AM | Permalink | Comments (11) | (email story)
May 21, 2007
Why You Should Care About All Those New Developments (Part II)
From a single anecdote of a family considering selling their single family home in Noe Valley in order to move into a condominium in South Mission Bay, to a second. And this time it's a long-time neighborhood activist and “Planning Department watchdog” (Toby Levine) who is selling her landmark Victorian house in the Mission and moving to a condo in North Mission Bay (255 Berry to be precise) .
Is it possible that the impact of all that new construction and supply won't simply be isolated to district nine (i.e., "SoMa") or even just the condominium market?
∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (25) | (email story)
A Number Of Notable Reductions (For One Reason Or Another)
After just over a month on the market, three recent reductions caught our attention (for one reason or another):
1. 745 Detroit was reduced $105,000 (6.2%)
2. 3840 Market Street #301 was reduced $200,000 (12.1%), and
3. 20 Villa Terrace was reduced $780,010 (31.2%)
The reasons? The great (and sometimes not so great) neighborhood debate, an agent owner, and just one honkin big reduction. Yes, in that order.
∙ Listing: 745 Detroit (3/2.5) - $1,595,000 [Sotheby’s]
∙ Listing: 3840 Market Street #301 (3/2.5) - $1,450,000 [MLS]
∙ Listing: 20 Villa Terrace (4/3.5) - $1,719,990 [MLS]
∙ Not Just Cool But “Uber Cool” In Sunnyside [SocketSite]
Posted by socketadmin at 8:52 AM | Permalink | Comments (7) | (email story)
We Oohed, You Ahhed, It Sold (815 Haight Street)
We oohed (“Location, Location, And Kitchen”), you ahhed (for the most part), and three weeks after we featured it, 815 Haight Street closed escrow (for $2,010,000). And yes, that’s $515,000 (34.4%) over asking. Now about that housewarming…
∙ Location, Location, And Kitchen [SocketSite]
Posted by socketadmin at 7:40 AM | Permalink | Comments (20) | (email story)
May 18, 2007
The Scoop On 168 Yerba Buena Avenue (And St. Francis Court)
If you happened to like “Solaria” (166 Yerba Buena) but the six (plus) car garage just wasn’t going to be big enough, perhaps 168 Yerba Buena will do the trick.
This exquisite structure is inspired by Italian villas along Amalfi Drive on the Mediterranean coast line. The building under construction is two levels over garage/basement. Ground floor has seven car parking or storage for 11 to 12 cars. The structure is one of two SFR's in a gated enclave with breathtaking Pacific Ocean views. The offering price includes a custom finished home. The buyers have the opportunity to select finishing touches to suit their own individual taste, prior to completion.
168 Yerba Buena is currently on the market for $12,700,000 and together with “Solaria” (which is still available) comprise the newly developed "St. Francis Court."
Not that it should necessarily matter, but do keep in mind that despite the “St. Francis Court” moniker it’s officially Monterey Heights (but just barely). According to a “plugged-in” tipster, “[t]hese properties missed the "illustrious" St. Francis Wood by a few feet, and the St. Francis Wood sign/gate/column/light post had to be moved over to accommodate the property's driveway.”
∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ Listing: 168 Yerba Buena Avenue (5/7.5) - $12,700,000 [MLS]
∙ Acabado International: St. Francis Court [acabado.com]
Posted by socketadmin at 8:22 AM | Permalink | Comments (7) | (email story)
The Ritz-Carlton Adds Five More Private Residences (Now 57)
According to a notice distributed by the developer of the San Francisco Ritz-Carlton Residences late Wednesday: “...we have received ongoing requests about the Private Residences in the project in spite of being sold out. As a result, the decision has been made to convert five residences on the 11th floor from Club designated use to Private whole ownership.”
As Malcolm Kaufman notes in his latest Pulse: “This demonstrates one of the inherent risks in buying pre-construction. You do not always get what you signed up for.” A year ago buyers placed deposits on one of "only 52 Private Residences." Today, it’s one of only 57. No word on tomorrow.
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]
∙ The Ritz-Carlton Residences, San Francisco [Ritz-Carlton]
Posted by socketadmin at 6:59 AM | Permalink | Comments (9) | (email story)
May 17, 2007
Another Shot At Midtown (1452 Bush) Number Nine
A year ago we reported on three of twenty-two condos that were on the market at Midtown (1452 Bush). At the time, unit #9 was listed for $899,990. If you missed it, don’t fret, it’s back on the market (and this time it’s listed for $824,000).
∙ Listing: 1452 Bush #9 (2/2.5) - $824,000 [MLS]
∙ Locking In Gains At The Midtown? [SocketSite]
Posted by socketadmin at 11:50 AM | Permalink | Comments (44) | (email story)
Reports Of Mortgage Fraud Spike For 2006 Originations
According to the Mortgage Bankers Association (MBA) and the Mortgage Asset Research Institute (MARI), “The number of [fraud] reports in MARI's Mortgage Data Industry Exchange (MIDEX®) database pertaining to 2006 originations is approximately 30 percent higher than the number of reports in the 2005 book of business at the same time last year.”
Also noted: "The most common types of fraud found to date in 2006 originations are in the areas of employment history and claimed income," and "California's reported fraud had been quite low in the past few years, and some industry experts have suggested that its problems were masked by high real estate appreciation. The recent slowdown in its housing market may explain California's return to high ranking in this year's report.”
Over the past four years, the state of California has jumped from 30th to 2nd (behind only Florida) in terms of the MARI fraud index (pdf).
∙ Mortgage Bankers Association: 2006 MARI Mortgage Fraud Report [ChoicePoint]
∙ Nineth Periodic Mortgage Fraud Case Report (pdf) [MARI]
Posted by socketadmin at 2:00 AM | Permalink | Comments (3) | (email story)
May 15, 2007
A Reader’s Report: The State Of Single Family Fixers
A plugged-in reader reports:
Thought you might be interested in this: 1462 14th Avenue was on the market and priced at $769,000. It's a proper 3-bedroom SFR in the Inner Sunset, near the N-Judah so it drew a lot of interest. However, the home is in an awful state and needs a *tremendous* amount of updating. And yet, it received 51 offers and sold for.....$1,005,000.
Clearly, it was under-priced, though comps for this area would indicate that theoretically, it was only slightly off. We're would-be first-time buyers looking for a home suitable for a young family and have been encountering fierce competition for the few suitable properties in decent neighborhoods at this price point. But this is unlike anything we've seen thus far...
Interested indeed (although it was probably the "I love your site, by the way and read it daily” line that really caught our attention) and thank you for "plugging in."
∙ Listing: 1462 14th Avenue (3/1.5) - $769,000 (Sold $1,005,000) [via MLS]
Posted by socketadmin at 7:37 AM | Permalink | Comments (53) | (email story)
May 14, 2007
Local Brokerage Consolidation: Droubi Acquired By Coldwell Banker
Last month Alain Pinel Realtors acquired San Francisco Brokerage Ritchie Hallanan Real Estate. And according to a seriously "plugged-in" tipster, Droubi (formerly BJ Droubi) was just acquired by Coldwell Banker (although we haven't been able to confirm).
Posted by socketadmin at 2:00 PM | Permalink | Comments (29) | (email story)
From ‘Bubble-Proof’ To ‘Bubble Territory’ In Six Short Months
Forbes compiles their list of ten most (and least) overpriced real estate markets. And while overpriced isn’t necessarily correlated with “expected to fall,” San Francisco is singled out as a market that fits their “bubble territory” profile.
San Francisco, ranked fourth, fits that bill. Despite home prices growing at a 2% clip over last year, according to the NAR, the city by the bay ranks third to last in expected income growth, reports Moody's. Not good news in a market where only 7.5% of housing is affordable for the median-income earner. Combine that with a housing P/E ratio over 50, and it isn't difficult to imagine some softening on the horizon.
Other local markets that made the top (overpriced) ten: Sacramento (3rd) and San Jose (10th). And while it wasn’t Forbes, it was just six months ago that Business 2.0 identified San Francisco as one of five “bubble-proof” markets.
∙ America’s Most Overpriced Real Estate Markets [Forbes]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]
Posted by socketadmin at 7:51 AM | Permalink | Comments (69) | (email story)
May 11, 2007
651 Days On The Market And Counting Sold?
It’s still showing “Active” on the MLS, but according to a plugged-in tipster, “word is that 3800 Washington ("Le Petit Trianon", listed at $19,500,000) is in contract…and the listing agent is also representing the buyer.” No word, however, on who that buyer might be (or more importantly, whether or not we’ll be getting an invitation to le housewarming).
UPDATE (5/22): Still no word on the buyer, but the listing is now officially pending.
∙ Listing: 3800 Washington (8/7) - $19,500,000 [lepetittrianon.com] [MLS]
∙ A Little Lot Off The Top At The Top [SocketSite]
Posted by socketadmin at 3:30 AM | Permalink | Comments (0) | (email story)
The Newest Tallest Residential Building West Of The Mississippi
Earlier this week we removed a reader's comment that actually broke the news of the L.A. Times headline real estate story (the “Park Fifth,” a proposed 76-story/820 foot condo tower in LA) a day before it was published. Mea Culpa. And yes, we only mention it as it's "expected to be tallest building west of Chicago."
∙ Comment: The SocketSite Scoop On That Short Sale In Rincon Hill [SocketSite]
∙ 76-story condo tower planned for downtown L.A. [LA Times]
Posted by socketadmin at 3:02 AM | Permalink | Comments (14) | (email story)
May 8, 2007
The SocketSite Scoop On That Short Sale In Rincon Hill
Okay, so here’s the “plugged-in” scoop on that “short sale of a Rincon Hill condo” that was mentioned in the Chronicle this past weekend: It’s a two bedroom condo in the Bridgeview (#1212); it was originally listed for $849,000 and then reduced (twice) to $799,000; and as the listing notes, “Price reduced! Seller motivated. All reasonable offers considered.”
And while the article reports that this property was eventually auctioned off, it’s currently listed as pending on the MLS (which leads us to believe it never actually hit the auction block). That being said, Damion Matthews' insight is important, “the increase in short sales has led to a problem. Many lenders are so busy that they don't respond to short-sale offers.”
∙ Listing: 400 Beale #1212 (2/2) - $799,000 (In Escrow) [Pacific Union]
∙ Real estate short sales: "win-win" or reward for failure to live within one's... [SFGate]
Posted by socketadmin at 3:00 AM | Permalink | Comments (51) | (email story)
As Joe Sees It: 149 Mangels Before And After
Last November CBS5’s Joe Vazquez took a walk though of 149 Mangels (cereal box reinforcements and all). While yesterday he wisely observed from afar (and yes, talked briefly with us).
∙ Bidding War Erupts Over $399,000 San Francisco Home [cbs5.com]
∙ San Francisco Home Under Renovation Collapses [cbs5.com] [Video]
∙ The Sudden Collapse Of 149 Mangels (And A Dream) [SocketSite]
Posted by socketadmin at 2:30 AM | Permalink | Comments (2) | (email story)
May 7, 2007
The Sudden Collapse Of 149 Mangels (And A Dream)
The San Francisco building permit for a partial foundation replacement at 149 Mangels Avenue: San Francisco Building Permit #200703226945. The anonymous complaint for non-permitted work on the foundation that preceded the permit by two weeks: San Francisco DBI Complaint #200794822.
∙ 'Dream house' collapses on Sunnyside hill [SFGate]
∙ San Francisco Building Permit #200703226945: Foundation Replacement [SFGov]
∙ San Francisco DBI Complaint #200794822: Work Beyond Scope of Permit [SFGov]
Posted by socketadmin at 3:45 AM | Permalink | Comments (25) | (email story)
Just Quotes: Old School Advice (And A Calculator)
“As a general guideline, it's best not to spend more than 2-1/2 times your income on a home. Your total housing payments should not exceed 28% of your gross income. Total debt payments, meanwhile, should come in under 36%. That means payments on all loans, including your mortgage loan, school loans, auto loans and credit card debt.”
∙ 7 Net-worth killers [CNNMoney]
Posted by socketadmin at 3:30 AM | Permalink | Comments (18) | (email story)
May 2, 2007
A SocketSite Reader’s Report*: Fixers Flying Fast
33% over asking in Presidio Heights
A splendid 5,354 square foot fixer on a great block in Presidio Heights sold within a week of listing. In fact, a half a dozen bidders dueled it out pushing the final price for 3840 Clay to $4M - 33% over the $3M asking.
Again, it’s a fixer and back in 1999 the architect opened up most of the walls and ceilings and put them back in a very temporary fashion – think no taping, plastering or painting anywhere. Indeed, there isn’t even a kitchen, the back fence is propped up by a drainpipe and the garden currently sports a derelict car collection.
The prior owners, who never lived in the house, had approved plans for a swimming pool in the basement and parking for more than six cars - in addition to any that could be squeezed onto the grass…
[*Editor’s Note: This reader report is brought to you by the “plugged-in” Seb (who was nearly bidder number seven).]
∙ A SocketSite Reader’s Report*: Inside 930 Chestnut [SocketSite]
Posted by socketadmin at 6:10 AM | Permalink | Comments (9) | (email story)
May 1, 2007
Not So Fast (And Did We Say Fickle?)
We report 898 Francisco is on the market, the Wall Street Journal reports it’s off, and now we report...it’s back on! Commission dispute? Publicity stunt? Actual celebrity fickleness? Who knows and who the...well, apparently we do.
∙ Listing: 898 Francisco (6/6.5) - $7,900,000 [McGuire] [MLS]
∙ The Many Eras Of 898 Francisco (And A Rumored Celebrity Flip/Folly) [SocketSite]
∙ No Flip Or Folly (Perhaps Just Fickle) [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)
April 30, 2007
A Reader Reports: Landmark Sarcasm (We Can Only Hope)
A reader photographs and reports:
Your posting "not for the faint of heart" reminded me about the run-down, boarded up theater in North Beach, opposite the beautiful Washington Square park. What an eyesore! Is this another…landmark? I work nearby, and I heard rumors that efforts to make it a Walgreens or Rite Aid failed miserably. So now we're stuck with this!
And we wonder: anybody have the inside scoop on what’s in the works (if anything)?
UPDATE: According to a seriously plugged-in reader, that would be a Rite-Aid, taqueria, formula retail and “[a]s of April 2005, the new owners wanted to tear the 98-year-old (now 100-year-old) place down and build something on the site. Uh. Oh. Stalemate.”
∙ Not For The Faint Of Heart (Or Wallet): Landmark Edition [SocketSite]
Posted by socketadmin at 11:37 AM | Permalink | Comments (7) | (email story)
No Flip Or Folly (Perhaps Just Fickle)
Last week we dished up the scoop on 898 Francisco hitting the market and a “plugged-in” reader added to the intrigue by noting the celebrity seller (Nicholas Cage). Well, after just seven days on the market, The Wall Street Journal turns around and scoops us (hey, if it’s going to happen...) by reporting that it's no longer on the market (although the listing wasn’t officially withdrawn from the MLS until yesterday).
∙ The Many Eras Of 898 Francisco (And A Rumored Celebrity Flip/Folly) [SocketSite]
∙ Cage Lists, Withdraws Bay-Area Properties [Wall Street Journal]
Posted by socketadmin at 3:00 AM | Permalink | Comments (0) | (email story)
April 27, 2007
Careers, Casual Connections And A Penthouse At The Infinity
A tipster notes a craigslist ad for “THE VERY LAST PENTHOUSE AVALIBLE AT THE NEW INFINITY TOWER.” We can't confirm that it's an official Infinity offering, but based on the description (1,300 square feet with south west views of the city) and the price ($1,950,000) we can almost certainly confirm that it's #37F.
And yes, that’s likely $50,000 (2.6%) more than was being asked earlier this year.
∙ $1950000 LAST PENTHOUSE AT THE INFINITY [craigslist]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ The Infinity: A Reader’s Insight Into Pricing (And Those "Increases") [SocketSite]
Posted by socketadmin at 8:19 AM | Permalink | Comments (20) | (email story)
April 26, 2007
California Senate Bill 464: Additional Ellis Act Restrictions?
We’re still poring over proposed California Senate Bill 464, but if Local Impact is correct, the bill “would amend the Ellis Act so that only property owners who have owned for at least 5 years would be able to invoke the Ellis Act to evict tenants.”
The amendment would apply to those who “acquired ownership of the property on or after March 27, 2007” and also “extends from 120 days to one year the time period given to a tenant to vacate a rental property being "Ellised" . . . when the property owner's date of withdrawal from the rental market has already been extended to one year by reason of a qualified elderly or disabled tenant exercising his/her right to the extended date of withdrawal.” The Senate is scheduled to vote on the bill today.
Love it or hate it, you should at least know about it.
∙ California Senate Bill (SB) 464: Amended Bill Text [ca.gov]
∙ Learn More: Ellis Act reform! [Local Impact]
Posted by socketadmin at 4:15 AM | Permalink | Comments (10) | (email story)
April 25, 2007
Not For The Faint Of Heart (Or Wallet): Landmark Edition
San Francisco Historic Landmark #232 is comprised of four dilapidated Russian Hill cottages built in 1907 and currently hidden behind a plywood fence at 1338 Filbert Street. And as a “plugged-in” tipster notes, “[l]ooks like the current owner is selling it because using it as a tear-down isn't possible” (at least not any more).
The owner of the cottages “filed an application for demolition and was planning for new residential construction in their place” in 2001. Prior to any demolition or development, however, a “community-based preservation group” with the support of the “Russian Hill Neighbors and Telegraph Hill Dwellers” successfully lobbied the Board of Supervisors to designate the cottages a San Francisco Historic Landmark in 2003.
And while the aforementioned groups were all quite eager to help protect this cultural landmark, we're guessing they're not going to be quite so eager to help fund any part of the landmark's desperately needed renovation and rehabilitation.
∙ Listing: 1338 Filbert Street #1 (2/2) – $840,000 [MLS]
∙ Listing: 1338 Filbert Street #2 (2/2) – $635,000 [MLS]
∙ Listing: 1338 Filbert Street #3 (2/2) – $525,000 [MLS]
∙ Listing: 1338 Filbert Street #4 (2/2) – $600,000 [MLS]
∙ San Francisco Landmark 232: 1338 Filbert Cottages [noehill.com]
∙ San Francisco Architectural Heritage Newsletter: Jan/Feb 2003 [sfheritage.org]
Posted by socketadmin at 3:30 AM | Permalink | Comments (32) | (email story)
April 24, 2007
Who Are These “People” And What The Heck Are They Thinking?
Developer AF Evans has proposed to build 282 residential units, 332 parking spaces, and approximately 14,000 square feet of ground floor commercial space in a “seven-story building stretching from 1634 through 1690 Pine St. near Franklin Street, from which one 25-story and one 12-story tower would rise.”
Planner Tammy Chan said the project has raised some concerns among residents. “People don’t want more residential. That’s what it comes down to,” she said.
Who are these “people” and what the heck are they thinking? Concerns over design are one thing, but "people don’t want more residential?"
∙ Towers proposed for Pacific Heights [Examiner]
Posted by socketadmin at 7:40 AM | Permalink | Comments (33) | (email story)
And Damn It, It Worked
Incorporating a pricing strategy that seems to reflect more marketing gimmick than market analysis, 655 21st Avenue has been listed for $1,234,567. The Count (think Sesame Street) would be proud.
∙ Listing: 655 21st Avenue (4/2) - $1,234,567 [MLS]
Posted by socketadmin at 3:52 AM | Permalink | Comments (1) | (email story)
April 23, 2007
JustQuotes: Wait A Second, Real Estate Isn’t Risk Free?
“With or without bailouts, the subprime crisis is going to hurt many people. But it could have a silver lining. If it brings down home prices, more families could afford homes with realistic mortgages. And if it reminds everyone that buying a home is a risky proposition, so much the better.” (Why we shouldn't be bailing out subprime lenders or borrowers)
∙ Why we shouldn't be bailing out subprime lenders or borrowers [SFGate]
Posted by socketadmin at 8:20 AM | Permalink | Comments (2) | (email story)
Not Quite “Instant Equity” (But Close)
It was on the market for a month before being reduced $30,000. And yet according to the listing, it’s now priced at “30K under Market Value!!” We’re still scratching our heads. And wondering when the market stopped determining "Market Value."
∙ Listing: 1310 Minnesota Street #206 (1/2) - $609,000 [MLS]
∙ An Inman Instant Equity Reality Check [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (11) | (email story)
April 18, 2007
Since You Asked Us To Keep You Posted (And Plugged In)
We liked it (and said as much). And apparently we weren’t alone. 1976 Bush has sold for $1,730,000. And yes, that’s 8.5% over asking. Now about that housewarming…
∙ Another Modern Renovation (And Even Less Green) [SocketSite]
Posted by socketadmin at 11:41 AM | Permalink | Comments (0) | (email story)
April 16, 2007
Why You Should Care About All Those New Developments (Part I)
Realtor Malcolm Kaufman’s latest Pulse of the Market focuses on South Mission Bay. And two paragraphs in particular caught our attention:
While I have had a casual interest in the unfolding Mission Bay development, my interest became more focused because of clients who currently live in a single-family home in Noe Valley. She is an artist, he a serial-entrepreneur, and while they like and enjoy Noe, they would like warmer weather and a simplified life-style, one that includes updated construction/amenities and the concomitant ease of condominium living – a story that is becoming more familiar each year.
We have talked on an off for a year about their moving to one of buildings north of Mission Creek. It seems that there is a different life-style being offered by the Radiance [Editor’s note: Location marked by orange ellipse above.] and other housing opportunities in the southern portion of Mission Bay. While the area is unfolding as less urban than the developments of South Beach, Rincon Hill and Transbay, it is still quite close to the financial district. . . . One of the drawbacks is that there are very limited neighborhood amenities at this time [Editor’s note: Again, see picture above.]. It is going to take awhile until 4th Street becomes the Chestnut Street of Mission Bay - that’s the plan.
A couple living in an established neighborhood (not to mention a single-family home) are considering a move to Mission Bay (not to mention a condominium)? Inconceivable!
And yes, it is but a single anecdote. But as Malcolm also notes a few paragraphs later, “Transaction volume [in San Francisco] is down again in the first quarter of 2007: off almost 10% for single-family homes and down 20% for condominiums (582 for the first 2006 quarter versus 465 for Q 1 2007). While the volume of condominium re-sales is down dramatically, a lot of the buyer demand is being absorbed by new product sales in the south of Market neighborhoods…”
And you wonder why we spend so much of our time tracking all these new developments.
∙ Malcolm Kaufman’s Pulse of the Market [sfpulseofthemarket.com]
∙ An Overview Of Mission Bay [SocketSite]
∙ SocketSite Reader’s Report: Living In North Mission Bay (For Real) [SocketSite]
∙ Radiance At Mission Bay: Sales Office Open [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (21) | (email story)
San Francisco Housing Inventory Update: 4/16/07
Not that it’s some magical number, but Active listed housing inventory in San Francisco (SFH/Condo/TIC) crossed the 1,000 listing mark this weekend. Perhaps spring has sprung.
∙ San Francisco Housing Inventory Update: 4/09/07 [SocketSite]
Posted by socketadmin at 4:00 AM | Permalink | Comments (0) | (email story)
April 12, 2007
A Quick Reversal In Forecasts (And Fortunes?)
“The National Association of Realtors said Wednesday it expects its measure of [U.S.] home prices to fall this year for the first time since the group began keeping track nearly 40 years ago. In its latest monthly forecast, the real estate group said it expects a 0.7 percent decline in the median price of an existing home sold in 2007. A month ago it had been projecting a 1.2 percent increase.”
Keep in mind this represents a non-recession-related decline. And while it is a national rather than local forecast, it is worth mentioning. If for no other reason than the National Association of Realtors' Chief Economist “[David Lereah]…tried to put the best picture on the housing price decline, saying much of it was caused by a sharper slowdown in sales in higher-priced markets along the East and West Coasts.” Wait a second…
∙ Home prices set for first drop in 40 years [CNNMoney]
Posted by socketadmin at 4:00 AM | Permalink | Comments (8) | (email story)
April 11, 2007
To Rent Or To Buy, That Is The Question (That Only You Can Answer)
Here’s the reality. As with any analysis, it’s all about the assumptions.
Over the next five years, which is about the average amount of time recent buyers have remained in their homes, prices in the Los Angeles area would have to rise more than 5 percent a year for a typical buyer there to do better than a renter. The same is true in Phoenix, Las Vegas, the New York region, Northern California and South Florida. In the Boston and Washington areas, the break-even point is about 4 percent.
And in the end, it's an individual decision.
Clearly, there are benefits to owning a house beyond the financial, like the comfort of knowing you can stay as long as you want or can fix the roof without permission. But real estate has been sold as more than a good way to spend money. It has been sold as a can’t-miss investment. Back in 2005, near the peak of the market, the chief economist of the Realtors’ association, David Lereah, published a book called “Are You Missing the Real Estate Boom?” The can’t-miss argument was wrong then, and it may still be wrong today.
And in either case, we do love that interactive graphic.
UPDATE: And yes, the “all important mortgage interest deduction” is accounted for in the interactive tool (not to mention the capital gains exclusion, transaction costs, and return on cash), but it also assumes a traditional fixed-rate mortgage amortization schedule. And before you critique, please take the time to check out all of the Advanced Settings (i.e., other assumptions).
∙ A Word of Advice During a Housing Slump: Rent [New York Times]
∙ Interactive Graphic: Is It Better to Buy or Rent? [New York Times]
Posted by socketadmin at 10:04 AM | Permalink | Comments (60) | (email story)
April 10, 2007
More Than A Two Week Delay (In Dubai)
This has absolutely nothing to do with San Francisco, but a reader forwards a series of new construction photos from a project in Dubai. And we can’t help but share. The headline: “When leaks are not caught in time":
And yes, we’re guessing a bit more than a two week delay.
∙ A Reader Asks: What Happened To The Crane At One Rincon Hill? [SocketSite]
Posted by socketadmin at 3:00 AM | Permalink | Comments (1) | (email story)
April 9, 2007
JustQuotes: The Future’s So Bright (Federal Building Edition)
“The funny thing is it's terribly dark in the [new Federal Building’s] Annex, but there's a terrible glare problem in the Tower. The mesh only screens a small percentage of the glare. They're having to install some kind of reflective screen on the windows. Employees in the Tower are wearing sunglasses. Employees in the Annex will be bringing floodlights from home. Being a Federal employee is an adventure in craziness, but this building really takes the cake.” (SocketSite Reader's Insight)
∙ Just Quotes: Let's Hear It For (Or Against) The Feds [SocketSite]
Posted by socketadmin at 2:20 PM | Permalink | Comments (0) | (email story)
April 6, 2007
Friday Focus: San Francisco’s Mayor's Office of Housing
Yesterday we featured the big and the bold (and perhaps the badass). Today, we head in a different direction sparked by some great comments, questions, and experiences (both first and second hand) regarding programs offered through San Francisco's Mayor's Office of Housing. Feel free to jump on an existing thread, or start anew right here.
And for the record, while we're on board with the stated goals of San Francisco's BMR program, we find the execution inefficient and prone to gamesmanship (from all parties involved). But there’s more to the Mayor’s Office of Housing than just the BMR program. And as a “plugged-in” reader writes, “I think the biggest issue is just finding out about these programs while you qualify.” Consider yourself "plugged-in."
∙ Go Big And Go Home In Belvedere (The Tom Perkins Estate) [SocketSite]
∙ A Little More Cake For Everyone At 2090 Vallejo [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ Transbay Citizens Advisory Committee Housing Presentation [SocketSite]
∙ Mayor's Office of Housing [SFGov]
Posted by socketadmin at 9:58 AM | Permalink | Comments (1) | (email story)
Readers Put SocketSite’s Real Estate Forums To Work
One reader gets recommendations for where to buy furniture for small spaces, another solicits thoughts about moving to the Inner Sunset , and another is still looking for insight into whether a building will survive the Bay Bridge reconstruction. And as was certain to happen, yet another discovers the polling function (above).
∙ Where to buy furniture for small spaces [SocketSite Forums]
∙ Moving to the Inner Sunset (from SOMA/Potrero) - thoughts? [SocketSite Forums]
∙ Building demo at bay bridge western approach? [SocketSite Forums]
∙ The Infinity VS The OneRincon [SocketSite Forums]
Posted by socketadmin at 3:30 AM | Permalink | (email story)
April 5, 2007
Some Kind Of Monster In This Kind Of Market (2505 Divisadero)
And rounding out today’s big homes report, we note that after 16 months on the market, Kirk Hammett’s “Pacific Heights Georgian Mansion” has been withdrawn from the MLS. And yes, Kirk Hammett of Metallica fame and fortune (was listed at $12,500,000).
Editor’s Note: And for those of you who didn’t get it, “Some Kind of Monster” is the title of both a Metallica song and band documentary.
∙ Pacific Heights Georgian Mansion (2505 Divisadero) [Mark Allan Levinson]
∙ Rock Star Floor Plan Porn [SocketSite]
Posted by socketadmin at 12:40 PM | Permalink | Comments (8) | (email story)
Go Big And Go Home In Belvedere (The Tom Perkins Estate)
It’s not a new listing. And it’s not even in San Francisco (it’s across the bay in Belvedere). But we’ve designating today big bold house day. And this one definitely belongs. It’s a Julia Morgan / George Kelham designed home (or rather “French Manor”) that’s currently in the hands of Tom Perkins (yes, as in Kleiner Perkins).
In addition everything you’d expect (maid’s quarters, wine cellar, two safes) this estate also features a "library with fireplace and a hidden wet bar," a "Tudor oak headboard carved for a royal couple Circa 1556," and a "chef’s apartment with full bath and full kitchen above the garage." And did you notice that view of the Golden Gate Bridge?
As some are fond of saying, go big or go home. Only in this case, it’s one and the same.
∙ The Tom Perkins Belvedere Estate - $20,500,000 [tomperkinsbelvedereestate.com]
Posted by socketadmin at 11:40 AM | Permalink | Comments (3) | (email story)
April 4, 2007
A Quick Promotion: What’s To Become Of Dear Old San Francisco?
We’re making a quick promotion this morning (from comment to post) as a reader recalls a decade old presentation sponsored by the American Institute of Architects (AIA):
[W]hat is interesting to me about all of these condominium conversion projects is that it makes one wonder, what kind of city will this become? About 10 years ago, the SF AIA had a talk presented by a USC arch. prof. predicting that San Francisco would become the Venice Italy of the U.S. No more jobs, offices, and industry. Instead we will have shops, restaurants, hotels and condominiums. The economic center of the region would shift south to the peninsula and San Jose. I think the prediction is coming true, though I am happy to see the added housing inventory.
For the record, the commercial real estate market in San Francisco is going gangbusters (and then some), but it’s an interesting question nonetheless (especially in light of San Franciso's growing affordability crunch).
∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]
Posted by socketadmin at 7:54 AM | Permalink | Comments (10) | (email story)
733 Front Street: A SocketSite Forum Inquiry (And Answer)
A “plugged-in” reader tests out SocketSite’s Real Estate Forums seeking information on 733 Front Street, a condo conversion of a former office building in San Francisco’s Barbary Coast. Frederick answers: 69 condominiums (3 junior one bedrooms, 43 one bedrooms, and 23 two bedrooms); 39 units with parking (deeded); and prices (“which are not firm, because the project has not been announced to the public”) ranging from $550K to $2.4M. And we add (perhaps stating the obvious): it's seven stories in total with retail on the first.
∙ SocketSite’s Real Estate Forums: 733 Front Street [forums.socketsite.com]
Posted by socketadmin at 4:00 AM | Permalink | Comments (13) | (email story)
April 3, 2007
The Infinity: A Reader’s Insight Into Pricing (And Those "Increases")
Perhaps it was our “plugged-in” reader’s rundown of pricing and availability (as of about two weeks ago) for almost fifty of The Infinity’s corner condos that caught our attention.
Then again, perhaps it was the reader’s suggestion that the much ballyhooed “price increases” that occurred last Monday (3/26/07) were not across the board, but rather “1% on a few one bedrooms and 2% on a few 2 bedrooms.” Unofficially of course…
∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]
Posted by socketadmin at 7:37 AM | Permalink | Comments (37) | (email story)
March 30, 2007
The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave)
According to a “plugged-in” tipster, a number of San Francisco’s power agents pased on this listing for a “French Chateau inspired" home that’s nearing completion in the self-proclaimed "Yerba Buena Heights" (otherwise know as the edge of St. Francis Wood).
The home is centered around its solarium, a stunning, flexible space capped by a 26 foot-high glass skylight that fill the home with natural light. An order flows from here to the outer rooms, creating areas for children and adults to entertain, work, play, and rest. The palladium-style gallery arcade separates spaces for socializing; the dining and living rooms occupy the home's front, and the library and theater are set to the rear. For privacy, the four second-level bedrooms follow a traditional corner plan, each en suite.
And while “Solaria's” 2,500 square foot six (plus) car garage was rendered complete with a Range Rover, Two Mercedes, a Ferrari, a Lamborghini, and a $1.5M Bugatti Veyron (what can we say, we know our cars), the property’s website is quick to note: “As a home, Solaria is a symbol of success, not extravagance.”
∙ Listing: 166 Yerba Buena Avenue (4/6.5) - $10,700,000 [yerbabuenaheights.com]
∙ The Bugatti Veyron [wikipedia.org]
Posted by socketadmin at 7:42 AM | Permalink | Comments (17) | (email story)
Think Of It As Only $29,000 For The House
And at the other end of the spectrum, we have 1951 Oakdale. It’s a single family residence in Silver Terrace/Bayview that’s listed at $379,000 and described as a “Real Fixer.” For perspective, the vacant lot next door is listed for $350,000.
∙ Listing: 1951 Oakdale Avenue (1/1) - $379,000 [MLS]
∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (0) | (email story)
Another Way To “Plug In” (And Never Be Off Topic Again)
We still haven’t worked out all the kinks, and we aren’t “officially” launching until Monday, but we wanted our readers to be the first to know: www.forums.socketsite.com
Posted by socketadmin at 7:00 AM | Permalink | Comments (4) | (email story)
March 29, 2007
Reader’s Questions: How To Structure/Negotiate A Discount
A “plugged-in” reader butters us up (“I've gone from clueless to rather informed in a brief period of time thanks in big part to Socketsite”) and then hits us with a question:
I recently bought at one of the new developments and was able to negotiate $X (lets say $10,000) amount towards upgrades; so I will buy the condo for the sale price but get $10,000 towards upgrades. I plan on purchasing about $20k in upgrades.
Would I have been smarter to offer $10k above asking and then ask for $20k in upgrades? The cost to me would be the same, but when I go to sell, my purchase price will be higher and more accurately reflect the additions at the time of purchasing. I always hear realtors saying what the place sold for X number of years ago and came up with this idea from that.
We have our answer, but we’re going to open it up for discussion amongst the readers first. And while we were unable to get our reader to identify the development or the exact amount of the discount (“[I] did so with the personal promise to the sales agent that I would keep it confidential”), he was willing to admit that “it is one of the new high rises.” Yes, high rises.
Posted by socketadmin at 5:49 AM | Permalink | Comments (56) | (email story)
On (And Perhaps Straight Out Of) Moscow
The listing describes it as “Must See!” A reader writes that it left her “speechless.” And we…well, we’re just going with “original condition!”
∙ Listing: 708 Moscow (4/4) - $999,000 [MLS]
Posted by socketadmin at 4:00 AM | Permalink | Comments (14) | (email story)
March 28, 2007
More Apples In Hayes Valley (525 Gough)
In July 2005, 525 Gough #105 sold for $881,000. Early last month, the Hayes Valley condo was listed for $929,000. And yesterday, it was reduced to $899,000. In related activity, 525 Gough #405 appears to have fallen out of contract and is now back on the market.
Is it something about the "05" units? The building? The block? The neighborhood?
∙ Listing: 525 Gough Street #105 (2/3) - $899,000 [Pacific Union]
∙ Apples To Apples In Hayes Valley (525 Gough #405) [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)
JustQuotes: Is Higher Actually Smarter In San Francisco?
"There's no question that home prices and test scores are linked," said Linda Strean, managing editor at greatschools.net in San Francisco, a nonprofit that provides information on schools nationwide. "Anyone who is buying a home had better be clear what the school district's attendance policies are before they make a decision based on test scores."
∙ New Meaning To API Scores [SFGate]
Posted by socketadmin at 4:00 AM | Permalink | Comments (1) | (email story)
March 26, 2007
The $1,500,000 Half Bath On Marina Boulevard
In the early 1990’s 611 Marina Boulevard and 755 Marina Boulevard each sold for $1,250,000 (1991 and 1992 respectively). And in 1999 both properties changed hands again with 611 fetching $1,620,000 and 755 fetching slightly less ($1,580,000).
Today, both properties are once again on the market. This time, however, expectations appear to have diverged. The list price for 611 Marina Boulevard: $3,995,000. The list price for 755 Marina Boulevard: $5,597,000.
∙ Listing: 611 Marina Blvd (5/3.5) - $3,995,000 [Ritchie Hallanan] [MLS]
∙ Listing: 755 Marina Blvd (5/4) - $5,597,000 [MLS]
Posted by socketadmin at 5:00 AM | Permalink | Comments (41) | (email story)
One Rincon Hill’s Townhome Collection “Officially” Released
According to a press release, the "14 luxury townhomes" at One Rincon Hill were “officially released" for sale this past Friday. The 14 townhomes range in size from 900 to 2,350 square feet, are "priced from $1.2 million to $1.8 million," and will offer full access to the One Rincon Hill amenities (think pool, gym, barbeque area, etc.).
And perhaps we’re reading into it (quite literally), but we can't help but recall the following sentence from One Rincon Hill’s Fall 2006 newsletter six months ago: “There are still more than 30 one-, two- and three bedrooms with great views available…as well as 13 luxury townhomes along Harrison Street, starting at $1.4 million...” Townhome #304 (a two-bedroom, two-bath plus den) is currently asking $1,200,000.
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
Posted by socketadmin at 4:45 AM | Permalink | Comments (56) | (email story)
March 23, 2007
We’d Laugh If Only It Wasn't So Painful (And True)
We’re promoting redseca2’s experience with the planning process from comment to post. Regarding yesterday’s piece on the new designs for Octavia Boulevard:
Wait for the triple whammy of neighborhood groups, planning department and arts commission to try to "improve" the designs.
It can be weirder than your wildest imagination, as in my first planning department meeting for a 6 floor, 150,000 SF Office project, where the first comment from the planner was, "have you considered bay windows?"
Not that there’s anything wrong with bay windows.
∙ JustQuotes: New Design (And Same Old Problems) Along Octavia Blvd [SocketSite]
Posted by socketadmin at 4:15 AM | Permalink | Comments (0) | (email story)
March 22, 2007
Reader’s Questions: That Eureka Moment
The “plugged in” readers went two-for-two (and then some) last week. Will the streak continue? Two more questions that we can't answer:
1. Does anyone know what is going on at Eureka Gardens Condominiums (4150 17th Street)? A unit went on the market about a year ago at over $900,000 and was later reduced to the upper $700,000's, but apparently never sold and was taken off the market. Now the entire complex looks like it is being torn up, with a large number of workers there every day and huge dumpsters out front. 2. Any idea what is going on with the construction on Van Ness and Fell? [photo above]
UPDATE (3/23): A couple of “plugged in” readers nail the Eureka Gardens query (thank you). Now about that construction on Van Ness and Fell…
UPDATE (3/28): And thanks to tom, the readers go two-for-two once again: “77 Van Ness Avenue, an eight-story, 100-foot-tall mixed-use development providing residential, office, and retail space.”
∙ Readers' Questions: What’s Happening Here? [SocketSite]
Posted by socketadmin at 3:30 AM | Permalink | Comments (4) | (email story)
March 20, 2007
JustQuotes: Trinity Plaza - One Meeting, Two Takes, One Truth
“Why do some projects gain quick approval, while others like Trinity do not despite receiving universal acclaim? The answer, not surprisingly, is politics.”
∙ Supes Move Toward Approving Trinity Plaza [BeyondChron]
∙ Trinity Plaza plans hit snag again [Examiner]
∙ (More) Political Wrangling Over The Development Of Trinity Plaza [SocketSite]
Posted by socketadmin at 4:23 PM | Permalink | Comments (18) | (email story)
San Francisco Sales Volume/Median Sales Price: Revised Chart
For those chart junkies who might have missed it, we’ve published a revised chart of San Francisco’s existing home sales (volume/median sales price).
∙ San Francisco Home Sales Down, Median Sales Price Up [SocketSite]
Posted by socketadmin at 5:00 AM | Permalink | (email story)
March 16, 2007
Readers' Questions: What’s Happening Here?
A reader asks, “[I] saw some super demolition on 10th [between] Mission and Market, any idea what’s going to be there?” While another wonders, "On the 100 block of Mason Street I saw some city meeting announcement signs a few months ago announcing two mid-rise condo projects going in at what was a surface parking lot. Now the lot is closed, and workers are jackhammering out the concrete and surveying the site. Any idea what is going on over here?" We're drawing a blank. Readers?
Posted by socketadmin at 5:10 AM | Permalink | Comments (11) | (email story)
March 15, 2007
Going Once...Gone.
A reader notes that both 271 Prospect and 3276 Harrison went into contract soon after being featured on SocketSite. We'll add a few other properties that we've recently liked to the list: 287 28th Avenue, 255 Berry #512, 26 Samoset, and 1277 Arguello.
∙ Finding Gold At 271 Prospect (Bernal Heights) [SocketSite]
∙ Single Family Off Precita Park (3276 Harrison) [SocketSite]
∙ A Clean (Yet Classic) Renovation In Sea Cliff [SocketSite]
∙ More Listings, Reductions, And Opportunities On Berry Street [SocketSite]
∙ Single-Family Under Seven (26 Samoset) [SocketSite]
∙ You Had Us At “Landscaped Rooftop Terrace & Lawn” (1277 Arguello) [SocketSite]
Posted by socketadmin at 4:30 AM | Permalink | Comments (5) | (email story)
March 14, 2007
San Francisco Luxury: Up In General, Down In Specific
In general, sales activity in San Francisco’s luxury real estate market has been heating up. Then again, activity and appreciation aren’t necessarily the same thing. And “in general” isn’t necessarily all that comforting when you’re “in specific.”
A few specific reductions for properties that might look familiar: 1 Florence Street #6/1 – just reduced $400,000 (8.9%); 990 Green Street #6 – recently reduced $505,000 (7.8%) and now listed 12.9% under original asking; and 1800 Gough Street Penthouse – recently reduced $255,000 (5.4%) and now listed 23.2% under original asking.
∙ Listing: 1 Florence Street #6 & #1 (2/2.5 & 0/1) - $4,100,000 [McGuire]
∙ Listing: 1800 Gough #PH (3/4.5) - $4,495,000 [pacificheightspenthouse.com] [MLS]
∙ Listing: 990 Green #6 (4/6.5) - $5,995,000 [990Green.com] [Payton Stiewe]
∙ First Republic Prestige Home Index for San Francisco [First Republic]
∙ Buy One Get One Free! [SocketSite]
∙ Inside 990 Green Street #6 [SocketSite]
∙ Speaking Of Relisting (And Reductions) [SocketSite]
Posted by socketadmin at 5:00 AM | Permalink | Comments (6) | (email story)
March 13, 2007
An Incomplete Data Point At The St. Regis (188 Minna)
At least one reader was recently wondering about the going price per square foot over at The St. Regis (188 Minna). Well, unit #27C just hit the market (it’s a 1,670 square foot two bedroom/two and one half bath). They’re asking $2,750,000. And yes, that’s $1,646 per square foot.
∙ Listing: 188 Minna Street #27C (2/2.5) - $2,750,000 [MLS]
Posted by socketadmin at 1:56 PM | Permalink | Comments (32) | (email story)
March 12, 2007
The Modern Makeover And Façade Of 185 Post
And yet another “plugged in” tipster captures 185 Post’s glass wrapped makeover by Brand + Allen Architects taking shape. It's a modern aesthetic without the edginess of the controversial Koolhass design that was once destined for the location.
∙ Ghostly restoration of 1908 building would be the newest thing in town [SFGate]
∙ John King Does Rem Koolhaas [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (11) | (email story)
March 9, 2007
Life, Liberty, And The Pursuit Of Profit A New Home
A tipster notes that 521 Liberty has been gutted, rehabbed (new windows, doors, heating, roof, plumbing, electrical, hrdwd floors, paint, molding, kitchen, baths, and deck), and returned to the market (first open this weekend). Purchased last June for $1,161,500. On the market today for $1,950,000.
∙ Listing: 521 Liberty (3/2.5) - $1,950,000 [521liberty.com]
Posted by socketadmin at 9:26 AM | Permalink | Comments (26) | (email story)
March 8, 2007
Good Intentions. Bad Legislation.
As reported in the Chronicle, the San Francisco Board of Supervisors has passed legislation sponsored by Supervisor Maxwell that “essentially imposes a moratorium on new residential demolitions unless the property owner or developer carrying out the project obtains a special conditional use permit from the City Planning Commission.”
The stated goal of the legislation is to protect affordable housing. The more likely effect is to discourage investment in (and the development of) underutilized properties.
At the same time, Supervisor McGoldrick is sponsoring legislation to extend the scope of San Francisco’s Inclusionary Affordable Housing Program (think BMR) to include projects of two or more units (it’s currently five or more). In essence, it’s a hefty tax on smaller developments and developers.
The legislation would likely discourage the development of additional housing stock in smaller neighborhood projects. Or it could simply cause smaller neighborhood projects to become even less affordable in order to subsidize the increased cost of development.
(Note: Apparently the proposed McGoldrick legislation has been erroneously reported elsewhere as applying to single family homes. Don’t panic. It doesn’t.)
∙ Supervisors vote for 6-month limit on demolishing homes [SFGate]
∙ San Francisco’s Below Market Rate Inclusionary Housing Program [SFGov]
∙ San Francisco Planning Code [SFGov]
∙ San Francisco Inclusionary Housing Fees [SFGov]
Posted by socketadmin at 4:30 AM | Permalink | Comments (36) | (email story)
March 7, 2007
A Reader Asks About Earthquakes And Active Construction
A reader asks: “In on-going construction, should there be any concern about the effects of the recent minor earthquakes? Are uncompleted projects more vulnerable to shifting/etc.? Is there any sort of assessment that is done after such an event to ensure integrity? Thanks for any insight!”
We’ll have to echo that “thanks for any insight.” Readers?
Posted by socketadmin at 5:15 AM | Permalink | Comments (8) | (email story)
Planning Department Special Meeting: Mission Armory Edition
A “plugged in” tipster notes that the San Francisco Planning Department has called a Special Meeting for Thursday. And as best we can tell, it's an “Informational hearing on the occupancy of the Mission Armory by a film production studio (d.b.a. kink.com).”
As our tipster notes, perhaps the meeting has something to do with all the press. Or perhaps the neighborhood activists are suddenly pro-development. In either case, you can watch the fun unfold online (both the meeting and the kink).
∙ SF Planning Department Special Meeting: March 8, 2007 [SFGov]
∙ From (Proposed) Condos To Kink [SocketSite]
∙ SFGTV [SFGov]
∙ QuickLinks: Our Enlightened City Hits The Journal* [SocketSite]
Posted by socketadmin at 5:00 AM | Permalink | Comments (4) | (email story)
March 6, 2007
The $8,000,000 Man Renovation
The Captain’s Castle (300 Sea Cliff) was in the local news last night. And according to a tipster that caught the segment, all that stuccoing and remodeling reportedly didn’t come cheap ($8,000,000). Also noted on the segment, the house has been in the possession of the current owners for six years (but they never moved in).
We note that the virtual tour has been updated with plenty of actual post-remodel photos. And once again, we only wish they would have left the outside alone (pre-stucco and landscaping).
UPDATE: Some great background (“Joan Waitt—whose husband, Ted, co-founded Gateway Computer—bought this house and an adjacent one in 2000 and planned to turn the properties into a compound.”), insight (“She says she later decided she "didn’t really want another house") and more by way of the RealEstateJournal.
∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $25,900,000 [Alain Pinel]
∙ Curbed Shoots…And Scores? [SocketSite]
∙ $26M San Francisco Seacliff Mansion For Sale [CBS5]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Can’t Sell? Then Stucco! [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ RealEstateJournal House of the Week: February 23 [realestatejournal.com]
Posted by socketadmin at 8:03 AM | Permalink | Comments (16) | (email story)
As Always, Don’t Forget Our Invitation To The Housewarming
The listing agent for 99 Surrey drops us a note. Not to complain about the rather frank reader comments, but to thank us for the mention. They ended up with 200 people through the open house. Imagine that…
∙ Larger Than It Looks (Although Not By Much) [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (6) | (email story)
March 5, 2007
An Incomplete History Of Prices At The Infinity
A “plugged in” reader shares price quotes for 15 condos in The Infinity from last August (2006) and can’t help but wonder if there have been any changes over the past seven months (other than the short lived reductions we caught last November of course).
And while we added unit size (based on pdfs from The Infinity's website) and associated price per square foot, we must also reiterate that these are not official price quotes from The Infinity sales office.
Phase I Tower (301 Main)
∙ 301 Main #6C (2/2) 1,716 sqft - $1,440,000 ($839/sqft)
∙ 301 Main #6G (2/2) 1,317 sqft - $1,220,000 ($926/sqft)
∙ 301 Main #8G (2/2) 1,317 sqft - $1,275,000 ($968/sqft)
∙ 301 Main #9F (2/2) 1,317 sqft - $1,160,000 ($881/sqft)
∙ 301 Main #10F (2/2) 1,317 sqft -$1,100,000 ($835/sqft)
∙ 301 Main #12F (2/2) 1,317 sqft - $1,200,000 ($911/sqft)
∙ 301 Main #16D (2/2) 1,317 sqft -$1,320,000 ($1,002/sqft)
∙ 301 Main #17F (2/2) 1,317 sqft - $1,350,000 ($1,025/sqft)
∙ 301 Main #17H (2/2) 1,317 sqft - $1,350,000 ($1,025/sqft)
∙ 301 Main #34F (2/2) 1,323 sqft - $1,980,000 ($1,497/sqft)
Mid-rise Buildings “C” (333 Main) and “A” (318 Spear)
∙ 333 Main #4E -$960K (2/2) 1,361 sqft ($705/sqft)
∙ 333 Main #6E - $1.12M (2/2) 1,361 sqft ($823/sqft)
∙ 333 Main #8B - $1.53M (3/3) 1,462 sqft ($1,047/sqft)
∙ 318 Spear #3B - $1.2M (2/2) 1,373 sqft ($874/sqft)
∙ 318 Spear #7D - $1.7M <- Likely incorrect as #7D is shown to be a 536 sqft studio
As an aside, use caution when relying on The Infinity website to compare units/buildings as it continues to show incorrect square footage for more than a few of their condos. For example, 301 Main 6G, 8G, 9F, 10F, 12F, 16D, 17F, and 17H are all shown to be 1,163 square feet on the website versus the 1,317 square feet that’s reported on the downloadable pdfs (which we believe to be correct).
∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ Reductions At The Infinity? [SocketSite]
Posted by socketadmin at 4:55 AM | Permalink | Comments (61) | (email story)
868 Arkansas Comes Full Circle (And Is Sold)
A tipster notes that the infamous 868 Arkansas has finally sold for a reported $975,000. That’s $76,000 over the list price we featured in January, and $26,000 over the previous list price of last October. That also happens to be the exact same amount that was offered (and declined) in the fall of 2005 ($14,000 under the list price at the time).
∙ Another Try (And Reduction) For 868 Arkansas [SocketSite]
∙ The Article (And The House) [SocketSite]
∙ Home prices slip after 4 hot years [SFGate]
Posted by socketadmin at 4:50 AM | Permalink | Comments (16) | (email story)
March 2, 2007
Another Big Pit Goes Condo (And Retail) Near The Castro
From a tipster:
Heard recently that the giant pit at the corner of Market/16th/Noe (south side of Market)…the former church which burned eons ago and is known by most as a Christmas tree lot…was finally sold recently, and a project (condos over retail, I believe) is in the works with Stanley Saitowitz as architect. Anyone know any details? I can guarantee you that the neighborhood won't accept a typical Saitowitz concrete bunker at that location.
We're turning to the readers for the scoop on this one. (And just for the record, we happen to like Saitowitz.)
Posted by socketadmin at 6:15 AM | Permalink | Comments (15) | (email story)
The Big Purple Wall Is Back (321 Langton #11)
A tipster notes that 321 Langton #11 is back on the market with a new agent, yet another new price, and yet the same big purple wall.
Here’s a brief (and most likely incomplete) summary of the condo's last two years: Condo is purchased for $625,000 in April ’05 and remodeled (enter the purple paint and stainless steel counters); about four months later the property is listed for $679,000 and then withdrawn; a few months later it’s relisted for $599,000, bumped back up to $679,000, and then reduced to $649,000; the listing is withdrawn and the condo shows up on craigslist for $599,000; we finally loose track of it last August after it goes into contract after being relisted for $679,000.
And now it's back on the market for $669,000. And yes, that was the brief summary.
∙ Listing: 321 Langton #11 (1/2) - $669,000 [321langton.com] [MLS]
∙ Bait And Switch On MLS? [SocketSite]
∙ Opportunity, Funk, And The Color Purple [SocketSite]
∙ A Promotion (From Comment To Post) [SocketSite]
∙ Six Seventy-Nine Or Bust [SocketSite]
Posted by socketadmin at 5:55 AM | Permalink | Comments (9) | (email story)
March 1, 2007
Just Quotes: This Is (Going To Be) A Mess On Telegraph Hill
“Building Inspection officials said the slide had occurred on private land and that the owners of the seven affected properties were responsible for removing the 30-foot pile of rocks and stabilizing the hill.”
“Peter Chin owns two of the red-tagged buildings, at 426 and 432 Broadway, which between them have 13 apartments and two restaurants. He bought them in August and said the previous owners had told him the hillside was city property.”
"When you move into a place on a cliff, you're aware of the movies and the horror stories about all the worst things that can happen," [Mark Loftin] said. "But I was told this was some of the most solid rock in the city."
∙ Telegraph Hill landslide forces 120 from homes [SFGate]
Posted by socketadmin at 6:00 AM | Permalink | Comments (3) | (email story)
February 28, 2007
The Infinity: Pent-up Demand (For Discussion)
What started with a “I know off topic BUT...” comment on yesterday’s post about the Soma Grand, has led to an Infinity specific (and reader led) discussion this morning. Enjoy. And thanks for “plugging in.”
Posted by socketadmin at 5:59 AM | Permalink | Comments (96) | (email story)
February 23, 2007
Beacon Class Action Lawsuit Dismissed Without Prejudice
Thanks to a “plugged in” tipster (and homeowner at the Beacon), we have the scoop on some big Beacon news: the class action lawsuit against The Beacon has been dismissed by Catalano without prejudice. (No word on the status of similar suits filed against The Metropolitan or Watermark.) Also from our tipster:
One other good piece of news that we homeowners received was that the ground lease was terminated 3 years early and in January everyone received a deeded interest in their unit (rather than the leasehold interest that we were sold). In my book, that makes my unit more valuable than when I bought it!
Overall, I'm really happy with my unit. Its a great location and a great place to live. I'm sure I'd get flamed for saying that by the "condoistas" on your site, but the truth is I'm happy and I didn't pay $1,000+ psf so I never expected it to be the St Regis.
This should brighten the weekend for the sales office (20 units left the last time we checked) and any owners who are currently trying to sell (~15 resales currently listed) as it removes the stigma of pending litigation and increases the pool of potential lenders.
Celebratory party in the clubhouse/pool? You know where to send our invitation.
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
∙ Now Serving: The Watermark [SocketSite]
∙ A Sales Office Shakeup At The Beacon? [SocketSite]
Posted by socketadmin at 9:15 AM | Permalink | Comments (13) | (email story)
February 22, 2007
Just Quotes: The Downside Of Getting Aggressive
“Aggressive lending allowed people to buy homes who otherwise could not have, and that increase in demand is part of the reason home prices soared in the first half of the decade. In a December 2006 paper, "Aggressive Lending and Real Estate Markets," Wachter and co-author Andrey Pavlov of Simon Fraser University concluded that neighborhoods and cities that had high concentrations of aggressive lending suffered the largest home-price declines after the market cooled.
They focused on neighborhoods in which disproportionate shares of loans were ARMs -- adjustable-rate mortgages. "For each one-percent higher share of ARMs in 1990, the price decline increases by 1.3% for that neighborhood," they write.”
∙ Could Tremors in the Subprime Mortgage Market be [a Sign] [Knowledge@Wharton]
Posted by socketadmin at 12:10 AM | Permalink | Comments (4) | (email story)
February 19, 2007
The Potrero (451 Kansas): Sales Center Now Open
Normally we’d wait until we've had a chance to tour, critique, and get the inside scoop on a sales center before announcing its opening, but in light of a number of reader comments, we'll simply state . . . The Potrero’s sales center is now open and accepting reservations.
Would any "plugged in" readers be willing to share their initial impressions, experiences, or pricing with the rest of the SocketSite community? You know we'd do the same for you.
∙ The Potrero (451 Kansas): Sales Center Opening In February [SocketSite]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
∙ Just Quotes: It’s Hot In Manhattan, But What About Here? [SocketSite]
Posted by socketadmin at 1:15 PM | Permalink | Comments (36) | (email story)
Just Quotes: It’s Hot In Manhattan, But What About Here?
“Since the new year began, a burst of activity has broken out in Manhattan and several Brooklyn neighborhoods as New Yorkers frenetically hunt for co-ops, condominiums and town houses, sending prices higher despite sluggish sales in many other cities.”
∙ Housing Market Heats Up Again in New York City [New York Times]
Posted by socketadmin at 8:18 AM | Permalink | Comments (36) | (email story)
February 15, 2007
No Staging Or Photoshopping Happening Here (We Hope)
Perhaps they’re simply shooting for that "lived in" look. Or perhaps they're just trying to keep it real. In either case, the listing caught a reader's (and our) attention. And there's definitely no staging or photoshopping happening here (we hope).
∙ Listing: 946 Stockton #6F (2/1.5) - $599,800 [MLS]
Posted by socketadmin at 7:31 AM | Permalink | Comments (20) | (email story)
February 9, 2007
1418 Shafter: Back On The Market (And So Much For Value)
When 1418 Shafter hit the market last month (listed at $595,000) we took some heat for seeing “value” and the potential for a bidding war. Well, it appears to have fallen out of contract, and it's back on the market. New list price: $795,000.
∙ Listing: 1418 Shafter Ave (3/2 + 3/2) - $795,000 [MLS]
∙ Marina Style With Bayview Location (And Price) [SocketSite]
Posted by socketadmin at 4:11 PM | Permalink | Comments (0) | (email story)
QuickLinks: Our Enlightened City Hits The Journal*
∙ No Condos, Please: Old Armory Finds New Life in Porn [WSJ]
∙ 50 protest porn business inside old Mission Street armory [SFGate]
∙ From (Proposed) Condos To Kink [SocketSite]
*Note: Full credit to a tipster for the headline.
Posted by socketadmin at 9:03 AM | Permalink | Comments (19) | (email story)
February 8, 2007
Just Quotes: Punishing The Honorable (Another Dirty Little Secret)
“A new national survey found that 90 percent of appraisers reported that mortgage brokers, realty agents, lenders and even consumers have pressured them to raise property valuations to enable deals to go through. That percentage is up sharply from a parallel survey conducted in 2003, when 55 percent of appraisers reported attempts to influence their findings and 45 percent reported "never." Now the latter category is down to just 10 percent.” (Feeling pressure to inflate appraisals)
∙ You Can Relist, But You Can’t Hide [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)
February 6, 2007
1551 Filbert: A Year Later
A year ago, four TIC units at 1551 Filbert hit the market. (And as best we can tell, three of the four units sold with one being held by the developers). Last week, unit #1 returned to the market with a list price of $769,000 (the same as last February).
∙ Listing: 1551 Filbert (1/1) - $769,000 (TIC) [Virtual Tour] [MLS]
∙ FSBO: 1551 Filbert [SocketSite]
∙ For Sale By Owner Listed! [SocketSite]
Posted by socketadmin at 10:58 AM | Permalink | Comments (0) | (email story)
Eight Reductions (But Two Increases)
According to ZipRealty, the list price on 1755 Filbert #2D has been changed ten times over the past five months (eight reductions and two increases).
It’s currently listed at $136,000 (12.7%) below its original list price. And apparently the seller remains “very motivated!” (but perhaps a wee bit schizophrenic).
∙ Listing: 1755 Filbert #2D (2/2) - $939,000 [MLS]
Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)
February 5, 2007
The Kind Of Email We Love To Get (And An Odeon Question)
Besides tips, this is the kind of reader email that we love to get:
[A]fter months of looking, getting initially hot about certain developments . . . and then being very thankful later on that we didn't bite, we decided to take the plunge at OdeonSF . . . .
Our plan is to stay a minimum of five years, possibly as many as ten, so, we did buy in spite of the lackluster bathrooms and the odd use of cottage style plumbing fixtures in a decidedly warm-contemporary overall design scheme (the master bath tile, I fear must stay, but the plumbing fixtures...GONE!). That aside, we're thrilled about OdeonSF, our unit, our plans for it and our future there.
As well, a huge debt of gratitude to SocketSite, for keeping us "plugged in" and truly being a valuable asset in our search and ultimate purchase.
Our pleasure, congratulations, and just don’t forget our invitation to the housewarming.
Oh, and our “plugged in” buyer also has a question: “Ads indicate that [The Odeon is] nearly sold out and we suspect that's true, but wondered if you or your faithful have any further insight.” Unfortunately, we don’t. Readers?
∙ The Odeon (181 O’Farrell): First Impressions And Pricing [SocketSite]
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (58) | (email story)
February 2, 2007
A Quick Resale At 188 King
Five months ago, and according to 188 King’s marketing team, unit #207 “Sold” for $1,650,000. Yesterday it hit the market as a resale. List price: $1,595,000.
∙ Listing: 188 King #207 (2/3) - $1,595,000 [Virtual Tour] [MLS]
∙ 188 King Street: Sales Update [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (14) | (email story)
Redfin Expands San Francisco “Sweet Digs”
A minute ago (quite literally), Redfin expanded its San Francisco “Sweet Digs” blog to include “eyewitness reviews” of Bay Area listings. They’re promising candor (and perhaps some controversy).
∙ Redfin Sweet Digs: San Francisco [Redfin]
Posted by socketadmin at 12:02 AM | Permalink | Comments (4) | (email story)
January 26, 2007
One South Park: An Overview And Car Stacker Question
A tipster forwards floor plans and an overview of all 35 condos that will comprise One South Park. Pricing “will start in the low $600,000's” with condos ranging in size from 681 square feet (junior one-bedroom, one bath) to 2,699 square feet (three-bedroom plus den, three and one-half bath, expansive deck); sales are expected to begin in April (targeting July/August 2007 for “project completion”).
And while all but one condo (#111) will be offered with parking, our tipster notes that twenty (20) of the condos will feature parking via a car “stacker” (the remaining 14 condos will feature a “deeded stall”). Our tipster wonders:
What is the impact of a car stacker on the value of these places? I would love to hear from SocketSite readers who have had an experience with a car stacker. Is it more hassle than it's worth?
Great questions (for which we have no answers or experience). Readers?
∙ 310 Townsend, One South Park, And A Tipster [SocketSite]
Posted by socketadmin at 12:21 AM | Permalink | Comments (40) | (email story)
Apples To Apples In Hayes Valley (525 Gough #405)
Almost eighteen months ago, 525 Gough #405 sold for $1,035,000 (after being listed for $1,025,000). Today, it’s on the market for $1,079,000. It's a fair amount of square footage for the money (1,713 square feet) and the neighborhood continues to develop.
∙ 525 Gough: No Sell Out [SocketSite]
∙ Listing: 525 Gough (3/2.5) - $1,079,000 [MLS]
Posted by socketadmin at 12:20 AM | Permalink | Comments (1) | (email story)
January 24, 2007
Another Try (And Reduction) For 868 Arkansas
An eagle-eyed (and elephant-minded) tipster notices that 868 Arkansas is back on the market. As you might recall (as did our tipster), 868 Arkansas was the focus of a somewhat controversial Chronicle article last October.
"[The Seller] was considering taking a job in Seattle last year and put the house on the market last fall. After just two weeks, she received two offers, including one for $975,000. She decided against the new job and turned down the bidder. Now, she's decided to move to Europe and is asking $949,000 for her house [which was originally listed for $989,000]."
"If she hasn't received any offers by month's end, Nakajima said she'll stop trying to sell the house, which she bought 2 1/2 years ago." They aren't building single-family homes up on the hill in San Francisco any more,'' said Nakajima. "If I absolutely had to sell, that would be one thing. But...just breaking even is not really what I had in mind." (Home prices slip after 4 hot years)
With regard to the new listing, we can’t help but notice some great new photos (we’re particularly drawn to the leaded glass windows, hardwood floors, and French doors). And yes, a great new price ($899,000). "Twilight Showing" (with wine and cheese) this Friday (1/26/07) from 5:30-7:30pm.
∙ Listing: 868 Arkansas (3/2.5) – $899,000 [Paragon]
∙ The Article (And The House) [SocketSite]
∙ Home prices slip after 4 hot years [SFGate]
Posted by socketadmin at 12:15 AM | Permalink | Comments (9) | (email story)
January 19, 2007
San Francisco Home/Condo Sales: Historical Context
We turn to Malcolm Kaufman’s latest ‘Pulse of The Market' for twenty years of MLS sales history for San Francisco’s single-family homes (SFH) and condominiums. Keep in mind that this history only reflects properties that were listed and recorded as sold on the SFAR Multiple Listing Service, and as such, actual condominium sales volumes, and most likely average sales prices, are understated (think new developments).
Regardless, it’s additional context for our analyses and discussions of “demand” and market activity going forward. And be sure to “plug in” next week for an inventory overview (i.e., "supply") and updated Complete Inventory Index (Cii) for San Francisco.
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Malcolm Kaufman’s Pulse of The Market [sfpulseofthemarket.com]
Posted by socketadmin at 9:15 AM | Permalink | Comments (24) | (email story)
January 18, 2007
Food For Thought: SFPD CrimeMAPS Summary Reports
A SFPD CrimeMAPS Summary Report of criminal activity over the past thirty days for a quarter-mile radius around 1418 Shafter in the Bayview:
The SFPD CrimeMAPS Summary Report of criminal activity over the past thirty days for a quarter-mile radius around 3208 Pierce in the Marina:
∙ Marina Style With Bayview Location (And Price) [SocketSite]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (18) | (email story)
January 16, 2007
Pricing For Success (And Relative Value)
Five days ago, 2050 Divisadero #1 hit the market in Pacific Heights priced at $999,000 (or approximately $599/sqft). And while we were planning on profiling the property later this week (as another example of relative value), according to a tipster, it might already be is already in contract (for $1,200,000 or $719/sqft).
∙ Listing: 2050 DIVISADERO ST #1 (3/2) - $999,000 [MLS]
∙ Relative Value From Top To Bottom [SocketSite]
Posted by socketadmin at 8:39 AM | Permalink | Comments (14) | (email story)
The Economics Of Apartments Versus Condominiums In Washington
The New York Times looks at the struggling new condo development market in Washington D.C. and the impact of developers changing course from sales to rentals.
“After six weeks of failing to lure more than a couple of dozen buyers, Mr. Franco and his partner, Jeff Blum, joined the builders of nearly 6,000 condominium units in the Washington metropolitan area who have decided in the last three months to recast their projects as rental apartment buildings.”
“The latest salvage operation on the part of condo developers is far from a sure bet, however. Condominium buildings generally cost more to build and operate than those built for apartments from scratch. And while rents are high and rising in most cities, in many cases they still are not sufficient to turn a profit.
Industry analysts also point out that rents may start sagging if too many condos are converted into apartments too quickly.”
And while we’re not suggesting that Washington is the best barometer for the San Francisco condominium market, with 188 King reverting to rentals for their unsold inventory, and rumors of The Palms and a number of other higher profile buildings considering following suit, it’s simply additional insight into the impact and implications of local developers changing course.
∙ Buyers Scarce, Many Condos Are for Rent [NYTimes]
∙ 188 King Street: The Rents [SocketSite]
∙ The Palms: Financing Incentives And Inventory Update [SocketSite]
Posted by socketadmin at 7:44 AM | Permalink | Comments (11) | (email story)
January 12, 2007
Relative Value From Top To Bottom
From the Marina to the Bayview, San Francisco’s housing inventory is once again on the rise (“plug in” for a full update early next week). And while absolute value might be open to debate, we can’t help but see the relative value in a number of recently listed single family homes.
For example, 1083 Hollister is a fixer in a transitioning neighborhood. But if the structure and systems happen to be sound (“Contractor's special” isn't a good sign), then we can’t help but see interesting “bones” and potential (especially for the price of an inexpensive one-bedroom in other parts of the city).
At the other end of the spectrum, 3160 Baker is nicely remodeled with three bedrooms (three and one half baths) and a glimpse of the Palace of Fine Arts (from the Master bedroom). And while it’s not exactly in the same league as the three bedroom Venetian Villa down the street, it is listed at a quarter of the price.
∙ A “Venetian Villa” In San Francisco (3460 Baker Street) [SocketSite]
∙ Listing: 3160 Baker (3/3.5) - $1,995,000 [3160baker.com]
∙ Listing: 1083 Hollister (3/1) - $499,000 [MLS]
Posted by socketadmin at 7:10 PM | Permalink | Comments (8) | (email story)
January 10, 2007
From (Proposed) Condos To Kink
Kink.com (a local internet fetish company) has purchased the San Francisco Armory (1800 Mission) for $14.5 million and “intends to use the building for [their] core business of producing adult movies for internet distribution.” So much for those proposed condos.
∙ San Francisco Armory Pictures and Floor Plans [SFArmory.com]
∙ The New Pornographers [7x7 San Francisco]
∙ Mission Armory Redux? [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (33) | (email story)
January 9, 2007
Another Chance At (For?) The Captain's House (300 Sea Cliff Ave)
After a brief respite, the infamous 300 Sea Cliff Avenue is back on the market. Official statistics now reflects 5 days on the market, while the unofficial tally is closer to four years (originally listed on 1/13/03). Still no reductions in price.
In fact, after being newly stuccoed and remodeled (“new top floor master wing”), the asking price has been increased $2,400,000. So much for waiting another year or two to see if they'll knock a little something off the top.
∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $25,900,000 [Alain Pinel] [MLS]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ SF MLS Quietly Removes Listing Dates [SocketSite]
∙ Can’t Sell? Then Stucco! [SocketSite]
Posted by socketadmin at 1:58 PM | Permalink | Comments (4) | (email story)
FlipperNation: Episode 3 (The Flippin' Fight)
∙ FlipperNation: Episode 3 (The Flippin' Fight) [flippernation.com]
∙ FlipperNation: Episode 2 (The Blame Game) [SocketSite]
∙ FlipperNation: An Instant Classic [SocketSite]
Posted by socketadmin at 11:59 AM | Permalink | Comments (0) | (email story)
January 8, 2007
Speaking Of Relisting (And Reductions)
The Penthouse at 1800 Gough Street has returned to the market $245,000 (4.9%) under its last list price of late last year (2006), and $1,100,000 (18.8%) below its original list price of $5,850,000 (months before that). MLS statistics now reflect three (3) days on the market for this property, and if it sells for $4,750,000, it will be recorded and reported as having sold for 100% of asking.
Regardless, it's still a stunning property. And as some might say, hate the game, not the player…
∙ Listing: 1800 Gough #PH (3/4.5) - $4,750,000 [pacificheightspenthouse.com] [MLS]
∙ A Second Round Of Luxury Home Reductions [SocketSite]
∙ Resetting the DOM to sell "stale fish" [SFGate]
∙ Sorry NAR, But No [SocketSite]
Posted by socketadmin at 12:20 AM | Permalink | Comments (12) | (email story)
January 5, 2007
Calling All MLS Cops!
From a tipster yesterday:
2189 Market St. #1
MLS# 315146 – withdrawn on 12/21/06
MLS# 317856 – active on 1/2/07
12 days off the market but came on as a new listing with only a reduction in price? I’m stumped.
And from another today:
28 Presidio Terrace just showed up as withdrawn after 164 days on the market, no change in price from 5.38M (MLS# 310748). It immediately shows back up as a new listing (MLS# 318035), same price, 0 days on market. I thought this stuff was supposed to be put to an end?
So did we. Where’s that darn MLS cop when you really need one…
∙ A New New Policy Change For The MLS [SocketSite]
∙ Tainted Love Of Presidio Terrace [SocketSite]
∙ Proof Of Listing Dates? Inconceivable! [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (11) | (email story)
January 2, 2007
A New Year's House Cleaning (And Reader Predictions For 2007)
According to a tipster, 210 listings on San Francisco’s MLS expired yesterday (there are now 700 ~650 Active listings for single family homes, condos, and TICs in San Francisco). And as our tipster notes, it’s a “pretty large number, but not surprising considering the new year would mark a reasonable milestone to end a listing agreement or a listing....”
UPDATE: Our “don’t freak out by the number of expired listings” message has somehow turned into a lightening rod for comments about the San Francisco real estate market in general. Normally we’d try to corral the comments back on topic, but today we’re just going to go with the flow (if not open up the flood gates). So let’s just consider this a formal solicitation of reader predictions for the San Francisco real estate market in 2007. And yes, all other rules still apply.
Posted by socketadmin at 1:09 AM | Permalink | Comments (65) | (email story)
December 29, 2006
Just Quotes: Permit Hell In San Francisco
From the Chronicle:
“A full 588 days since the permits were first submitted Engelbrecht is still waiting to receive permission to demolish the water-damaged, ramshackle 1960s house that stands on the site of their dream house [in Bernal]. In mid-December they learned that after being on the verge of getting approval they were kicked back because of their failure to check a box on a form about the number of stories of the building.”
"City coffers have been hurting since the dot-com bust, and many departments have reduced staffing, which in turn makes getting permits more arduous and time-consuming."
And yes, we know there are (at least) two sides to every story.
UPDATE: A "plugged in" SocketSite reader notes that there’s more to the story (and delay) than was reported (“...it appears the final drawings did not match the site permit drawings and had to be sent back to Planning.”). This would be one of those 'other sides' to which we were referring.
∙ Permit hell is getting worse for San Francisco remodelers... [SFGate]
Posted by socketadmin at 5:06 PM | Permalink | Comments (16) | (email story)
A SocketSite Smackdown: Gas Versus Electric In The Kitchen
We’ll admit it. When perusing properties, an electric range in the kitchen can stop us in our tracks (and not in a good way). And while it’s not such a big deal when it’s a matter of choice (and can be changed), it gives us pause when it’s a matter of construction (and can not).
We happen to be partial to the feel, control and range of cooking with gas; but we realize that for others it's possibly a non-issue. Electric cooktops have made great strides from the bare electric coils of years past, and induction cooktops are gaining momentum based on speed, safety, and efficiency (we've never had the pleasure). And of course, there are simply those who aren’t nearly as food centric (we have a much harder time identifying with these people).
Regardless, we have to wonder, does an all electric kitchen currently have any discernable impact on resale value or days on the market for properties in San Francisco? And are there any “foodie” readers who swear by their electric/induction cooktops?
UPDATE: Based on Greg’s comments, we’ve been checking out the Thermador website (they provide a great overview of induction cooktops). And we're still looking for some agent insight with regard to the impact (if any) of an all electric kitchen in terms of resale.
Posted by socketadmin at 11:29 AM | Permalink | Comments (24) | (email story)
December 26, 2006
Freeway Pollution: Conjecture Or Consideration?
A reader wonders, “[w]ould it be possible to start a topic to gather opinions from people WHO LIVE near the freeway to give their input on the pollution?” In short, yes.
Posted by socketadmin at 10:22 AM | Permalink | Comments (21) | (email story)
December 21, 2006
Ask And Ye Shall Receive?
From the listing for 221 Danvers: “Property is still on the market. Sellers are motivated and would like to receive an offer.” We’re guessing there might be some wiggle room on the price. And damn it, we're still fixated on that cottage out back.
∙ Listing: 221 Danvers (3/3) - $1,629,000 [Zephyr]
∙ Got Vision? [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (24) | (email story)
December 19, 2006
A New New Policy Change For The MLS
According to a tipster, another New Year policy change is in the works for the San Francisco MLS: "Effective January 1st, the waiting period to relist a property as "new" after withdrawal will be extended from the current 14 days to 30 days." We have no doubt many will disagree, but we think it's a positive change.
∙ The Wrong Reasons (The Right Results?) [SocketSite]
∙ Sorry NAR, But No [SocketSite]
Posted by socketadmin at 9:34 AM | Permalink | Comments (10) | (email story)
What’s Up With The Watermark "G"s?
A reader wonders, “What's the scoop on [Watermark] unit 15g? Tax records show that it was sold by Watermark for $830,000. It's a 1295 sq ft corner unit. 12g sold for $975,000; 17g sold for $1,650,000; 20g sold for $1,400,000. Now 15g just entered into contract for $969,000 as a resale. Why was there a fire sale at Watermark when this unit [first] entered into contract at around the same time as the other "g" units?”
Something definitely seems screwy, but unfortunately we don't have the inside scoop (this time). Readers? And while you’re at it, perhaps someone can answer our follow-up question: how’d the buyer of 17g wind up paying $250,000 more than the buyer of 20g? (And yes, the floor plans for all four of the units look identical.)
UPDATE: Okay, we should have caught this earlier, but the letters (A-U) used to designate floor plan types are not directly correlated with the actual unit addresses on each floor. In other words, while unit 15G is actually a “D” type floor plan, it looks like units 17G and 20G are actually “N” type floor plans. And to answer our own question, only two units in the entire building offer wraparound patios, and the “N” plan on the 17th floor is one of them. It’s turning out to be one of those mornings days…
∙ Watermark Update: 85% Sold [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (77) | (email story)
December 18, 2006
Just Ignore The Word “Bust”
“Bust” or not, we think Fortune’s “6 strategies” are generally sound advice:
1. Lower your expectations
2. Drive a hard bargain
3. Consider renting
4. Step away from the exotic mortgage
5. Shop for a rate drop
6. Keep an eye on your equity
∙ 6 strategies to survive the real estate bust [CNNMoney]
Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)
Put Your Actions Where Your Fingers Are
A short post sparked a great discussion about the un-realized potential of both Geary and Lombard streets, and triggered the following comment with regard to the direction of growth and development of San Francisco:
"I read a lot of talk, but see no action. If we want change, shouldn't we start right here, right now? Who are the influencers in the city that control the issues that readers of this site feel are important?”
We like the way you think. And while we don’t have an answer for you with regard to influencers, we’ll open it up to the readers. And let us know what else we can do to help.
∙ Just Quotes: San Francisco Population Growth [SocketSite]
Posted by socketadmin at 12:02 AM | Permalink | Comments (29) | (email story)
December 13, 2006
5% Under Asking (18% Under Expectations?)
A tipster notes that the infamous 57 Marina Boulevard in San Rafael has closed escrow after 269 days on the market. The selling price…$855,000. It’s being recorded as selling for 5% under asking ($899,000), but if you've been "plugging in," you might recall that it was originally priced at $1,045,000 (and reduced multiple times).
∙ The Scarlet 'R' Of 57 Marina Boulevard [SocketSite]
∙ New York Times Not Fact Checking? [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
December 12, 2006
The Clock Is Ticking For A Reader
We just noticed a fresh comment on an old post concerning price reductions at The Infinity:
“I'm considering a 1270 sq ft 2 bedroom on the 28th floor facing the financial district. It's priced at about 1142/sq ft. Given there are only 9 of these units with the large curved patio and the fact that the 28th floor and up all come with upgrades, would you say this is still over priced? At $1142/ sq ft, I feel there's room for the price to adjust when the second release comes out. Offer expires tomorrow [12/13] noon, any input would be appreciated!!!!”
We’re going to qualify that “any input would be appreciated,” if it’s not constructive input (whether pro or con the purchase), it will be deleted without apology or notice. Now how about helping a fellow reader out?
∙ Reductions At The Infinity? [SocketSite]
Posted by socketadmin at 11:21 PM | Permalink | Comments (51) | (email story)
We Want Need Some Answers
A tipster forwards a few drawings of 555 Fulton, a proposed 164 unit development by Henry Wong (developer) and Stanley Saitowitz (architect). Our question: anyone care to share the inside scoop on its status?
And a reader asks: “Do you know what is going on with the lot at the [SE] corner of Polk and Geary?” (Once a laundromat/parking lot, they’re now starting to excavate.) We don't. Anybody?
UPDATE: The readers respond with regard to the corner of Polk and Geary, it’s an eight (8) story senior housing development. “Herman & Coliver Architects - roof gardens and streetscape by GLS Landscape Architecture.”
Posted by socketadmin at 12:10 AM | Permalink | Comments (12) | (email story)
December 7, 2006
FlipperNation: Episode 2 (The Blame Game)
Flipper Nation: The Blame Game
∙ FlipperNation: An Instant Classic [SocketSite]
∙ FlipperNation
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
December 5, 2006
Garrett's Quick Peek
Realtor Garrett provides a quick “peek” into the most expensive Single Family Homes currently listed in Noe Valley, Potrero Hill, and Glen Park. And here’s what he sees:
Noe Valley: 554 Valley Street - $2.879m, 24 DOM, unsuccessfully listed twice before
Potrero Hill: 733 De haro Street - $1.975m, 80 DOM, price reduced 1 time
Glen Park: 1720 Sanchez Street - $1.125m, 101 DOM, sold for $1.3m in 2005
∙ The Most Expensive Homes in the 'Hood [Greg & Garrett’s]
Posted by socketadmin at 12:30 AM | Permalink | Comments (1) | (email story)
December 4, 2006
The Wrong Reasons (The Right Results?)
Two months ago, a tipster let us – and our “plugged in” readers – know that the San Francisco Multiple Listing Service (San Francisco Association of Realtors MLS) would be eliminating direct public access to listings “sometime soon.” That time is now four weeks away (January 1, 2007).
And while we might not agree with the primary motive of the SFAR (to establish individual brokerages/agents as a consumers first point of contact), we’re not overly concerned with the action. Innovative brokerages will offer publicly available MLS search tools which far exceed the features, functionality and usability of the current SFAR MLS tools. In fact, they already do. And they're just going to get better. (More on this soon)
Perhaps our real concern should be for the MLS itself. Without some innovative thinking about how to effectively open it up on the front end (i.e., reducing the cost/restrictions of adding/sharing listings), its years could be numbered. (Cue the growing number of alternative listing and non-MLS based real estate search tools.)
∙ Sorry NAR, But No [SocketSite]
∙ San Francisco Multiple Listing Service [sfarmls.com]
Posted by socketadmin at 12:10 AM | Permalink | Comments (13) | (email story)
It’s Still Better Than Death
A friendly reminder that property taxes are due by December 11th this year (normally the 10th, but extended as the 10th falls on a weekend). And as Cece Blase points out in the "Buzz", extreme procrastinators can pay online (“payments received by 11:59pm on December 11, 2006 will be considered on time”). Convenience fees apply.
Keep in mind that you can also use the SFGov site to check the assessed value and special assessments for any property in San Francisco.
∙ San Francisco: Property Tax Information & Payment [SFGov]
∙ Cece Blase: SF Real Estate Buzz [ceceblase.com]
Posted by socketadmin at 12:05 AM | Permalink | Comments (2) | (email story)
November 25, 2006
Not The Best “Investment” For Agassi In Tiburon
Almost six years ago, Andre Agassi made headlines with the purchase of a $23,000,000 estate in Tiburon. Two years later, the estate was back on the market for $24,500,000. And recently, the price was reduced to $21,000,000.
Today, the property is in contract for $20,000,000. Not the best investment for Agassi, and in terms of “comps,” perhaps not the best outcome for the neighbors...
∙ Andre Agassi Buys Mansion in Tiburon [SFGate]
∙ Listing: The Round Hill (Andre Agassi) Estate [andreagassitiburonestate.com]
Posted by socketadmin at 10:10 AM | Permalink | Comments (6) | (email story)
November 20, 2006
1810 Polk Street: New Condominiums
1810 Polk Street (in San Francisco between Jackson and Washington) is a collection of 12 "newly constructed luxury residences” ranging in size from 1-bedroom/1-bath to 3-bedroom/3-bath. And after a couple of months on the market, only one condo (#306) is currently listed as Active and available.
We're still looking for hard numbers on actual sales (a number of units are currently in contract), and we haven't had a chance to tour any of the units (although the Viking appliances, wide plank Brazilian walnut floors, and one car deeded parking did catch our eye). Any readers care to fill in the blanks or share a first impression?
Oh, and in case you haven't been there in a while, we hate to break it to you, but New Wing Lee (and their "excellent fried prawns and pork fried rice") is no longer. Don’t blame us, we’re just the messengers.
∙ 1810 Polk Street [Official Site]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,179,000 [Vanguard] [MLS]
∙ New Wing Lee Review [Yelp]
∙ Farewell Favorites: Wing Lee [mistersf.com]
Posted by socketadmin at 12:10 AM | Permalink | Comments (13) | (email story)
November 17, 2006
A Parking Space (And MLS) Pet Peeve
Would it be considered inappropriate (deceptive?) to list a one-bedroom property on the MLS as a two-bedroom? Would it be okay if the seller was willing to pre-pay the rent on a one-bedroom apartment next door as part of the sale? And would that really be any different from listing a property with a parking space that’s simply leased in a building or lot down the street?
As far as we’re concerned, if a parking space is not deeded/assigned to the property (or at the very least, in the same building/complex and non-revocable and transferable) the MLS should prohibit agents from including it in the listing (other than as a reference in the marketing remarks).
But hey, if you disagree we’ve got a beautiful five-bedroom condo in Pacific Heights that we’re thinking of listing for $900,000. Of course four of the bedrooms are leased in an apartment building down the block…
Posted by socketadmin at 12:05 AM | Permalink | Comments (8) | (email story)
November 15, 2006
The Great One Rincon Hill/Infinity Smackdown
The schism between ardent buyers/fans of One Rincon Hill and The Infinity has led to a number of informative discussions about deeded versus assigned parking, ventless dryers, and the overall development of Rincon Hill. At the same time, the “my building is better (bigger?) than your building” comments are derailing discussions and, as Mike notes, they're "getting tedious."
As such, and in a similar vein to our “One Free Pass” post, please consider this as an opportunity for both camps to single-mindedly debate the relative merits of both developments. Infinity fans, feel free to thumb your nose at One Rincon’s traffic woes and assigned parking. One Rincon fans, break out your best “the market has spoken” sales figures and common area taunts.
And while we’re not about to stop publishing pieces about either of these developments, we are going to rein in the off-topic (or disruptive) comments and threads. So get it out of your systems now. And as always, thanks for "plugging in."
∙ One Rincon Hill: Rain, Rain Go Away [SocketSite]
∙ V Is For Valet (And Ventless) [SocketSite]
∙ The (Traffic) Plan For Rincon Hill [SocketSite]
∙ One Free Pass [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (112) | (email story)
FlipperNation: An Instant Classic
Curbed finds it, we have to share it. Welcome to FlipperNation...
∙ Flippernation: Episode One [Curbed]
Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)
November 9, 2006
SocketSite Gathering: November 15th, 2006
Our thanks to all the “plugged in” readers who expressed an interest in attending a casual gathering for those considering a contemporary renovation (or tackling a modern new build). The date (Wednesday, November 15) has been set. And you do need to RSVP...
As we previously wrote, this gathering will be an opportunity to share ideas, insights, and inspiration; to exchange notes on architects, builders, and buildings; and to help develop a network of “plugged in” potential partners (for those who might need them).
And while we have a date (11/15/06), and even a time (6:30 PM), the exact location (most likely SOMA/Transbay) is still up in the air (it depends upon the size of the crowd). As such, please RSVP by sending an email to rsvp@socketsite.com by Monday evening (11/13/06). We’ll announce the location on Tuesday and hope to see you Wednesday.
And not to worry, if contemporary renovations aren’t your thing, we’re working on a couple of other gatherings that we'll announce shortly. Regardless, thanks for “plugging in.”
∙ A Gathering Of “Plugged In” People [SocketSite]
Posted by socketadmin at 2:26 PM | Permalink | (email story)
Let's Just Hope They're Not Talking Enron Creative
The listing for 130 Ord Street piqued our interest. Not because of the "Chef's kitchen" or two car parking. Not because of the $46,000 price reduction. And not even because it’s advertising “Motivated Seller. Bring any & all offers.” No, it’s definitely the "[c]reative seller financing incentive” that did the job. Interesting...
∙ Listing: 130 Ord Street (4/3) - $1,749,000 [Coldwell Banker] [MLS]
Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)
November 8, 2006
Keeping Our Eyes On The Upper End Of The Market
We’re not going to belabor the point, but regardless of your budget, we think it’s worth keeping an eye on the multi-million dollar properties we often feature on SocketSite.
The reasons stretch beyond design and decorating inspiration, beyond hints for marketing your property when the time comes, and beyond pure escapism. If for no other reason, keep in mind that the upper end of the market is often a leading indicator for the broader market in general.
Gathering accurate sales data for the upper end of the market, however, can be a challenge. Consider a note we received from a Realtor:
…the current trend among high-end realtors [is] to encourage clients to keep the sales prices of their purchases “confidential.” When this is done, the sale is marked as the listing price with an asterisk [in the MLS]. High-end properties (above 4 million) RARELY sell for full price. But realtors use the confidential sale stats in their analysis so the cost per square foot of many district 7 and 8 properties have been skewed.
This is not a trivial point. If the practice is prevalent, it not only skews MLS reported cost per square foot, but the median sales price (and implied appreciation) for luxury properties, and the reported “percentage over/under” asking for the market as a whole. And of course, it skews expectations.
Perhaps that’s part of the reason that half of the top 2% of active listings in San Francisco (ranging in price from $4,000,000 to $65,000,000) have undergone at least one price reduction. And that on average, these properties have been reduced by a total of 12.2% (a median reduction of 11.9%). Then again, it might just be the market.
Posted by socketadmin at 2:11 PM | Permalink | Comments (12) | (email story)
November 7, 2006
The Tallest Residential Tower West Of The Mississippi Los Angeles!
A tipster forwards a piece from the Los Angeles Business Journal:
The Titan Organization Inc. has taken another step towards building its pair of $500 million luxury apartment towers in downtown Los Angeles’ South Park district.
The company, formerly known as Rodmark Inc., has closed escrow on a 58,000-square-foot property at the southeast corner of Grand Avenue and Olympic Boulevard where the Olympic and City House will be built. The towers will be tallest residential buildings on the West Coast when completed.
We only mention it because...well you have probably already figured it out. At 60-stories, the taller of the two proposed L.A. towers will rise five stories higher than One Rincon Hill’s fifty-five.
Perhaps it's simply a difference in how they're counting stories (some special developers math?), or perhaps we can still win out on some technicality (highest occupied floor? total elevation? anybody?), but if not, the days of One Rincon Hill (and San Francisco) boasting the “tallest residential tower west of the Mississippi” might already be numbered.
∙ Olympic and City House Design [robertsonpartners.net]
Posted by socketadmin at 1:17 PM | Permalink | Comments (42) | (email story)
November 6, 2006
Since You Mentioned It (2600 Lyon)
As a number of readers referenced 2600 Lyon in the discussion of 3299 Baker, we thought we’d add a link (and a little background). Listed with Coldwell Banker for $8,485,000 over seven months ago, 2600 Lyon has since had a change of brokers (now Sotheby’s) and expectations (currently listed at $6,500,000).
“Plug in” tomorrow to find out why we keep highlighting these multi-million properties (and why you should take notice). And yes, there’s more to it than that whole “real estate porn” thing.
∙ Listing: 2600 Lyon (5/4.5) - $6,500,000 [Sotheby’s] [MLS]
∙ Another Facet Of The Jewel (3299 Baker Street): Comments [SocketSite]
Posted by socketadmin at 12:08 AM | Permalink | Comments (12) | (email story)
No Love From NAR
First, the National Association of Realtors’ Chief Economist cites San Francisco as an example of a U.S. real estate market in need of a correction. And now, as best we can tell, we’re getting snubbed in the first round of NAR’s $40 million public awareness campaign (“It’s a great time to buy or sell a home”).
The advertisement appears today in the Wall Street Journal and USA Today, and will run Sunday in the New York Times, Washington Post, Los Angeles Times and Chicago Tribune. It will run in the same newspapers again on the weekend of November 12.
What’s going on Realtors? We’re not exactly feeling the love. Are you?
∙ Just Quotes: Et Tu David? [SocketSite]
∙ NAR Bullish on Housing Market [NAR]
∙ It’s a great time to buy or sell a home (pdf) [NAR]
Posted by socketadmin at 12:05 AM | Permalink | Comments (9) | (email story)
November 3, 2006
Another Facet Of The Jewel (3299 Baker Street)
The “crown jewel of the Marina,” 3299 Baker Street is “directly across from the Palace of Fine Arts, with an Italian-imported upright brick façade, arched windows, wrought-iron balconies and plaques depicting scenes from Roman mythology.” And although it garnered a fair amount of attention when it hit the market for the first time since 1947 (and with a price tag of $6,000,000), yesterday the price was reduced by $200,000 (3.3%).
And while we have no reason to doubt the number of people that have declared, “I want that house,” this just might help illustrate the difference between desire (“I want”) and demand (“I will buy”) [more on this next week]. And not that you asked, but we happen to be partial to the house next door.
∙ Marina home leaves the light on [Examiner]
∙ Listing: 3299 Baker Street (5/5.5) - $5,800,000 [oboe.com] [McGuire]
Posted by socketadmin at 12:41 AM | Permalink | Comments (15) | (email story)
The Possibilities For Potrero
Our piece on 2130a/b 24th Street has sparked an interesting discussion about the pros and cons of living in Potrero Hill. While over at the Potrero Hill Blog, Mike Lin leads a discussion about schools and families, staying on Potrero Hill, and candidates for the San Francisco School Board.
∙ Coming Soon: Another Possibility In Potrero? [SocketSite]
∙ Farewell Potrero Hill? … Why the school board vote matters [potrerohillsf.com]
∙ The original image (above) [flickr]
Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)
Okay, So Perhaps Not The Final Final
While advertising a “Third and Final Price Reduction” on 9/25/06, the list price on 593 Missouri Street in Potrero Hill has since been reduced. Twice. And while the first four reductions ranged from one to two percent each, wednesday’s fifth (and final final?) reduction lopped another 15% ($70,000) right off the top (now asking $399,000).
Keep in mind that it’s a TIC but “Individual Loans Available Thru Sterling Bank,” “seller will provide interim financing for quick close,” and “no evictions.” Plus “all new systems…stainless kitchen appliances, washer dryer hook ups in unit, [and] refinished original softwood wide plank floors.”
∙ Listing: 593 Missouri (2/1) - $399,000 [anthonykoutsos.com] [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)
November 2, 2006
Coming Soon: Another Possibility In Potrero?
Two months ago we gave 2130b 24th Street two thumbs up (“A Possibility In Potrero?”) and provided our readers with the inside scoop: 2130a (the top two floors and ~1,800 sqft) would hit the market in a couple of months.
Well, according to a tipster, 2130b sold after just 15 days on the market and at a contract price of $965,000 (slightly under the list price of $979,000). And yes, 2130a should hit the market within the next few weeks at a list price of ~$1.3M.
Also noted, the “Architect/Developer is Michael Levitt.”
∙ A Possibility In Potrero? [SocketSite]
Posted by socketadmin at 12:15 AM | Permalink | Comments (21) | (email story)
November 1, 2006
Arterra: Floor plans, Views, And Suggested Furnishing
Arterra has added “a glimpse of the nighttime views you might see from you new home,” as well as “21 floor plan options, including furnished floor plans” and “representative day time views” to their site. Based on the suggested furnished floor plan for Sky Plan G (pdf), you had better plan on inviting two skinny dining guests (or putting that dining room table on wheels).
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ Arterra Nightime Views [xmr3.com]
Posted by socketadmin at 9:35 AM | Permalink | Comments (8) | (email story)
A Better Model Than BMR?
An interesting article on an alternative home financing organization:
Ameen Housing Cooperative, founded in 1986, has helped 22 families buy homes in Silicon Valley and one family buy in Sacramento through a rent-to-own plan that avoids interest but still allows the cooperative to make a profit, in keeping with Quranic law.
A key distinction with Ameen's form of finance is that, unlike a traditional mortgage company, the cooperative shares risk with the homeowner. If a home's value increases, they both profit. But if the home loses value, they both take a loss.
And while Ameen addresses interest payments versus affordability, we can’t help but wonder if a similarly structured program wouldn’t make more sense, and be more efficient, than the city’s current “Below Market Rate” (BMR) program.
∙ Islamic co-ops create happy homecomings [SFGate]
∙ BMR Guidelines (San Francisco) [SFGov.org]
Posted by socketadmin at 9:05 AM | Permalink | Comments (2) | (email story)
October 31, 2006
It’s All Relative
There are a number of things we find attractive about 161 Elsie (listed at $1,349,000), but we have to admit that being billed as an “Affordible [sic] Noe Alternative” really isn’t one of them.
∙ Listing: 161 Elsie Street (3/2.5) - $1,349,000 [Herth via Pacific Union] [MLS]
Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)
October 19, 2006
A Shoreline (41 Federal) Update
It has been two months since we last checked in on the Shoreline development, and unfortunately, we really don’t have anything new to report (other than more detailed pricing). In other words, there has been no movement on those last five units (out of nine).
∙ 41 Federal #31 (1/1.5) 1,060sqft - $950,000
∙ 41 Federal #32 (1/1.5) 921 sqft - $850,000
∙ 41 Federal #33 (2/2) 1,423 sqft - $1,350,000
∙ 41 Federal #41 (1/1.5) 956 sqft - $950,000
∙ 41 Federal #42 (1/1.5) 921 sqft - $875,000
∙ The Scoop On The Shoreline (41 Federal) [SocketSite]
Posted by socketadmin at 12:41 PM | Permalink | Comments (2) | (email story)
RFPs For Housing Along Octavia Boulevard
It has been a little over a year since the ribbon was cut and Octavia Boulevard was officially deemed reborn. And now the housing fun begins.
The City and County of San Francisco (“City”), through its Mayor’s Office of Economic and Workforce Development ("MOEWD"), is seeking proposals from qualified respondents for the purchase and development of Central Freeway Parcels M [as well as N, P, and V].In issuing this Request for Proposals ("RFP"), the City is seeking a project that provides excellence and innovation in urban infill and architectural design and complements Octavia Boulevard. . . . Because of the importance of creativity and quality of design for a project at the Site[s], responses to this RFP are being sought only from teams consisting of, at a minimum, one (1) housing developer and one (1) architect (a "Developer Team").
The minimum prices which the City will accept for these undeveloped lots range from $495,000 (parcels M and N) to $11,000,000 (parcel P). Proposed height limits (around “Fifty (50) feet”), parking requirements (for the most part “Parking is neither required nor encouraged”), and density limits are all outlined in the RFPs.
Before you start fantasizing about getting your hands on one of those $495,000 parcels and becoming a junior developer, keep in mind that a tipster notices that “two of the four parcels being peddled by the city are all of 18.25 feet wide!” And yes, those would be parcels M and N.
∙ Octavia Boulevard Rebirth [SocketSite]
∙ Hayes Valley And Octavia Boulevard Update [SocketSite]
∙ Octavia Boulevard: Request for Proposal's [SFGov]
Posted by socketadmin at 1:01 AM | Permalink | Comments (8) | (email story)
Two Interesting SFGov Offerings
Two great catches from the SFHomeBlog (and two interesting offerings from SFGov):
1. With topics including Condo Conversion, Hi-Rises and the Changing San Francisco Skyline, and Tenants-Landlords’ Responsibilities & Realities, "The Department of Building Inspection is offering a FREE all-day slate of seminars on Wednesday, October 25th geared at both the non-professional (read: homeowner) and professional, in what appears to be an effort to educate and build goodwill in the community.” (Complete Seminar Schedule)
2. On December 12, the City and County of San Francisco will conduct a public auction of four properties including the former San Francisco Fire Department Station 4 (1648 Pacific Ave.). Less sexy offerings include a former vehicle storage and maintenance yard (2350 19th Ave.), the former SF Water Dept. administrative offices (425 Mason St.), and a former railroad right-of-way (849 Cesar Chavez St.).
∙ Meet the Department of Building Inspection Pros’ Summit - 10/25 [SFHomeBlog]
∙ Meet The DBI Pros’ Summit Schedule [SFGov]
∙ Auction of City-owned parcels - December 12th [SFHomeBlog]
∙ Public Auction - December 12, 2006 [SFGov]
Posted by socketadmin at 12:14 AM | Permalink | Comments (1) | (email story)
October 18, 2006
One Rincon Hill Tips And Tidbits (10/18/06)
1. From a local broker: “…out of the 13 units that I have represented buyers for at One Rincon Hill 12 are in contract with one that hasn't signed yet (will probably fall apart.) Typically I expect about 30% of the reservations to withdraw before signing or during the contingency period of the contract for new construction.”
2. From a three year old San Francisco Business Times article concerning the demolition of the Bank of America clock tower in order to make way for One Rincon Hill: The developer "hopes to assuage any outcry at the demolition of the landmark by constructing a "Big Ben-type of clock ... reminiscent of the clock tower," at the top of the 35-story tower.” [There must not have been much outcry (or future residents are in for one heck of a “Big” surprise). Anyone up for a little photochopping fun?]
∙ Clock tower's hour of doom [bizjournals]
Posted by socketadmin at 12:00 AM | Permalink | Comments (5) | (email story)
October 17, 2006
Counters Plural?
Is it possible to find a place in San Francisco with “Granite counters” for under $250,000? Well, technically yes.
∙ Listing: 3855 26th Street #D (0/1) - $249,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
October 16, 2006
We’re Going To Ask The Audience
From a reader:
As we all know, a small plane crashed into a 50 story high-rise condo in NYC [last week]. Do you know if any such accident has ever occurred in SF? Do you know what the rules are for flying similar planes in the SF area? Do you know if buildings in SF have to be designed with such possibilities in mind? I know some of these questions may be outside your area of expertise, but if anyone can find out the answers, I have complete and utter faith that you guys can.
Yes, completely outside our area of expertise, but perhaps a “plugged in” historian/pilot/engineer can lend a hand. And yes, flattery will get you everywhere (or at least on SocketSite)…
Posted by socketadmin at 12:00 AM | Permalink | Comments (6) | (email story)
October 13, 2006
First 2825 Pine And Now 1331 Noe
The asking price for 1331 Noe has been reduced by $100,000 (7.7%). Perhaps blue skies and fluffy white clouds just aren’t going for as much these days.
∙ Listing: 1331 Noe Street (2/2) - $1,198,000 [BJ Droubi]
∙ Where Do You Draw The Line(s)? [SocketSite]
∙ Sometimes It’s All About The Presentation (2825 Pine) [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (1) | (email story)
Avalon At Mission Bay II And Creativity Explored
We were lucky enough to attend a reception hosted by AvalonBay last night to celebrate the opening of the Avalon at Mission Bay II (301 King Street) and honor Creativity Explored, a visual art center where adults with developmental disabilities create, exhibit and sell art.
AvalonBay purchased nearly 100 paintings by over 20 different Creativity Explored artists to decorate the lobby and common areas of the Avalon at Mission Bay II. And while covering apartment building openings isn’t our usual bailiwick, we loved the story. And we loved the art.
∙ Avalon At Mission Bay II [301 King Street]
∙ Creativity Explored [3245 16th Street]
Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)
October 12, 2006
Those Numbers Sure Can Be Tricky
Some interesting September-to-September data points courtesy of the SFHomeBlog:
∙ MLS listed inventory in San Francisco is up 36% from 9/04
∙ MLS recorded sales in San Francisco are down 28% from 9/04
We can't vouch for the data, but if you take it at face value, listed housing supply in San Francisco has increased from 3.0 months in September 2004 to 5.6 months in September 2006. And if you're an advocate for simple “supply and demand" economics for housing, any thoughts on what one should infer regarding prices?
Just for the record, we’ve never used the words “crash,” “tanking,” or “bleak.” We are, however, quite fond of the words “trend,” “changing,” and “informed.” (And yes, sometimes even “troubling.”)
∙ Basic Supply & Demand (San Francisco) - pdf [SFHomeBlog]
Posted by socketadmin at 12:00 AM | Permalink | Comments (16) | (email story)
October 9, 2006
A Tuesday Teaser
Be sure to “plug in” tomorrow for the scoop on 188 King, The Beacon, and a number of other developments about town. Drop us a note (email: tips@socketsite.com) if you can add to the insight (Arterra anyone?) or simply care to unburden yourself of all that insider information...
Posted by socketadmin at 9:39 AM | Permalink | (email story)
V Is For Valet (And Ventless)
We have to admit, this one caught us by surprise, but valets and ventless dryers dominated the discussion surrounding our latest update on One Rincon Hill (with nary a mention of the 43+ unsold units). We only mention it in case you’re interested in either “V” (but not necessarily One Rincon Hill).
∙ One Rincon Hill’s Fall Newsletter And Update [SocketSite]
Posted by socketadmin at 12:09 AM | Permalink | Comments (135) | (email story)
“Priced To Sell” Is So Last Month
It’s so hard to keep up with these damn fads. While “Priced to sell” was our catchphrase of the month this past August, it’s looking like “Motivated” is giving it a run for its money in October:
1. "Very motivated seller....Bring offers now!" (On the market for a little over two months, and already reduced four times, 225 26th Ave #3 is now being offered at $130,000 (12%) below its original list price)
2. "Price reduced $120000..Owner motivated" (2186 Sutter has been on the market for 70 days and reduced twice – now 10% below original list)
3. "Seller motivated!" (After just two weeks on the market the list price for 647 29th Ave was reduced $100,000 or 8%.)
UPDATE (9/10/06): Right after we published this post the listing for 225 26th Ave #3 was withdrawn and relisted under a new MLS number and price ($975,000). Gone are the references to the “Motivated Seller” and past reductions. Now about that so-called MLS policy on "refreshing"...
∙ Catchphrase Of The Month: “Priced To Sell” [SocketSite]
∙ Listing: 225 26th Ave #3 (3/2) - $970,000 [Vanguard] [MLS]
∙ Listing: 2186 Sutter Street (4/2.5) - $1,075,000 [MLS]
∙ Listing: 647 29th Ave (2/2.5) – $1,090,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)
October 6, 2006
A Second First (And An Opportunity For Fame)
Okay, so it’s not quite the same deal as 2002 3rd Street #212, but after 30 days on the market, 1310 Minnesota #309 has been reduced $19,000 (2.7%) and is employing the same “First offer at asking will buy the property*!” shtick.
And while we’re digging the deck (above), we can’t help but imagine how much better it would look with a blue sky and fluffy white clouds. Anyone care to give it a shot? Fame (but no fortune) for the best enhancement(s) [email: tips@socketsite.com].
UPDATE: We so love our readers. From Mr. K at knacktion.com: "I did two versions, one with the same sky as the last photo in the listing so they'd match, and one with some happy clouds in it. I've also powerwashed the wood deck and furniture because it'll add at least $5000 to the sales price..."
We liked the clouds. Thanks for "plugging in" Mr. K!
UPDATE #2: We can’t help but share Peter’s lighthearted “enhancement” of Mr. K’s handiwork…
Thanks for "plugging in" Peter (and for starting our weekend off with a laugh).
∙ So That's What That Means [SocketSite]
∙ Listing: 1310 Minnesota Street #309 (2/2) - $680,000 [Urban Bay] [MLS]
∙ Where Do You Draw The Line(s)? [SocketSite]
Posted by socketadmin at 12:28 AM | Permalink | Comments (13) | (email story)
It’s Feeling A Wee Bit Like Scotland
It might have started as a “pocket listing” (i.e., not on the MLS) at $5,750,000, but 2714 Pacific has since been listed at $4,995,000 (a 13% reduction).
And perhaps it’s just the weather over the past couple of days, but we can’t stop fixating on the four working fireplaces (especially the one “imported from a castle in Scotland”). Yet again, the pictures don’t do it justice. (Yes, we’ve been.)
∙ Listing: 2714 Pacific (4/4.5) -$4,995,000 [Coldwell Banker]
Posted by socketadmin at 12:28 AM | Permalink | Comments (3) | (email story)
October 4, 2006
Where Do You Draw The Line(s)?
A comment on our post about 2825 Pine Street raises an interesting question: Is digitally altering an image used in a listing effective marketing, or is it akin to false advertising?
While it’s not at all unusual to use an artist’s sketch to portray a property in its best light, we’ve always know that it’s just that - a work of art. With a photograph, however, is there a line to be drawn between changing the color of the sky and altering unsightly elements such as power lines, baseboard heaters, or surrounding buildings?
∙ Sometimes It’s All About The Presentation (2825 Pine): Comments [SocketSite]
∙ Listing: 1331 Noe (2/2) - $1,298,000 [BJ Drobui] [MLS]
Posted by socketadmin at 12:15 AM | Permalink | Comments (14) | (email story)
October 3, 2006
It’s All About The Kitchen
We’re not really sure who was doing the voting, or if we would agree, but according to the listing for 1774 Beach, its “cooks kitchen [was] voted one of the best kitchens in the U.S. for 2005.” And while that might be a bit of a stretch, we have to admit it looks rather nice.
And of course it just begs the question: what other current listings represent “the best kitchens” in San Francisco?
∙ 1774 Beach (2/2) - $1,345,000 [Coldwell Banker via Pacific Union]
Posted by socketadmin at 11:19 AM | Permalink | Comments (4) | (email story)
Ah, That Explains It
Three weeks ago, the SFHomeBlog trumpeted the “best week of 2006 for buyers” as new inventory hit the market. Three weeks later, and as new listings have continued to outpace sales, the HomeBlog now characterizes the market as a “veritable collection of crap.”
(Strange considering that two-thirds of the current inventory has been on the market since that "best week" statement.)
We suggest it might be healthier for all concerned to acknowledge that it’s possible that prices have started to slip, rather than simply blaming “stubborn” sellers. And as usual, if in fact the sellers are the problem, we can’t help but wonder how they might have ended up with such unrealistic expectations in the first place.
∙ Some Facts, Some Fiction [SocketSite]
∙ A veritable collection of crap [SFHomeBlog]
∙ From Gain To Loss In Just Three Short Months? [SocketSite]
Posted by socketadmin at 9:21 AM | Permalink | Comments (8) | (email story)
September 28, 2006
Sometimes It’s All About The Presentation (2825 Pine)
It’s really not the reduction ($155,000 or 9.4%), but rather the fantastic photography and presentation that caught our attention. Not to mention Duke.
∙ Listing: 2825 Pine (4/3) - $1,495,000 [2825pine.com]
Posted by socketadmin at 1:53 AM | Permalink | Comments (15) | (email story)
September 27, 2006
A Reader Asks: Average Appreciation In San Francisco?
A gentle reminder that if you have a question or query that’s not directly related to the topic at hand, please just drop us a note (email: questions@socketsite.com). We’ll do our best to address it in a future post (or even answer it directly). That being said, a reader asks:
Does anyone know the average appreciation for SF 'adjusted for inflation' over the past 20 years? Does it even matter if the appreciation is adjusted for inflation?
We don’t have a canned answer for either question, but we’d be willing to bet another reader might have an answer (and opinion) or two.
And while we’re really not trying to be glib or snarky, we have to ask a question in return: why do you want to know? Or rather, how do you plan on using the answer? As if by instinct, we find ourselves reciting the infamous financial disclosure, “past performance is no guarantee of future results"...
Posted by socketadmin at 6:49 PM | Permalink | Comments (18) | (email story)
Actually, They Were The Second
A week ago, and based on a tip (thank you!), we alerted you to a “Sales Office Shakeup” and soon to be 3% broker commissions over at the Beacon. Guess you could say it’s been confirmed (thanks to another tipster yesterday). And if you’ve been “plugged in” to SocketSite, you were actually the first to know…
∙ A Sales Office Shakeup At The Beacon? [SocketSite]
Posted by socketadmin at 3:07 PM | Permalink | Comments (6) | (email story)
September 22, 2006
Our Point Exactly
We have a funny feeling that “meanboy” was aiming for sarcasm with his “Quite a reduction” remark (and three comments) over on our “The Cost Coming Down?" post. Regardless, he illustrates one of our points from yesterday quite well.
965 Elizabeth was on the market for 74 days at $1,395,000 before being reduced to $1,195,000. According to “meanboy” it sold for $1,220,000. MLS statistics will record this property as having sold for 102% of list. More accurately, it sold for 87.5% of the original list price.
893 Elizabeth was on the market for 100 days at $1,495,000 before being reduced to $1,395,000. At some point it was reduced to $1,349,000 and then finally sold for $1,350,000. MLS statistics will record this property as having sold for 100% of list. More accurately, it sold for 90.3% of the original list price.
3777 22nd Street was on the market for 33 days at $1,650,000 before being reduced to $1,545,000. According to “meanboy” it sold for $1,550,000. MLS statistics will record this property as having sold for 100% of list. More accurately, it sold for 94% of the original list price.
We have no doubt that all three of these properties provided fantastic returns for their most recent sellers. But that’s not our point. According to the MLS, and any marketing materials, these three Noe Valley properties sold for an average of 1% OVER ASKING! More accurately, they sold for an average of 9.4% under their original asking prices.
It’s tough to set expectations for sellers, inform purchase decisions for buyers, and paint “a true picture” of the market without accurate data. At least that’s our philosophy. And that’s our point.
∙ The Cost Coming Down? [SocketSite]
∙ Sorry NAR, But No [SocketSite]
Posted by socketadmin at 12:13 AM | Permalink | Comments (17) | (email story)
September 21, 2006
Sorry NAR, But No
A year ago we exposed a “dirty little secret of the real estate trade,” relisting to “refresh” a property on the MLS. This afternoon, Inman News delved into the practice:
Whether relisting is an acceptable practice that exemplifies creative marketing in a down market -- or whether it is a misleading and potentially illegal practice -- is a topic of heated debate in the industry. The National Association of Realtors trade group, which has about 1.3 million members working in the real estate industry, has not taken a formal stance on the issue and looks to local MLSs to set their own policies for relisting practices.
The National Association of Realtors Code of Ethics provides that "Realtors shall be careful at all times to present a true picture in their advertising and representations to the public," though Lucien Salvant, a spokesman for NAR, said that MLSs are not considered advertising vehicles. "It's a local MLS issue on how they address (relisting)," he said. "There is no NAR requirement on that particular point."
We begrudgingly accept the practice, but to justify it by taking the position that “MLSs [and by extension their listings] are not considered advertising vehicles?” Sorry folks, but that’s an utterly asinine argument. And it’s disappointing to say the least.
At the risk of pointing out the obvious, consider any marketing materials, websites, or press releases that reference an MLS derived statistic such as average days on the market (DOM), or selling price to list price ratio (SP/LP). If any of the underlying data has been “refreshed,” do these statistics really “present a true picture” and representation of the market?
UPDATE: As “realtor” notes below, direct public access to the MLS will be pulled sometime soon on January 1, 2007.
∙ You Can Relist, But You Can’t Hide [SocketSite]
∙ MLSs attack for-sale home 'relisting' practices [Inman]
Posted by socketadmin at 2:56 PM | Permalink | Comments (19) | (email story)
September 20, 2006
If You Have To Ask (2901 Broadway)
The ten thousand square foot mansion at 2901 Broadway (built by Henry C. Smith in 1925) is on the market (but not officially listed). And although the property statement notes "Pricing Information Upon Request,” apparently misleading rumors have it pegged at $75 million. (As we said, if you have to ask...) And all of a sudden, 2845 Broadway seems just so pedestrian new money.
∙ Listing: 2901 Broadway (7/6.5) - "Make Your Best Offer" [2901broadwaystreet.com]
∙ There's no place like these homes [MarinIJ]
∙ The $65,000,000 House [SocketSite]
Posted by socketadmin at 12:05 AM | Permalink | Comments (20) | (email story)
September 18, 2006
A Spinning Sign Of The Times (And The Lansing)
From a tipster (email: tips@socketsite.com):
I may be a bit naive, because I don't hang out much around South Beach/Rincon Hill/Mission Bay.....but I was driving down that way today and saw something I haven't seen in SF before. There was a guy out on the corner of Folsom and 1st (I think) waving one of those "now selling" signs for the Lansing. You know the type...plugged into a walkman, and waving the sign to the music... I have seen this phenomenon visiting San Diego and LA...but somehow I though that we were above it in this "sophisticated" city.
We couldn’t help but dispatch a crack photojournalist to immortalize the scene. In related news, we’ve been told that there are 14 two-bedroom condos still available in The Lansing (82 units and 83% sold), that their rate buy-down program is still being offered, and that the developer is “motivated.” A couple of current list prices to get you started:
∙ 50 Lansing #105 (2/2) - $850,000
∙ 50 Lansing #305 (2/2) - $699,000
∙ 50 Lansing #503 (2/2) - $760,000
∙ 50 Lansing #504 (2/2) - $750,000
∙ 50 Lansing #608 (2/2) - $795,000
∙ 50 Lansing #609 (2/2) - $795,000
∙ 50 Lansing #706 (2/2) - $795,000
∙ 50 Lansing #801 (2/2) - $1,210,000
And it's strange, but we can’t help but notice that #503 was listed for $725,000 just last month. (And once again, that #303 closed for $755,000 while #403 closed for $725,000.)
UPDATE (9/23): We've added pricing for units #608, #706, and #801.
∙ The Lansing (50 Lansing): Reductions And Recent Sales [SocketSite]
Posted by socketadmin at 1:36 AM | Permalink | Comments (24) | (email story)
Some Facts, Some Fiction
Last Tuesday the SFHomeBlog posted a number of sobering facts related to home sales in San Francisco for the week following Labor Day:
• Fewest number of contingent properties in one week in 2006
• Fewest number of pending properties in one week in 2006
• Fewest number of sold properties in one week in 2006
• New low for currently pending properties in 2006
These are four facts with which we can’t disagree. We do, however, take exception to the following three statements from the same post:
Statement 1: “The majority of our fall inventory has just hit. It will be all be piece-meal for the rest of the year with lower weekly numbers of new listings.” According to ZipRealty, almost 250 single family homes, condos, and TICs hit the market over the past seven days, which is about double the number of opposing sales, and ~17% of the current inventory. That's “piece-meal?”
Statement 2: “Inventory has been dropping since just after Memorial Day with a one-week exception (that's right) the weekend after July 4th.” According to our numbers, Active listed inventory steadily increased for the first three weeks of June (up ~20%), briefly dipped for about 10 days (down ~8%), rebounded again from July 5th through the end of the month (up ~13%), steadily dropped over the month of August (down ~12%), and once again rebounded after Labor Day (up ~25% over the past two weeks). As it stands, Active listed inventory is up ~33% since Memorial Day.
Statement 3: “Difference is, through all of this, the number of sales has been steady.” According to DataQuick, there were 626 sales in May, 652 Sales in June, and 485 sales in July (that’s down 22% from May, down 25% from June, and down 24% from July 2005). August numbers should be released this week. Keep in mind that over the past two years sales volume has peaked in June and then tailed off through the end of the year.
In a nutshell, sales activity has slowed while inventory continues to build. And for added context, consider that current listed inventory is back to -- if not higher than -- the level which the SFHomeBlog characterized as “a veritable saturation . . . of way too many homes“ and “a one-time occurrence” (a year ago).
∙ The Best (or worst) Week of 2006 [SFHomeBlog]
∙ Inventory Update: 5/18/06 [SocketSite]
Posted by socketadmin at 12:58 AM | Permalink | Comments (2) | (email story)
September 11, 2006
The Walk-Through Calls It Quits
The New York Times real estate blog (“The Walk-Through”) officially called it quits this afternoon: “As you may have noticed, The Walk-Through has been awfully quiet lately. It had a good run, but we’ve decided to turn our focus to other parts of our real estate pages.” In related news, the number of unique visitors “plugging in” to SocketSite continues to grow (up about 30% last month).
∙ In Closing [The Walk-Through]
Posted by socketadmin at 2:50 PM | Permalink | Comments (1) | (email story)
So That's What That Means
The list price on 2002 3rd Street #212 was reduced $36,000 (5%) on Friday. And according to the MLS listing, “FIRST offer at asking gets accepted*!” Now about that asterisk…
[Update: "The asterisk contains some protective language as they don’t want to get an offer at asking with HUGE contingencies and a long escrow period. Essentially they are incredibly reasonable and if they get an offer at the asking price with reasonable terms, they’ll sell."]
∙ Listing: 2002 3rd Street #212 (2/2) - $675,000 [Urban Bay] [MLS]
Posted by socketadmin at 12:01 AM | Permalink | Comments (1) | (email story)
September 8, 2006
It All Depends On How You Define “New”
We couldn't help but notice that some of that “new” inventory isn’t necessarily all that new.
301 Bryant #101 is back on the market with the same new price and the same “High end 50 inch Pioneer plasma TV & 5 B&W wall speakers included in sale!”, but a brand new broker; 22 Napier Lane is back on the market with the same broker but a new price (reduced $155,000); and 650 Delancey #422 is back on the market with both a new broker and a new price (reduced $70,000).
∙ Inventory Update: Four Days Later [SocketSite]
∙ Listing: 301 Bryant #101 (2/2) - $959,000 [MLS]
∙ Subterfuge at 301 Bryant? [SocketSite]
∙ Listing: 22 Napier Lane (2/2) - $1,995,000 [22Napier.com]
∙ Your Chance To Live On Napier Lane [SocketSite]
∙ Listing: 650 Delancey Street #422 (1/2) - $925,000 [MLS]
Posted by socketadmin at 5:22 PM | Permalink | Comments (10) | (email story)
The Odds Of Winning A Coveted Golden Ticket
Something to consider if you’re purchasing a TIC with the intent of converting it into a condominium:
With the number of condo conversion applicants increasing each year, the odds will get worse for each incoming group. For example, an applicant who entered the condo lottery in 2002 becomes an automatic winner in 2007. However, applicants who enter the lottery four years from now, in 2010, could face a waiting period of up to 24 years, the DPW report notes.
This year, 1652 units (537 buildings) applied for conversion permits (which are currently limited to 200 units per year).
∙ Condo permit odds toughen [Examiner]
Posted by socketadmin at 10:31 AM | Permalink | Comments (1) | (email story)
September 6, 2006
One Building, Same Floor (Plans), Two Very Different Prices
You may recall the two units we profiled in 2760 Sacramento. Unit #11 first hit the market at $795,000 (and was subsequently reduced to $755,000) while unit #9 hit the market for $769,000. According to a tipster, here’s how it played out:
#11 sat forever…they dropped the price…got 4 multiple offers…rumored to have gone back in contract for their original list price. Then the buyer got remorse so it fell out.
Simultaneously #9 - same floor plan better kitchen and some city views comes on - 24 disclosure packages go out voila $859k sales price.
Meantime #11 gets back in contract and just closed for $749k. Honestly the views weren't that great.
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, don’t have parking, and are located two floors directly below #11.
∙ But Isn't The Median Sales Price Up? [SocketSite]
∙ Yet Another Data Point At 2760 Sacramento [SocketSite]
Posted by socketadmin at 11:03 AM | Permalink | Comments (7) | (email story)
September 5, 2006
A Divine Opportunity?
A “Noe Valley” church (complete with pews, a beautiful old pipe organ, and a separate two-unit residence) is on the market for $2,395,000. It’s definitely a unique opportunity, but isn’t 94110 (East of Dolores) officially the Mission? Now about that ninth commandment…
∙ Listing: 3726-3728 Cesar Chavez - $2,395,000 [Pacific Union] [MLS]
∙ San Francisco Zip Code Map [abag.ca.gov]
Posted by socketadmin at 12:10 AM | Permalink | Comments (5) | (email story)
Win A Buck (Keep Thirty-five Cents)
We still haven’t seen a copy of the fee agreements in either the Beacon or Metropolitan class action suits (anyone?), but the word on the street is that the attorney’s 50% contingency fee doesn’t include “costs” (which could add up to another 15% of the “gross recovery”). If accurate, this would mean that the Plaintiffs could end up “recovering” just 35% of any award.
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)
September 1, 2006
Boon Or Bust On Lombard?
There is at least one thing you can be sure of this holiday weekend, a non-stop processional of cars down the “world famous crooked street.” As such, we are naturally drawn to the listing for 1057 Lombard, a two-bedroom, two-bath condominium that’s located smack-dab in the middle of the block, has been on the market for almost five months, and was reduced by $100,000 about 45 days ago. And perhaps that’s a hint, but we can’t help but wonder, is a “crooked street” address a boon or a bust?
Update (9/5): As Dan notes in the comments, the price has been reduced another $200,000 (now listed at $1,650,000).
∙ Lombard Street (San Francisco) [Wikipedia]
∙ Listing: 1057 Lombard (2/2) - $1,850,000 [McGuire]
Posted by socketadmin at 12:15 AM | Permalink | Comments (16) | (email story)
August 31, 2006
Inside 2525 Webster
When we first broke the news about 2525 Webster we accidentally wrote that it would hit the market for $7.2M, when in fact, we had actually heard $7.65M from a reliable source (or as “Gregg” noted, “The realtor's bet is $7.65M”). And yet according to the MLS, it officially hit the market yesterday for $7.15M (or $7.25M according to the property’s website - thanks “eddy”).
[Note to “Annoyed”: Take a deep breath, try to enjoy the pictures for what they are (who knows, you might even pick up a design/decorating idea or two), and then join us in reading between the lines with regard to the change in pricing (we do think it’s relevant, even to the “mainstream”). And by the way, based on what we know about our readers, it’s actually closer to 98.5% (but point taken). And thanks for “plugging in.”]
∙ Coming Soon: 2525 Webster [SocketSite]
∙ Listing: 2525 Webster (7/6.5) - $7,150,000 [MLS] [2525Webster.com]
∙ Inside 990 Green Street #6 [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (8) | (email story)
Quite Literally At The Beacon
Oh, the irony. From the remarks field in the majority of The Mark Company listings for new units in The Beacon: “Come see SF's Hottest new building.” (For those who don't know, The Mark Company is the exclusive sales and marketing company for The Beacon, and some of the units in the building are suffering from serious problems of overheating.)
∙ The Mark Company: The Beacon [themarkcompany.com]
Posted by socketadmin at 12:05 AM | Permalink | Comments (10) | (email story)
August 28, 2006
Eye-On-Eichlers Home Tour (Marin)
Wondering what all the Eichler fuss is about? Well here’s a chance to see for yourself (and to support the Hospice of Marin while doing so).
The Eye-On-Eichlers Home Tour featuring over twenty Eichler homes in San Rafael's Lucas Valley and Terra Linda neighborhoods, and “celebrating the 50th Anniversary of Eichler homes in Marin,” will take place on September 16th from 11am to 4pm. Tickets are either $30 for access to five houses, or $40 for access to all homes on the tour. And once again, all proceeds go to support the Hospice of Marin.
Our thanks to Barry over at EichlerForSale.com for the great tip.
∙ Tickets: Eye-On-Eichlers Home Tour [ACTEVA]
∙ Eichler Gets Sucker Punched [SocketSite]
∙ Hospice of Marin [HospiceOfMarin.org]
∙ Eichler Homes Tour [EichlerForSale.com]
Posted by socketadmin at 1:01 AM | Permalink | Comments (0) | (email story)
August 25, 2006
Two Hours We’ll Never See Again
Okay, so it’s probably best not to mention just how long it took us to figure out that it’s a seven week (?) calendar sketched out on that damn wall in the listing for 188 South Park #5. (Or that it was only after we figured it out that we bothered to read the caption from another photo of the room “…slate-painted wall for your calendar, grocery list or physics equations…”)
And while Dornbracht fixtures, double shower heads, and rain spas sound nice, we’re still not finding the showers nearly as sexy as those in #7.
∙ Listing: 188 South Beach #5 (3/2.5) - $1,329,000 [MLS]
∙ Oh So Sexy Showers [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)
August 24, 2006
Cashing Out At 200 Townsend?
Five units in 200 Townsend hit the market on Tuesday (two of which are already pending). All the same broker, all the same agent, all the same pictures, and most making reference to their “first time on the market!” Perhaps the developer (or an investor) has decided it’s not such a bad time to take some money off the table? Regardless, a fair number of choices if you’ve had your heart set on living in the 51 unit building.
∙ Listing: 200 Townsend #1 (1/2) - $679,000 [Pacific Union]
∙ Listing: 200 Townsend #6 (1/2) - $825,000 [Pacific Union]
∙ Listing: 200 Townsend #10 (1/2) - $759,000 [Pacific Union]
∙ Listing: 200 Townsend #13 (1/2) - $635,000 [Pacific Union]
∙ Listing: 200 Townsend #17 (2/3) - $899,000 [Pacific Union]
Posted by socketadmin at 11:34 AM | Permalink | Comments (5) | (email story)
August 23, 2006
Presentation To The NAR Leadership Summit
A tipster forwards the link to David Lereah’s Real Estate Reality Check presentation given at the National Association of Realtors (NAR) Leadership Summit last week. Very little of the data is San Francisco specific, but as our tipster notes, “definitely an interesting look at the national market.”
A couple of not so positive slide titles that caught our attention: “Condo – Significant Price Depreciation in West and South,” “Mortgage Obligation to Income – Worrisome in the West,” “Prices Do Decline,” and “Correction Necessary.” And according to the “What Will Happen?” slide, “Prices [are] expected to fall for remainder of year,” (although “[p]rice fall will be limited due to pent-up demand at lower prices”) and “[s]ome local markets are fragile and vulnerable to rate rise” (that would be us).
The five-day-old presentation forecasts national existing home price growth of 4.3% in 2006 and 3.8% in 2007 (down from 12.4% in 2005), and existing home sales of 6.6 million in 2006 (which was lowered to a seasonally adjusted annual rate of 6.33 million just this morning).
∙ Real Estate Reality Check: NAR Leadership Summit (8/06) - pdf [realtor.org]
∙ Fresh Data Shows Cooling Housing Market [SFGate]
Posted by socketadmin at 3:50 PM | Permalink | Comments (8) | (email story)
Square Feet Subterfuge
Okay, so we’ve had a chance to review (i.e., read) the legal filing related to the Beacon class action suit, and here’s our take on the whole “misrepresentation of unit size” issue: it’s subterfuge.
Or more accurately, it’s simply an attempt to claim “fraudulent inducement” in order to void the provisions in the plaintiffs’ purchase contracts which require arbitration (rather than lawsuits) and waives their rights to a jury trial (which the current filing demands).
Keep in mind that we’re not attorneys, we haven’t consulted any attorneys, and we’re simply speculating. That being said, perhaps there’s a properly trained legal professional who cares to comment? (Just go easy on us…)
∙ The Beacon Twenty-Two (And Their Dirty Laundry) [SocketSite]
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
Posted by socketadmin at 2:03 PM | Permalink | Comments (5) | (email story)
August 22, 2006
The Beacon Twenty-Two (And Their Dirty Laundry)
We haven’t had a chance to review the full legal complaint for the class action suit concerning the Beacon (pdf available over at SFCondo), but here’s what we know:
1. Depending upon your perspective, there are either twenty-two heroes/heroines or goats (i.e., the plaintiffs)
2. According to Damion, many of the homeowners “were out of the loop on the whole thing,” and others “who were feeling litigious last week are starting to have second thoughts....”
3. And while we know that litigation hinders resales (and refinancing), we have a funny feeling that the now public record of defects, complaints, and accusations might be just as damaging (at least in the short-term).
UPDATE: Did anyone attend the special homeowners meeting last night (8/22)? Care to comment?
∙ What’s Happening At The Beacon? [SFCondo.org]
∙ A Big Bad Lawsuit At The Beacon [SocketSite]
Posted by socketadmin at 12:01 PM | Permalink | Comments (15) | (email story)
August 21, 2006
1200 Indiana: The Final Chapter?
A tipster forwards a RealtyTrac pre-foreclosure notice for 1200 Indiana. Fortunately the sale is pending and we’re guessing the owner isn’t feeling too stressed (especially if he’s enjoying one last soak in that hot tub).
∙ 1200 Indiana: Flip Or Folly? [SocketSite]
∙ Going Once, Going Twice… [SocketSite]
∙ Speaking Of Bachelor Pads… [SocketSite]
Posted by socketadmin at 1:30 AM | Permalink | Comments (3) | (email story)
August 18, 2006
Open House Observations
A couple of general “open house” observations:
1. We can’t help but notice the marked return of the Saturday open house (currently 86 scheduled for this weekend in San Francisco); 2. The frenetic pace has slowed (fewer people sprinting through open houses, barely noticing the lack of an actual kitchen (hell, they’ll just put a microwave in the closet), and leaving the car double parked (and running) out front); 3. Agents are actively selling (rather than simply parroting the date they’ll be reviewing offers); and 4. We agree with Curbed, it's easier to search for (listed) open houses on Movoto.
Any others?.
∙ Sunday Open Sunday [Curbed]
∙ Movoto [Movoto]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
August 17, 2006
Affordability Is Up! (But Not Really)
Earlier this morning, we referenced the Housing Affordability Index (HAI) which is published by the California Association of Realtors (C.A.R.). According to the last published index (February), the percentage of households that could afford to purchase a median-priced home in the Bay Area was 12% (and only 9% in San Francisco).
Almost right on cue, C.A.R. released a new First-time Buyer Housing Affordability Index (FTB-HAI) this afternoon:
C.A.R. began producing its Housing Affordability Index (HAI) in 1984. At that time, fixed-rate mortgages were the prevailing form of financing a home purchase, while the calculations used to produce the HAI reflected a 20 percent down payment. The methodology also assumed a monthly payment for principal, interest, taxes and insurance that was no more than 30 percent of a household’s income.In the more than two decades since the CALIFORNIA ASSOCIATION OF REALTORS® first conceived the HAI, the mortgage finance landscape has changed dramatically. The range of mortgage products available to buyers as well as underwriting criteria has changed.
C.A.R. developed the new index measuring affordability for first-time home buyers to better reflect the realities of today’s real estate market.
According to the new model, the percentage of first-time buyers able to afford a median-priced home in the Bay Area stands at 24% (16% in San Francisco). And while that’s more palatable than 12% and 9% respectively, keep in mind that based on this new model (which takes into account relaxed lending standards and the shift away from long-term, fixed-rate mortgages), affordability in San Francisco is down about 18% from a year ago, down 28% from two years ago, and down 35% from the second quarter of 2003. That's the market reality.
∙ Nobody Actually Owns A Home In "Bay Area” [SocketSite]
∙ Housing affordability at 23 percent, according to newly developed index [C.A.R.]
Posted by socketadmin at 2:02 PM | Permalink | Comments (9) | (email story)
August 16, 2006
Ch-ch-ch-ch-Changes
Let’s see, a “favored nabe yet to come” (re: the Rincon Hill area), “big bucks” (re: prices), and a “moat of congestion” (re: traffic). It sounds like John King has been “plugging in” to a few of the comments on SocketSite.
And while we’re surprised that he finds it “odd” that people living in a thriving city by a beautiful bay might invest heavily to live in an “fast-paced urban district focused on the bay,” we’re even more surprised that a member of the marketing firm for One Rincon Hill would dare mutter “it’s like living in Southern California"...
∙ Property that's so hyped, you'd think they were selling Shangri-La [SFGate]
∙ Comments: The Infinity: A Study In Contrast [SocketSite]
∙ Comments: The Infinity Starts Selling [SocketSite]
Posted by socketadmin at 11:12 AM | Permalink | Comments (1) | (email story)
Coming Soon: 2525 Webster
We’ve been closely following the transformation of 2525 Webster's exterior. And we're looking forward to an opportunity to explore inside (we expect it will officially hit the market around Labor Day).
According to the property statement (pdf), the 7800+ sq.ft. house now boasts 7 bedrooms and 6.5 baths; a wall of French doors that open from the living room to a large deck; a “chef’s kitchen with 2 sub zero refrigerators, thermador double ovens, 2 dishwashers, 2 sinks, [and a] wolf 5-burner Cooktop”; a 1000 sq.ft. master suite with private terrace and marble baths; a pre-wired media room, sauna, and wine cellar; and 5 car parking.
And while we have a pretty good idea of the list price, we've been told it has yet to be set in stone. Anybody care to venture a guess and prove your pricing prowess? (Keep in mind that the house last changed hands for $4,000,000 in July of 2005, prior to the total overhaul.)
Update: Okay, so we had heard $7.26M. Based on the comments below, perhaps that’s actually a bargain. (Or perhaps now they’ll just adjust the price upwards…) [Editor's Note: Not that you have any reason to believe us, but Gregg is spot on, and we actually meant to write $7.6M. And no, we're not covering the difference...]
∙ 2525 Webster Street: Statement (pdf) [glass-moore.com]
Posted by socketadmin at 12:00 AM | Permalink | Comments (7) | (email story)
August 11, 2006
A Sign (Quite Literally) Of The Times
File this under lagging indicators. Apparently Trump has been dumped and shock is in. And just to be clear, we’re definitely not advocating attending. (That is until the Learning Annex starts throwing a bit of that “Wealth” our way - at least we learned something from The Donald.)
∙ Oh! Donald! [Curbed]
Posted by socketadmin at 12:01 PM | Permalink | Comments (2) | (email story)
Six Seventy-Nine Or Bust
Right on the heels of a tipster’s note that 321 Langton #11 was back on the MLS for $679,000, and that he/she had written an over asking offer when it was listed at $599K (“and they always countered at $679”), it looks like it’s in contact. No word on the price.
∙ A Promotion (From Comment To Post) [SocketSite]
Posted by socketadmin at 11:10 AM | Permalink | Comments (1) | (email story)
Section 1396.2 In Action (863 Haight)
It’s not every day you come across a newly remodeled two bedroom, two bath unit in the Lower Haight (Hayes Valley) with a wood burning fireplace and parking that’s listed for $575,000 (863 Haight #2). There are, however, a couple of things to note: one, it’s a Tenancy In Common (TIC) in a five unit building; and two, the building (863 Haight) was Ellis Acted in 2005.
Keep in mind that Supervisor Peskin’s legislation (section 1396.2 of the Subdivision Code) limits (or prohibits) condominium conversions for buildings in which certain types of evictions occurred (after May 1, 2005). Assuming none of the evictions in 863 Haight involved senior, disabled, or catastrophically ill tenants, you’re probably looking at 16 years before conversion. (With a senior, disabled, or catastrophically ill tenant eviction on the books, it’s not going to happen without a change in legislation.)
And for potential investors, don’t forget that your rent roll will be limited to the amount evicted tenants were paying for a period of five years. And if an evicted tenant requested and exercises a “first right to return,” their rent will be limited for ten years.
∙ Listing: 863 Haight Street #2 (2/1) - $575,000 [MLS]
∙ Prohibition On Condominium Conversion Passes [SocketSite]
∙ Ellis Act Evictions [sftu.org]
Posted by socketadmin at 12:28 AM | Permalink | Comments (2) | (email story)
August 10, 2006
Tainted Love Of Presidio Terrace
As far as we know, there are currently three homes for sale in Presidio Terrace: 6 Presidio Terrace ($10,900,000; reduced from $14,000,000), 28 Presidio Terrace ($5,380,000) which was designed by renowned architect Charles Whittlesey, and 34 Presidio Terrace ($11,000,000) which was designed by renowned architect George Applegarth. And while it’s obviously an uber exclusive enclave, we really had no idea:
The planned community was established in the early years of the 20th century, as a way to keep wealthy locals in the city after the 1906 earthquake, which shattered or burned much of San Francisco. Instead of moving to Oakland or other East Bay communities, they could have large, luxurious houses on large parcels of land in the city.A 1915 advertisement for Presidio Terrace, which was developed by Baldin & Howell, touts the "artistic and elegant homes" that occupied Presidio Terrace. . . .
It is interesting to note that another ad, according to the Virtual Museum of San Francisco, tapped into anti-Asian sentiment: "There is only one spot in San Francisco where only Caucasians are permitted to buy or lease real estate or where they may reside. That place is Presidio Terrace." Buyers had to agree to sell only to white people; more recent law and custom have, of course, nullified those restrictions.
In fact, according to Forbes, “[California Sen. Diane] Feinstein's own home in Presidio Terrace included a restriction that dated back to 1909. She claimed to have had the restrictions removed in 1992….” (That would be 30 Presidio Terrace which she has since vacated for a home in Pacific Heights). 1992? As far as we’re concerned, that’s only 83 years too late.
∙ Listing: 6 Presidio Terrace (7/5) - $10,900,000 [Hill & Company] [MLS]
∙ Listing: 28 Presidio Terrace (5/7) - $5,380,000 [Pacific Union] [MLS]
∙ Listing: 34 Presidio Terrace (6/6.5) - $11,000,000 [ Joel Goodrich]
∙ Presidio Palace [Forbes]
∙ Bathroom (And Market) Of The Rich And Famous [SocketSite]
Posted by socketadmin at 1:31 AM | Permalink | (email story)
Thursday’s Two Questions (From Readers)
Two recent questions from our readers:
1. “I'm wondering what the new street that they're building between the 280 freeway and the Caltrain tracks as part of that development is going to be called (the one that parallels 7th St.). . . . I'd vote for "Beirman", in honor of the freeway revolt.”2. “At one time, 450 Rhode Island was going to be built for MacroMedia, but I think plans changed for that a while ago. Whole Foods is going to open on the ground level of that complex and there is going to be around 165 to 185 residential units built above it. I was wondering if you or anyone on your staff had heard any details about it or found any sketches.”
Our answers: Unfortunately we don't have any, but we're hoping that you might. And as always, even if you don’t, perhaps you’ll consider forwarding this to a friend or two (or three) that might. We’d definitely do the same for you.
Posted by socketadmin at 12:52 AM | Permalink | Comments (1) | (email story)
August 8, 2006
Catchphrase Of The Month: “Priced To Sell”
Are we the only ones who were surprised by the number of times we were greeted by a hearty, “It’s priced to sell!” at open houses throughout the city this weekend? (Yes, even in the Marina.) Perhaps its just the new new thing (along with a renewed sense of urgency):
This property is perfect for those who love urban living and is priced to sell quickly. Open House held on Sundays 8/13, 8/20, 8/27 from 1 to 4. Offers with signed disclosure packages expected by noon, August 29 at the property address.
We'll keep you posted.
∙ Listing: 764 Stanyan - $1,595,000 [MLS]
Posted by socketadmin at 10:59 AM | Permalink | Comments (6) | (email story)
August 7, 2006
Cattle In Eureka Valley
Yesterday we received the above 1880’s photograph of Eureka Valley and 70 Douglass.
“70 Douglass is one of the few surviving structures from a time when Eureka Valley was better known for farms and cattle. In the photo, that's a cattle yard on the East side of Douglass. 70 Douglass is in the center, with the roof a bit hazy. The building is circa 1883.”
And while we love the photograph (more historic pictures available here), we have to admit that we’re not so keen on the reason it found its way into our inbox. From the note that accompanied the photo:
“We're working to save the building at 70 Douglass St. The owners want to demolish it and replace it with two single family homes - one on Ord and one on Douglass.”
And while we’re more than happy to support an effort to find a buyer that will appreciate and preserve a historic property that’s currently for sale (a la 39 Chattanooga), we’re not so hip on simply trying to block the development rights of current owners.
If you feel strongly one way or another, however, you might want to attend the Board of Supervisors’ appeal hearing on Tuesday, Aug. 15 (4pm at City Hall) [UPDATE: postponed until September or October] at which an appeal of the Planning Departments decision to issue a categorical exemption for 70 Douglass from the California Environmental Quality Act (CEQA) will be heard (homonym pun most definitely intended).
∙ Historic Pictures of Eureka Valley [flickr]
∙ Current Photos of 70 Douglass [flickr]
∙ 39 Chattanooga Street Sold [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)
August 4, 2006
One Free Pass
If you seek insight into what’s really happening in the local real estate market (and not just the same old industry rhetoric); if you value the inside scoop on new developments, interesting new listings and opportunities, and intriguing (or abhorrent) architecture and design; and if you actually want to make an informed decision about buying or selling a house, condo, or property in San Francisco, then we hope that you’ll continue to “plug in” (and contribute) to SocketSite.
If, however, you simply feel the need to single-mindedly debate (and we use that word loosely) the merits (or “superiority”) of buying versus renting (or vice versa), or the impending crash (or boom) of the local real estate market, then you’re probably wasting your time here. (Might we suggest the real estate forum on craigslist?)
That being said, this is your one free pass. And to get things started, we’ve moved the thread that started with an off-topic comment on our follow-up post on 2760 Sacramento to the comments section below. So have at it. Rant and rave or call each other (or us) names (within reason). Hell, this is the one time we really won’t care whether you’re on-topic or off. Just try to get it out of your system.
Posted by socketadmin at 12:04 PM | Permalink | Comments (18) | (email story)
August 2, 2006
Name That Lot (Coit Tower Edition)
A recent SocketSite reader inquiry:
I recently with some friends visiting from out of town climbed up Telegraph Hill to Coit tower. On the way up, we noticed an empty lot (possibly a small cottage at the back of it) for sale. I haven’t been able to find any information on it...I was wondering if you had any dirt about it?
Preliminary reports are that it might be a Sotheby’s listing and we've just got one of those feelings that there's a great story (drama) behind the property. So if you’ve got the full scoop, we’d love to hear it. And if you don’t, perhaps you’d consider forwarding this to a friend or two that might. We’d do the same for you.
Update: The readers come through in record time with the details (it’s 115 Telegraph Hill Boulevard), and now we’re just looking for the “dirt” (i.e., any great stories/background).
∙ Listing: 115 Telegraph Hill Boulevard (lot) - $4,000,000 [Louis Silcox]
Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)
Tipster Odds And Ends
Tipsters note that 1864-1868 Green Street, which was originally listed at $3.595M a year ago today and then subsequently reduced three times to $2.65M, is finally in contract (as is the infamous 142 Saturn).
And another tipster suggests that the “A” in Robert Bruss’ “Q&A” column should stand for something other than “Answer” based on his failure to call out a fellow Realtor who admits that some agents might just be putting their own self interests ahead of their clients (“Regardless of whether it's ethical, that's what happens”).
UPDATE (8/13/06): 1864-1868 Green Street is back on the market...
∙ Opportunity, Funk, And The Color Purple [SocketSite]
∙ Making a case for a 7% fee [SFGate]
Posted by socketadmin at 7:23 AM | Permalink | Comments (6) | (email story)
July 31, 2006
Eichler Gets Sucker Punched
You don’t have to be an expert to write about architecture and design, but as the Frisco Kid points out (without exactly mincing his words), it might be nice if you at least have a clue.
∙ Unhappy With Eichler [SFGate]
∙ Mocking Modernism [Curbed]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
July 28, 2006
Handy Hint Of The Day: Wash The Windows
SocketSite’s handy hint of the day: if you’re showcasing your home, condo, or building to potential buyers, agents or brokers, go ahead and invest the extra cash to wash the windows. It’ll make a huge difference. Especially if it’s $3.3M penthouse sporting floor-to-ceiling windows with gorgeous Bay/city views, and your audience is the movers and shakers in the real estate industry (and SocketSite).
∙ Watermark floor plan: Unit “K” (3/2.5) - $3.2M/$3.3M [sfwatermark.com]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
July 27, 2006
That’s Sir Arthur Ignatius Conan Doyle To You
Don’t get us wrong, we love this plaque (and the building). As to the plaque’s validity, however, Mister SF isn’t buying it:
A plaque on this 1881 house at 2151 Sacramento Street boasts that Sir Arthur Conan Doyle once occupied the Lafayette Heights residence. Actually, Conan Doyle only visited for a few hours when this was the home of an associate, Dr. Abrams. Conan Doyle, the creator of Sherlock Holmes and Dr. Watson, visited San Francisco once in his lifetime, in late May and early June of 1923. The author and his wife stayed at the Clift Hotel during Conan Doyle's second and final lecture tour in the U.S. . . . One wonders what influence, if any, the exaggerated Sacramento Street plaque, which was placed by an owner of the house in the 1970s, has on the property's value.
Sherlock would be proud. We’re not so sure about the owners (or the listing agent).
∙ Literary San Francisco: Sir Arthur Conan Doyle [MisterSF]
∙ Listing: 2151 Sacramento #2 (1/1) - $645,000 [Zephyr] [MLS]
Posted by socketadmin at 12:21 AM | Permalink | Comments (3) | (email story)
We're Doing Our Part
∙ A Very Special Offer [SF Cityscape]
Posted by socketadmin at 12:07 AM | Permalink | Comments (2) | (email story)
July 26, 2006
Congratulations to UrbanDigs!
Congratulations to UrbanDigs (as well as Noah and his team), the winners of the 2006 Inman News Innovator Award for 'Most Innovative Real Estate Blog.' We'll be ready to rumble the next time we're in New York. (Or at least grab drinks.)
∙ UrbanDigs: Tips on Profiting on New York City Real Estate [UrbanDigs.com]
∙ SocketSite’s New Badge Of Honor [SocketSite]
Posted by socketadmin at 9:24 PM | Permalink | Comments (2) | (email story)
July 25, 2006
Staging Gone Wrong
Done right, staging can show off a homes potential, help reduce a listing’s time on the market, and maximize the selling price. Done wrong. . .
Listing: 2415 Van Ness #302 (0/1) - $395,000 [Hill & Co.] [MLS]
Posted by socketadmin at 12:33 AM | Permalink | Comments (1) | (email story)
July 24, 2006
A Quick Flip At One Rincon Hill?
As a reader points out, we now have evidence of the first attempted flip of a One Rincon Hill condo:
I have a 1 bedroom 1 bath unit above the 40th floor, with a balcony, aproximately [sic] 750sqft(not including balcony) reserved in the highly sought after 08 stack(which is the a corner facing Downtown and the Waterfront). My reserve price is $870k, but 1)developer has raised them $60k 2)you probably could not even get this stack because they are all reserved 3)if you go through sales office, you must owner occupy for at least 1yr, but this one is grandfathered because reserved early.I am asking $920k, or best offer for my unit. We would sign purchase agreement together and close escrow, from which I'd quit claim off title.
Loophole? Anomaly? Trend? This is going to get interesting. And we can hear the lawyers scrambling from here...
UPDATE: The craigslist post has been updated [thanks John]. Don't worry, the unit in the 08 stack is still available, but apparently 04 and 05 stack units have been added to the flippers inventory as well.
∙ Comments: The Infinity: A Study In Contrast [SocketSite]
∙ $920000 - 1BR w/Water Views and Balcony at One Rincon Hill [craigslist]
Posted by socketadmin at 4:47 PM | Permalink | Comments (20) | (email story)
Honey, What Happened To Those Views We Paid For?
A quick reminder that it’s not only future residents of Rincon Hill/SOMA that need to stay ‘plugged in’ to what’s happening with regard to new construction (or renovations) when house/condo hunting.
On Friday, a tipster (thank you!) pointed out the brand-new listing for 2736 Broderick, a beautiful home offering fantastic views. Our tipster also noted, however, that the property next door (2740 Broderick) is a single-story cottage that’s situated on the back of its lot, and contributes to those fantastic views (at least for now). From our tipster:
. . . I used your handy link to the building permits posted a few days ago to look up permits for 2740, the cottage. 3 permits were approved two days ago: one to tear down the cottage, one to tear down the one story garage, and one (surprise, surprise) to erect a three story residence . . . Two days later, [2736 Broderick is] for sale.
And while it sounds like the listing agent for 2736 Broderick is doing a great job of keeping prospective buyers in the loop (“I was at the open house and the agent was very up front about the construction next door. They even had the plans for the new residence right next to the best view window that was being blocked…”), keep in mind that you might not always be so lucky.
∙ Competition, Rates, And Plugging In [SocketSite]
∙ Listing: 2736 Broderick (4/3.5) - $2,995,000 [Hill & Co.] [MLS] [Map]
∙ Fun With Building Permits (And Complaints) [SocketSite]
∙ Online Permit and Complaint Tracking [SFGov]
Posted by socketadmin at 12:23 AM | Permalink | Comments (2) | (email story)
July 20, 2006
We’re Definitely Arterra People
Thanks to J.K. Dineen at the San Francisco Business Times, we’ve got the scoop on the two new signature cocktails that will be lubricating the Arterra/Hayes sales center this weekend:
The “Arterrajito,” a variation on the mojito, was inspired by Arterra’s environmentally friendly “green” design; while the “Hayes Breeze,” a spin on the Bay Breeze, is offered to reflect the eclectic, urban San Francisco charm of The Hayes community.
Mmm...mojito. And props to Curbed for their “Grey Goose & wheatgrass” suggestion…
∙ The Hayes "Special" Open House (And Signature Cocktail) [SocketSite]
∙ Awash in Signature Cocktails [Curbed SF]
Posted by socketadmin at 11:50 AM | Permalink | Comments (0) | (email story)
July 18, 2006
The Hayes "Special" Open House (And Signature Cocktail)
It looks like The Mark Company might have concluded that the “signature cocktails” played a significant role in driving the condo buying frenzy at One Rincon Hill. This Saturday (7/22) The Hayes will be hosting a “Special Open House” complete with - you guessed it - signature cocktails!
And perhaps we’re reading into this a bit too much, but we can’t help but notice that our invitation reads “Sip a complimentary signature cocktail….” If that’s the case, perhaps the crowd (or building) won't appear to be quite so attractive this time around.
Bonus points to the person(s) who can correctly guess the name and recipe for The Hayes signature cocktail prior to Saturday (feel free to email or simply comment).
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]
∙ Rumor Confirmed: Mob Scene At One Rincon Hill [SocketSite]
∙ Quote Of The Day: One Rincon Hill Style [SocketSite]
Posted by socketadmin at 7:45 AM | Permalink | Comments (4) | (email story)
July 17, 2006
With A Non-Skinny Grain Of Salt
According Money Magazine’s “Best Places to Live 2006”, San Francisco isn’t a top 100 city. In fact, we didn’t even manage to rank in the top 25 with regard to home appreciation, incomes, job growth, commute, education, air quality, safety, or singles. We did, however, make the Top 25 list in two coveted categories: Priciest Homes (#13) and Skinniest (#2). Now about Houston ranking as the third skinniest...
∙ Money Magazine: Best Places to Live 2006 [Money]
Posted by socketadmin at 10:03 AM | Permalink | Comments (4) | (email story)
Think Escher (Not Eichler)
A tipster forwards this picture from inside the kitchen/stairway at 379 Hill Street and asks a perfectly reasonable question, “What were they thinking?” And although the MLS listing touts ‘Retro Kitchen with metal cabinets” (while managing to gloss right over that little staircase), at least the website acknowledges that it “has the potential for…improvement.”
∙ Listing: 379 Hill Street (1/1) - $749,000 [BJ Droubi]
Posted by socketadmin at 12:10 AM | Permalink | Comments (5) | (email story)
July 14, 2006
Passat Not Included
le blog exuberance notes that 696 De Haro, one of the fantastic four condos that served as the backdrop for a nationwide Volkswagen campaign, hit the market this week (it's the middle one above). And if you feel like taking a peek inside, or checking out the natural rock waterfall out back, it's open this weekend.
∙ 696 De Haro: VW’s San Francisco glamour condo for sale [le blog exuberance]
∙ Listing: 696 De Haro (3/2) - $1,279,000 [Vanguard] [MLS]
∙ Potrero Hill, Volkswagen, and Modernist Housing in San Francisco [le blog exuberance]
Posted by socketadmin at 6:51 PM | Permalink | Comments (3) | (email story)
Questions, Rumors, And Comments
A question from a reader: “I am wondering if anyone has information about 49 Hopkins in Twin Peaks? It's an amazing modern house.” We've never seen it, so who's got the scoop?
A rumor from a tipster: “I am considering a purchase at Candlestick Point - The Cove, a friend emailed me this link from CraigsList.com. Is there any truth to this?” (From the craigslist post: “Serious construction defects and leaking found in Phase 1 buildings. Ask questions and be careful!”) Our response: That's the first we've heard, but we’ll open it to our readers to comment.
And from a commenter in response to our “New Sales Force At The Beacon” post: “I don't think that's legal. They can't pay a referral fee to non-licensed people.” We're assuming that the devil’s in those “details” back in that Sales Office, but if not…
∙ BUYER BEWARE [craigslist]
∙ New Sales Force At The Beacon: Your Neighbors [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
July 13, 2006
Plant Some Trees Or Landscape Some Sidewalk
The SFHomeBlog makes a great discovery that well deserves to be passed around:
The Department of Public Works - Bureau of Urban Forestry is now accepting [applications] for sidewalk landscaping [permits]. In addition to planting trees, this permit allows property owners to convert a portion of the sidewalk in front of their property into an attractive landscaped area. It looks great, provides habitat, reduces flooding, and is good for property values!
If you’re into trees you might want to check out Friends of the Urban Forest. If not, you might want to consider some permeable landscaping (“which allows water and air to penetrate the soil”), as championed by Plant*SF (responsible for the “before/after” above). Either way, get out there and plant/landscape.
∙ Sidewalk Landscaping Permits [SFHomeBlog]
∙ Sidewalk Landscaping Permits [SFGov.org]
∙ Friends of the Urban Forest [fuf.net]
∙ What Is Permeable Landscaping? [PlantSF.org]
∙ Plant*SF [PlantSF.org]
Posted by socketadmin at 9:38 AM | Permalink | Comments (1) | (email story)
July 12, 2006
New Sales Force At The Beacon: Your Neighbors
From a “plugged in” tipster: “Apparently the brokers aren’t referring enough new buyers to The Beacon to get those $2500 Best Buy cards. Yesterday all 500+ Beacon homeowners received a notice on their doors from the Beacon sales office (Mark Company) offering a $15,000 bonus if they refer two new homeowners.”
∙ Bonuses At The Beacon [SocketSite]
Posted by socketadmin at 11:23 AM | Permalink | Comments (2) | (email story)
It Had To Happen
“My House is Worth What? is a new series for HGTV that tells homeowners across the country what their current home is worth, where they should renovate if they are planning to or just how much equity is available to fulfill a life long dream (child’s college, wedding, trip around the world etc).” And yes, they’re holding casting calls in San Francisco. [Thanks to the Inman Blog for the heads-up.]
∙ My House is Worth What? [pietown.tv]
∙ 'My House is Worth What?' [Inman Blog]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
July 11, 2006
Noe Valley Numbers And Insight
Garrett (of Greg & Garrett fame) was kind enough to drop us a note to let us know that our post on Noe Valley price reductions inspired him to add some Noe Valley sales stats to the Greg & Garrett blog. (We’re suckers for numbers.) The comparison of actual second quarter sales in 2005 and 2006 yields some interesting insight.
Based on Garrett’s numbers, the Average Sales Price of a single family home in Noe Valley increased 17.5% between the second quarter of ’05 and ’06. At the same time, however, the average sales price per square foot ($/sqft) dropped 8.7%. This is perhaps a textbook example of how a change in the sales mix (in this case larger homes) can obfuscate a weakening (depreciating?) housing market.
Even more straightforward, a comparison of condominiums/TICs sales in Noe Valley shows a 5.0% drop in Average Sales Price between second quarter sales in 2005 versus 2006, and a 12.6% drop in the average sales price per square foot ($/sqft).
And yes, we'll be the first to admit that dealing with “averages” can be dangerous, but it's all we've got (for now...).
∙ The Cost Coming Down? [SocketSite]
∙ More Quarter 2 Numbers [Greg & Garrett’s]
∙ It’s All About The Mix [SocketSite]
Posted by socketadmin at 11:39 AM | Permalink | Comments (0) | (email story)
July 10, 2006
Two Buck Chuck Or Pride?
A tipster forwards a craigslist post for an open house in Rohnert Park. A bit out of our way, and relatively unexceptional, but then again “[e]ach visitor receives a complimentary bottle of wine.” Unless it’s a bottle of Pride Claret, however, we’re still not making the drive. We can only hope that some enterprsing local agent (with great taste) takes note...
∙ Exceptional Executive Style Home in Rohnert Park [craigslist]
∙ 1995 Pride Mountain Vineyards Reserve Claret, Napa [Vinography]
Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)
June 30, 2006
SocketSite: 2006 Inman News Innovator Awards Finalist
Okay, so until yesterday we didn’t even know we were nominated, but it appears that SocketSite is one of six finalists for the 2006 Inman News Innovator Awards, Most Innovative Real Estate Blog category.
In all honesty, we probably don’t have a snowball's chance in hell of winning. The competition is tough, and we don’t have any fancy new “Web 2.0” technologies, features, or widgets (yet). Regardless, we’re not only honored to be nominated, but to be the only Blog finalist from California as well (we’ll do our best to represent).
So if we don’t get a chance to say it from the stage, a sincere thank you to all our readers, tipsters, and supporters for helping us to keep you ‘plugged in’ to what’s really going on in the local real estate market - from the anecdotal, analytic, and architectural; to the good, the bad, and the ugly.
∙ 2006 Inman News Innovator Awards [Inman]
Posted by socketadmin at 12:07 AM | Permalink | Comments (0) | (email story)
June 29, 2006
Opportunity, Funk, And The Color Purple
Back in April, 2415 Van Ness #606 was advertised as a “rare opportunity” but failed to sell at $549,000. We’re hoping they used the past couple of months to remodel, because it’s back on the market, it’s still being advertised as a “rare opportunity,” and it’s now $579,000.
Speaking of random pricing strategies, we’re guessing that a bidding war failed to materialize for 142 Saturn. The “Offers on 6/21” deadline has come and gone, it’s still active, and now they’ve raised the price by $251,000. As ReyEstate notes, something smells a bit funky.
And finally, we’d like to think of it as evidence of some cosmic pricing karma rather than evidence of a changing market, but either way, the list price for 321 Langton #11 (“Bait And Switch On MLS?”) has been reduced by $30,000. This time for real.
∙ Tip Of The Day [SocketSite]
∙ Listing: 2415 Van Ness Ave #606 (1/1) - $579,000 [MLS]
∙ Betting On A Bidding War? [SocketSite]
∙ Listing: 142 Saturn (3/2) - $1,250,000 [MLS]
∙ What's That Smell Coming From Uranus? [ReyEstate]
∙ Bait And Switch On MLS? [SocketSite]
∙ Listing: 321 Langton #11 - $649,000 [Urban Bay]
Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)
June 28, 2006
Watermark Signs Of Weakness?
Despite strong initial sales, the Watermark (501 Beale) appears to be showing subtle signs of weakness. According to ZipRealty, the list price for Watermark unit #14D was reduced $10,000 to $975,000 and unit #20M is currently listed for $1,725,000 ($5,000 below the advertised price range of $1.730M to $1.9M for “M” floor plan units on floors 17 to 22).
And despite the fact that the building has yet to sell out, unit #6C just hit the resale market with an asking price of $889,000 (floor plan above).
∙ Listing: 501 Beale Street #6C (1/1) - $889,000 [MLS]
∙ Watermark: “H” Floor Plan [sfwatermark.com]
Posted by socketadmin at 8:10 AM | Permalink | Comments (3) | (email story)
June 27, 2006
188 King Street: An Update
Seven weeks ago we alerted our readers to the opening of 188 King Street and provided a complete rundown of “Phase I” pricing (16 units). At the time, 3 units were already being advertised as “pending,” and only two units were listed on the MLS.
Today, 9 units are active on the MLS (including 7 of the original units), and four more are listed as active contingent. In addition, at least one unit that was originally identified as “pending” (#404) is now active. And while it’s possible that the sale fell through, a quick review of the “Agreement of Sale” for 188 King specifically discloses that “Seller herein informs buyers that a number of units will be retained for investment purposes. . . . Some or all of these units may be designated as “Sold” for marketing purposes.”
∙ Welcome To 188 King (188 King Street) [SocketSite]
∙ 188 King: Phase I Pricing [SocketSite]
∙ Listing: 188 King Street #404 (1/2) - $925,000 [MLS]
Posted by socketadmin at 10:47 AM | Permalink | Comments (4) | (email story)
39 Chattanooga Street Sold
According to the folks at Save 39 Chattanooga, the “little house” at 39 Chattanooga has been sold to a woman who “plans to remodel the house and live there.” Here’s to hoping that everyone’s happy with the outcome. And that this is the final (rather than first) chapter in this little saga.
∙ Victorian By Definition [SocketSite]
∙ Just One Of The Reasons We Blog [SocketSite]
Posted by socketadmin at 10:20 AM | Permalink | Comments (2) | (email story)
June 26, 2006
Where's The Simulated Tower?
On the heels of one tipster noting that the “view” from the model unit in The Infinity Sales Center might actually be from the 9th floor of the Gap, another tipster notes that while the simulated views on the One Rincon Hill touchscreen kiosks are a nice touch, they seem to be missing something fairly significant. Such as the second One Rincon Hill tower that will most definitely obscure the views to the East of the first tower (as “simulated” above)…
∙ Comments: The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)
June 23, 2006
One Building, Four Listings, Four Different Answers
It’s always interesting to compare the listings in a building. Take 1201 California for example. There are currently four coop’s for sale in the building ranging in price from $1,195,000 to $1,995,000; the units have been on the market from twenty days to six months; and at least two of the units have been reduced (by as much as $200,000). And depending upon which listing you believe, the building consists of 63, 70, 76, or 94 units…
∙ Listing: 1201 California #601 (2/2) - $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 1201 California #1101 (2/2) - $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 1201 California #1401 (2/2) - $1,250,000 [Hill & Co.] [MLS]
∙ Listing: 1201 California #1601 (2/2.5) - $1,995,000 [Ackerman] [MLS]
Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)
June 22, 2006
Condo Living In San Francisco
Damion Matthews, a frequent SocketSite contributor and go-to source for SoMa insight and tips, has launched SFcondo.org (a blog dedicated to “Condo living in San Francisco”). Initial posts include an interesting comparison between the marketing efforts of two new developments and a possible hint of things to come.
∙ Reader Question: What’s Really Going On? (Part I) [SocketSite]
∙ The Mayor Is Moving On Up! [SocketSite]
∙ The Infinity vs. One Rincon [SFcondo.org]
∙ What’s up at the Met? [SFcondo.org]
Posted by socketadmin at 12:06 AM | Permalink | Comments (0) | (email story)
How Will It Read In 2007?
The Bubble Meter provides a side-by-side comparison between the 2005 and 2006 book covers for David Lereah’s “Real Estate Boom.” It just begs the question: how will it read in 2007?
∙ David Lereah's Book: How the Cover Changed [Bubble Meter]
Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)
June 21, 2006
Rock Star Floor Plan Porn
You’ve seen the pictures, you even might have managed to sneak into a brokers tour, and now you have the floor plans. That’s right, a complete set of floor plans for Metallica guitarist, Kirk Hammett’s abode in Pacific Heights have been posted online. Our only question: how the hell do you get into that basement “Studio?”
∙ Listing: 2505 Divisadero (9/7) - $12,500,000 [Listing Agent] [Floor Plans]
∙ Tip Of The Day II [SocketSite]
Posted by socketadmin at 11:22 AM | Permalink | Comments (2) | (email story)
San Franshatten?
KRON 4's Maureen Kelly takes a look at the wave of high-rise developments in San Francisco and coins the phrase “San Franhatten" (San Francisco + Manhattan). Adding insult to injury, or perhaps editorial commentary, the KRON 4 website manages to refer to it as “San Franshatten.”
∙ High Rises to Change SF's Skyline (video) [KRON 4]
Posted by socketadmin at 8:45 AM | Permalink | Comments (0) | (email story)
June 20, 2006
QuickLinks: Covet Thy Neighbor’s House
The Finnish company Igglo takes a new approach to house hunting in Helsinki: 'pre-order' houses that aren't (yet) for sale. Redfin calls dibs in the US.
∙ Real estate 3.0: selling houses that aren't for sale [springwise.com]
∙ Buying Houses That Aren't For Sale [Redfin Blog]
Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)
June 19, 2006
Betting On A Bidding War?
A tipster notes that after two weeks on the market, the list price for 142 Saturn was reduced $124,000 (8.8%). Three weeks later, the price was dropped another $276,000 (27.6%). With “Offers on 6/21,” we’re guessing that they’ve changed pricing strategies from “reaching for the stars” to “betting on a bidding war.” And let’s not forget, if this one sells for $1 over $999,000 (which is $400,000 less than the original list price) it will be recorded, and touted, as “Sold for over asking!”
∙ Listing: 142 Saturn (3/2) - $999,000 [MLS]
∙ The Neighborhood Smackdown Starts [SocketSite]
Posted by socketadmin at 11:21 AM | Permalink | Comments (1) | (email story)
June 16, 2006
301 Bryant Update
In April we profiled 301 Bryant, pointed out three units that were for sale, and provided an answer to the trivia question of why only a quarter of the 39 units in the building have gas ranges. And as Curbed notes yesterday, the same three units are still on the market (two at the same price, one reduced $112,000), and that sweet 50” plasma/stereo setup is still available.
∙ Three In 301 Bryant [SocketSite]
∙ 301 Bryant, Not Selling [Curbed SF]
∙ Let’s Make A Deal! [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)
June 13, 2006
Rumor Confirmed: Mob Scene At One Rincon Hill
From a most excellent tipster:
[One Rincon Hill] had a quiet opening last night that was attended by 400 ecstatic neighbors, realtors and their friends. They opened up the entire inventory (400?) [376 in the South Tower] for the week of reservations. I estimate that they took reservation deposits for 50-75 condos, maybe more. It was a mob scene. One bedrooms began in the 600s and 2BRs in the 900s. Penthouses were $2-$2.3 and a large number of them were reserved. The wait list to see a sales person was over four hours long, but most people were happy to wait and were excited when they got to purchase. They stayed open long past midnight. [Thanks Gregg!]
Now who’s got pictures?
∙ 1,091 New Units Hit The Market [SocketSite]
Posted by socketadmin at 2:38 PM | Permalink | Comments (7) | (email story)
Seeing A 'Good' Deep Red
Curbed discovers a link to “Crapsman Cottage,” a blog in which the ex-owner of a Noe Valley Craftsman wonders: “[W]hy buy a perfect Craftsman bungalow and turn it into a modern monochrome icebox?” And which only leaves us wondering, when are they going to get around to the exterior?
∙ Blog. Feel Better Now? [Curbed SF]
∙ Crapsman Cottage [Blogspot]
∙ Listing: 4160 22nd Street - $925,000 [Pacific Union] [MLS]
Posted by socketadmin at 10:35 AM | Permalink | Comments (0) | (email story)
June 12, 2006
Those Damn Fools
The Motley Fool pounces on the National Association of Realtors (NAR), the press, and housing as an “investment”:
These are people who want us all to believe in housing as an investment, and they just happen to take a cut on the deals. Of course, housing, over the long run, is not a good investment, except for a very savvy few. It's a roof over your head that tends to keep pace with inflation, but not in a straight line. But if you can't afford your place because you made a bad deal based on reports of the never-ending happy housing story, that cozy home could be a personal finance time-bomb waiting to explode.
Damn Fools.
∙ I Want My Bubble Back! [Motley Fool]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
June 9, 2006
The Hills Of San Francisco
No real story (although real estate market metaphors/similies abound), just made us chuckle so we thought we’d share. Thanks to the Potrero Hill Blog (and the “TravelingTiger”) for lightening the weekend.
∙ Potrero … yes it really is a … Hill [Potrero Hill SF]
∙ "Beached Limo" [travelingtiger.com]
Posted by socketadmin at 8:27 PM | Permalink | Comments (0) | (email story)
June 8, 2006
From Gain To Loss In Just Three Short Months?
This past March, Matt Lanning at the SFhomeBlog set out to demonstrate the “real-world” impact of rising mortgage interest rates on home values. As always, the devil is in the details (or in this case, the assumptions), and as such, we thought it might be interesting to use Matt’s own model, with updated assumptions (reflecting the ongoing changes in mortgage and home appreciation rates), to see what it says about the current market.
Matt’s model is straightforward: take the purchase of a $750,000 property (with 20% down) and after a year, net out the impact of decreased purchasing power due to rising interest rates from any increase due to local market appreciation. Based on this model, and with his assumptions, Matt suggests that you would have had a “positive price appreciation of at least $25k” from March ’05 to March ‘06. Key assumptions: mortgage rate moving from 5.75% to 6.5% (30-year fixed), and a “conservative” year-over-year market appreciation of 10%. Now let’s fast forward three months...
According to Bankrate.com, the benchmark 30-year fixed-rate mortgage is now 6.72% (up 1.07% from a year ago), and the benchmark 5/1 adjustable-rate mortgage is now 6.29% (up 1.14% from a year ago). In either case, in order to keep mortgage payments the same as a year ago, the price of a $750,000 property would have to drop to about $665,000 (for a loss of $85,000).
At the same time, year-over-year appreciation (imperfectly measured by the change in median sale price) is currently running around 4% and would suggest that a $750,000 property purchased a year ago should be worth $780,000 today (for a gain of $30,000). Based on Matt’s model, we now net the $85,000 loss against the $30,000 gain for an effective loss of $55,000 over the past year.
Yes, this model is flawed and overly simplistic, but it does highlight two points: 1. in any model, question the assumptions, and 2. the SFHomeBlog’s own model would suggest that property values are actually depreciating (not appreciating) in San Francisco. But please don’t blame us, it’s really not our model.
∙ Mortgage rate comparison - Then & Now [SFHomeBlog]
∙ Rates hardly move in paucity of economic data [Bankrate.com]
∙ SF Year-Over-Year Appreciation Now At 3.6% [SocketSite]
Posted by socketadmin at 12:15 AM | Permalink | Comments (3) | (email story)
June 7, 2006
Never Underestimate Curb Appeal
Over at Inman News, Bill & Kevin Burnett tackle the question of how to care for the wooden steps of a Victorian home. “The staircase is the first thing a visitor [or buyer] to your home sees. It sets the tone for the rest of the house.”
∙ Tips for preserving Victorian staircase [InmanNews - $]
Posted by socketadmin at 9:29 AM | Permalink | Comments (0) | (email story)
Apparently A Non-Expert Opinion
Inman News hosted an audio conference on Monday titled “Blogs: The Power to Transform Your Business.” We weren’t invited to participate (we’re just going to assume our invitation was lost in the email), but we did have a chance to review the Inman overview of the call. Two quotes that caught our attention:
“Effective blogs tend to be realistic, honest, opinionated, conversational and even blunt, panelists said – they effectively engage readers in a dialog and they do not shy away from controversy.” [Yes]"The first guy in wins," [David Crockett] said. "If you do it right and you do it first, you can say, 'Checkmate,' to the rest of the Realtor [sic] out there." [No chance in hell]
The first statement is spot on, while the second is completely naïve (and makes us wonder what else was said by the experts on the call). Don’t forget that startup costs for bloggers are minimal and switching costs for readers are, for the most part, non-existent (did we mention how much we appreciate you ‘plugging in?’). So even if you are not 'first in,’ don’t sweat it, content is king. And if you are first in, don’t start resting on your laurels.
∙ Blogs can create covert real estate marketing [InmanNews - $]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
June 6, 2006
Home Depreciation?
In late 2004, 119 Lyon #C sold for $1,200,000. Almost two years later, it’s back on the market for $1,149,000. As a tipster writes:
I remember looking at that same condo in September 2004 as staged, brand new construction . . . At that time, the back yard pictured was mostly new turf and a little bare. Someone has gone to considerable expense to pave the entire yard with stone, put in a fountain, and now it is for sale for $50,000 LESS than 2004. Ouch!
Well, for all we know a bidding war will turn that frown upside down, but if not...
∙ Steve Gothelf: Past Sales [stevegothelf.com]
∙ Listing: 119 Lyon #C (3/3) - $1,149,000 [Vanguard] [MLS]
Posted by socketadmin at 12:05 AM | Permalink | Comments (1) | (email story)
June 5, 2006
They’re Back!
As we expected, at least 7 of the listings in the 776 Tehama/1277 Howard development are back on the MLS with…wait for it…new pictures, new MLS numbers, and new prices. So while it might appear like the units have only been on the market for a week, they’ve actually been on the market for two months. And their prices have been reduced from 2% (#3) to 13% (#15).
∙ When “SOLD!” Really Isn’t Sold [SocketSite]
∙ 776 Tehama/1277 Howard: Pricing [SocketSite]
∙ Listing: 1277 Howard #3 (2/2) - $735,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #6 (1/1) - $469,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #10 (1/1) - $515,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #11 (2/2) - $695,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #13 (1/1) - $529,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #15 (1/1) - $479,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #17 (2/2) - $749,000 [Vanguard] [MLS]
Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)
If You Have To Ask
The Chronicle delves in to the world of “white elephants,” “international businesspeople seeking a safe haven in the United States,” and six figure heating bills. In other words, the uber-luxury housing market of the Bay Area.
∙ A HARD SELL [SFGate]
Posted by socketadmin at 12:07 AM | Permalink | Comments (0) | (email story)
The “Signature Cocktail” Of One Rincon Hill
What do oysters, caviar, duck, crab, live jazz, and valet parking all have in common? They’re all part of One Rincon Hill’s “Preview Event” next Thursday. And if that’s not enough, let’s not forget the debut of “One Rincon’s Signature Cocktail, the ‘One Gincon’” (if only we, or they, were kidding). Yep, an interesting summer indeed.
∙ Behind The Velvet Ropes [SocketSite]
∙ Party Like It’s 2006 [SocketSite]
Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)
Ex-Wozland For Sale
The one-time Los Gatos home of Apple’s co-founder, Steve Wozniak, has been on the market for at least six months. And despite the fact that the 7,200 sqft house at 300 Santa Rosa Drive was "listed” at $7,950,000 last December, NBC11 is reporting that the owner (a developer and most definitely not the Woz) is now asking $11,000,000 (and that it was originally listed at $20,000,000).
We’re not sure what’s really going on with this one, but based on the cast of characters involved (take a look at the “Meet The Team” section of the “Restoring Wozland” website) we’re not too surprised. And in terms of comps, you might want to include the 7,200 sqft house down the street that’s currently listed for $3,300,000 (321 Santa Rosa Drive). But then again, the Woz never lived there and it doesn’t have its own cave...
∙ Own Steve Wozniak's home--only $8 Million [digg]
∙ Restoring Wozland [restoringwozlannd.com]
∙ Slideshow: 300 Santa Rosa Drive [NBC11]
∙ Listing: 321 Santa Rosa Drive, Los Gatos - $3,300,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (1) | (email story)
June 2, 2006
Just One Of The Reasons We Blog
We recently received a nice note from the organizers behind the ‘Save 39 Chattanooga’ campaign:
Thanks for including 39 Chattanooga so prominently on your site! We've gotten several responses already. The more we get the word out, the better our chances are of finding a buyer who wants to buy the house because of its history, rather than in spite of it.
So please keep passing it along, and thank you to everyone for ‘plugging in’. Oh, and as always, don’t forget to invite us to the housewarming…
∙ Victorian By Definition [SocketSite]
∙ Save 39 Chattanooga Street! [save39chattanooga.org]
Posted by socketadmin at 1:54 PM | Permalink | Comments (5) | (email story)
The Secret Agent And Website Of 569 Waller
The sellers of 569 Waller swear by their agent, “Kathleen Gilheany is our agent - our secret agent. The best kept secret in San Francisco Real Estate. Period.” And after reading a couple of Kathleen’s comments on the MLS listing for their property, “The agent has had a facelift, and so has the hallway!” and “Looks like the gut monster from 'Alien'” (re: kitchen faucet and overhead sprayer combo), we’re have to admit that we're a bit enamored as well.
And then there’s the website for their listing. It might not be the glitziest, but it offers a floor plan with an interactive photo tour, a history of the property’s renovation with before and after shots, and a map of the neighborhood that highlights the sellers' favorite haunts. It’s a great presentation that’s not only visually compelling, but tells a great story as well.
All that being said, 569 Waller remains active on the MLS (despite requesting offers this past Wednesday (5/31)) and will be open this Sunday (6/4) from 2:00-4:00 PM.
∙ Listing: 569 Waller (3/1.5) - $799,000 [569waller.com] [MLS]
Posted by socketadmin at 10:25 AM | Permalink | Comments (0) | (email story)
Party Like It’s 2006
The Wall Street Journal reports on a growing trend of over-the-top parties, gift bags, and celebrity attended events that are being hosted by real estate developers targeting real-estate brokers and potential buyers of high-end condominiums in New York, Florida, and Las Vegas.
The growing glut of expensive condos is pushing high-performing real-estate brokers and deep-pocketed potential buyers onto the "A" list. By supplying them with coveted party invitations and celebrity access, developers hope to reduce the backlog of high-priced luxury condominiums before rival developers can flood the slowing sales market with even more new properties. Developers are going all-out -- with celebrities, showgirls, circus performers and fireworks displays worthy of the Fourth of July. Sales incentives ranging from alligator-leather-covered notepads in Manhattan to $10,000 diamond-encrusted cuff links in Fort Lauderdale are dangled before guests.
Developers say the parties are a bargain considering the prices of the condos, and they generate far better returns than dropping the prices of units does. For a May 11 Manhattan bash near Union Square, developer Gary Barnett spent about $30,000 to promote 39 lofts that start at $2.2 million apiece. In March, he spent $500,000 on a concert attended by 800 brokers and featuring the singer Seal. Several weeks later, he sponsored the "Thank You for Smoking" movie premiere and dinner for 500. Two brokers received a year's use of a chauffeur-driven $108,000 Maserati Quattroporte. Others got shopping trips to Paris for selling the most condominiums in the 550-unit Orion project just west of Times Square.
We’re not expecting to see any celebrities at the One Rincon Hill VIP event next week, but it really ought to be an interesting summer (and 2007) in San Francisco. And just for the record, we’ll take lower prices over the baubles and bonuses every time.
∙ Hoping the Sizzle Will Sell The Steak in Condo Slowdown [RealEstateJournal]
∙ Behind The Velvet Ropes [SocketSite]
Posted by socketadmin at 9:45 AM | Permalink | Comments (0) | (email story)
June 1, 2006
TurnHere For San Francisco
TurnHere, a collection of “Sponsored” (advertorial? advidetorial?) and un-sponsored short films “that capture interesting neighborhoods, merchants and travel destinations,” has officially launched its new site with a particular focus on Los Angeles, New York, and San Francisco.
∙ Advertorial by Wiki [wikipedia]
∙ TurnHere: San Francisco [TurnHere]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
May 31, 2006
Noe Valley Bunny House For Sale
That’s right, the infamous (at least to some) Noe Valley Bunny House is for sale (although not yet listed on the MLS). Having often admired the bunny trim from the outside, we’re looking forward to getting our first peek inside this weekend (June 4). [Editor’s note: this is most definitely not to be confused with the BunnyRanch in Nevada]
∙ Listing: 121 Hoffman Street - $799,000 [BJ Droubi]
Posted by socketadmin at 10:32 AM | Permalink | Comments (0) | (email story)
The Italian Riviera By The Bay
Four blocks from Jack London Square in Oakland, the 100-unit Aqua Via (125 Second Street) seems to be upping the amenity ante for luxury rental properties with its private 29’ Back Cove water taxi (at the beck and call of residents) and a lighted bocce ball court. If you invite us over for a game, and send the water taxi to pick us up, we'll bring the Chianti.
∙ Aqua Via [aquavialiving.com]
Posted by socketadmin at 10:02 AM | Permalink | Comments (0) | (email story)
May 30, 2006
Families Are Fleeing
While babies are booming in San Francisco, “school enrollment is slipping, and the city's school-age population is sliding.” Why? Families are fleeing the city in search of larger abodes, yards, and “affordable” housing. Go figure.
∙ Lots of toddlers, fewer school-age kids in S.F. [SFGate]
Posted by socketadmin at 10:03 AM | Permalink | Comments (3) | (email story)
May 26, 2006
Victorian By Definition
A reader almost reaches the end of his rope while pursuing the listing for 39 Chattanooga (“a historic Victorian fixer”) and writes, “Whatever is Victorian about this…BOX…escapes me !!” We feel your pain.
As it turns out, however, the house was built in 1900 (according to Zillow) and anything built during the reign of Queen Victoria (1837-1901) is considered Victorian. Ah, the subtle loopholes nuances of classifying architectural styles.
And did we mention that Zillow also estimates that 39 Chattanooga is worth $998,117? Either this is one heck of a bargain, or Zillow is off by about $250K (33%). We’ll let you decide.
MAJOR UPDATE: Thanks to the great comment from "bats" we now know that 39 Chattanooga just might date back to the 1860’s, could possibly be the oldest house in Noe Valley, and at the very least is “a very old building.” (Damn you Zillow, you're 0-2 on this one!) Oh, and thanks to Henry for reminding us about that post-earthquake firestorm and pretty much ensuring that we don't sleep soundly for the next couple of weeks...
∙ Listing: 39 Chattanooga (2/1) - $749,000 [Zephyr]
∙ Profile: 39 Chattanooga [Zillow]
∙ Not Such Trivial Knowledge [SocketSite]
∙ Save 39 Chattanooga Street! [save39chattanooga.org]
Posted by socketadmin at 11:08 AM | Permalink | Comments (6) | (email story)
SFLuxe Catches The Quote
"You need to have $800 million to see it," says David Barrett . . . "And at least once a week, we get a prospective buyer who has that." ("It" being the $65M house atop Pacific Heights.)
We’re guessing there just might be a bit of hyperbole in that boast. And that someone with a mere half-billion in the bank will somehow find their way inside the marble manse.
∙ The $800,000,000 “Open House” Tour [SFLuxe]
∙ Most Expensive Homes In The U.S. 2006 [Forbes]
∙ The $65,000,000 House [SocketSite]
Posted by socketadmin at 11:00 AM | Permalink | Comments (0) | (email story)
A Classic Case Of Tower Envy?
All of a sudden the Rincon Hill towers (400/350 feet) just don’t seem quite so tall (or towering). “A 1,000-foot tower, as well as two 800-foot towers, were proposed Thursday for the area around the Transbay Terminal, as The City moves forward with the rebuilding of the aging bus station at First and Mission streets and the development of the surrounding neighborhood.” At one thousand feet, that’s 147 feet taller than the Transamerica Pyramid (853 feet) and 221 feet taller than the Bank of America building (779 feet).
Champions of the proposal cite both the financial (an additional $250 million in revenue to help subsidize the $3.35 billion Transbay Terminal project) and the aesthetic (“The City’s flat undulating skyline would be significantly enhanced by a higher crown to emphasize its core, at the heart of The City’s activity”) impact on the city. (Opponents have yet to rally.)
Which really only leaves one question: will we be getting more comments from pissed off San Franciscans about that “significantly enhanced” line or from indignant New Yorkers who can’t believe “City” was capitalized?
∙ Spoiler Alert: One Rincon Hill Video [SocketSite]
∙ City eyes raising tallest building on the West Coast [Examiner]
∙ S.F. planners have high hopes for new center of downtown [SFGate]
Posted by socketadmin at 7:51 AM | Permalink | Comments (1) | (email story)
May 24, 2006
Speaking Of The Need To Differentiate
There are now 495,000 licensed real estate agents in the state of California (up 14% last year, and up 57% from five years ago). That equates to almost one agent for every 52 adults in the state. Yet another reason to diversify and differentiate…
∙ Real Estate Licensee Numbers Hit Record Levels and Continue to Rise [BusinessWire]
∙ Ooh La La! La Maison [SocketSite]
Posted by socketadmin at 4:26 PM | Permalink | Comments (0) | (email story)
Ooh La La! La Maison
What do you get when you combine an East Bay real estate agent (Suzanah Juras), a “secluded hilltop villa in the East Bay”, and an “environment where men can be men ... while being tastefully entertained, titillated, and doted upon by our beautiful Maison Girls?'' According to Matier and Ross, that would be Femme de Maison.
And although billed as an exclusive Bay Area gentleman’s social club where members are “welcome to join [the Maison Girls] while they dance, swim, and relax in the hot tub,” and includes "racy burlesque shows and tastefully sexy strip tease acts,'' Suzanah, the Madame President and CEO of Femme de Maison, is quick to note that it's “not a sex club.”
We did notice, however, that the Maison website specifically notes that “If you should develop a relationship with a Hostess outside of a Femme de Maison event, that is strictly a personal matter and Femme de Maison shall not be held liable for any issues which may result from such a relationship.” (Such as your wife/girlfriend kicking your ass to the curb?)
Talk about differentiating yourself as an agent in a slowing market…
∙ PBG Real Estate Principals [pbgrealestate.com]
∙ Steam rises over invite to hubbies' hideaway [SFGate]
∙ Femme de Maison [femmedemaison.com]
Posted by socketadmin at 2:15 PM | Permalink | Comments (0) | (email story)
Capturing Construction
Thanks to the Potrero Hill neighborhood blog for bringing our attention to a project by Donald Booth (and sponsored by his employer, Adobe) to document the construction of 601 King Street through a weekly series of Flash movies. (Free hint to developers (i.e., marketing departments): this is infinitely more compelling than simply having a webcam trained on your construction site.)
∙ The deconstruction of 601 King St. [Potrero Hill]
∙ New Developments: 601 King Street [SocketSite]
∙ The Movies (construction of 601 King Street) [dbooth.net]
∙ QuickLinks: Technology Gone Awry [SocketSite]
Posted by socketadmin at 9:41 AM | Permalink | Comments (0) | (email story)
May 23, 2006
Inside The Average Luxury Home
If the price of an average luxury home in San Francisco is now $2,920,000, then 2931 Pierce (listed for $2,950,000) just happens to be the most average luxury home currently on the market. (We're leaving that open for interpretation.) And interestingly enough, the "Seller is extremely motivated!"
∙ Listing: 2931 Pierce (4/3.5) - $2,950,000 [MLS]
∙ Ah, To Be Average [SocketSite]
Posted by socketadmin at 5:18 PM | Permalink | Comments (0) | (email story)
Ah, To Be Average
According to First Republic Bank, the price of an average luxury home in San Francisco is now $2.92 million (up $231,456 from just one year ago). And according to David Papale of Ritchie Hallanan, while there’s a there’s a cooling on the high end (above $5.0 million), there’s still a shortage of inventory on the “low end” ($1.5 million to $2.5 million).
∙ Luxury home values hit record in S.F. [bizjournals]
Posted by socketadmin at 4:55 PM | Permalink | Comments (0) | (email story)
May 19, 2006
Behind The Velvet Ropes
In just under four weeks invited “VIPs” of One Rincon Hill will be making 3% deposits to secure their “first choice of units and views at preferred pricing.” Not on the list? Not to worry; it's possible you might be able to make the “VIP” cut by simply registering online. We'll see you behind the velvet ropes.
∙ One Rincon Hill VIP Registration [onerinconhill.com]
Posted by socketadmin at 7:50 PM | Permalink | Comments (0) | (email story)
Damn Cute Cottage
There’s just something about 73 Manchester that makes us smile. And sometimes that’s all that matters.
∙ Listing: 73 Manchester (1/1) - $679,500 [BJ Droubi]
Posted by socketadmin at 6:34 PM | Permalink | Comments (0) | (email story)
May 18, 2006
Inventory Update: 5/18/06
Based on some back of the envelope calculations, we estimate that listed housing inventory in San Francisco is up over 40% since the beginning of the year and is now within a couple hundred units (or one new development) from the inventory levels of last September (levels that at least one person characterized as “a veritable saturation . . . of way too many homes“ and “a one-time occurrence”).
In addition, over 20% of the active listings in San Francisco have been re-priced (i.e., reduced) at least once (based on ZipRealty stats).
∙ Study finds Bay Area housing prices in line with economic growth [SFHomeBlog]
Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)
A Premature Reduction?
After a whopping eight days on the market, the asking price for 32 Arnold Avenue was reduced 5% from $875,000 to $829,000 (according to ZipRealty). We can’t help but wonder: a lack of patience, a lack of pricing acumen, or a lack of reality?
Listing: 32 Arnold Avenue (2/2) - $829,000 [Zephyr]
Posted by socketadmin at 12:08 AM | Permalink | Comments (0) | (email story)
Priced (not) to sell!
Last month we invoked the old “location, location, location” mantra to explain why 999 Wisconsin remained on the market despite being “Priced to sell!” Well, it looks like we might have been right – the property failed to sell and was withdrawn from the market.
• What’s Wrong With 999 Wisconsin? [SocketSite]
• 999 Wisco [greg & garrett’s]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
May 17, 2006
Plugging Back In...
Our apologies, a fried hard drive, an email server crash, and a hosting hiccup have all conspired to unplug you the past couple of days. Rest assured, however, that we should have you ‘plugged back in’ by the end of the day (tomorrow morning at the latest).
Posted by socketadmin at 10:37 AM | Permalink | Comments (0) | (email story)
May 12, 2006
One Expensive Acre
According to the Wall Street Journal, Larry Ellison has sold one acre of his 2.8-acre Atherton estate for a rumored $9 million dollars. And although the one acre parcel doesn’t include any of the Japanese style dwellings, it does include a “four-car garage and a clay tennis court.” (Hmm…wonder if Sergy and Larry really enjoy playing tennis.)
And not to worry fellow Japanophiles, the remaining 1.8-acres (and dwellings) remain on the market for an ikasu [we think that might be 'cool' in Japanese] $16 million.
∙ Turning Japanese (In Atherton) [SocketSite]
∙ Listing: The Larry Ellison Atherton Estate - $16,000,000 [Mary Gullixson]
Posted by socketadmin at 7:20 AM | Permalink | Comments (0) | (email story)
The Scarlet 'R' Of 57 Marina Boulevard
There’s nothing quite like being unfairly branded with a nationwide Scarlet 'R'(educed). But if that’s not bad enough, perhaps Zillow can help confuse things even more.
You see, 57 Marina Boulevard in San Rafael is actually two lots (with separate parcel numbers). And while it appears that Zillow does identify two separate parcels at that address, it also appears to incorrectly report the sales history for the two lots as one ($735,000 in May 2004 and then $700,000 in February 2006).
[Note to sellers: just keep repeating after us, “all press is good press…”]
∙ Listing: 57 Marina Blvd, San Rafael - $949,000 [greathomes.org]
∙ New York Times Not Fact Checking? [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (3) | (email story)
It's Time To Take Responsibility
June Fletcher, a staff reported at the Wall Street Journal, tackles the question, ‘Why is it so hard to get good data on housing-market prices?’ and offers up some great advice. Our favorite paragraph:
No statistic, no Web site and no Realtor can compare with your personal sleuthing, because there are so many intangibles that don't show up in the data. And ultimately, only one buyer and one seller can determine what any house is worth.
Okay, so sometimes it's ten buyers and one seller, but that’s quickly becoming the exception rather than the rule.
∙ Navigating the Web to Find Reliable Housing-Market Data [RealEstateJournal]
Posted by socketadmin at 6:53 AM | Permalink | Comments (0) | (email story)
May 11, 2006
On To Plan R
When a “cleverly disguised remote controlled hidden bed” doesn’t get the job done, perhaps a “HUGE PRICE REDUCTION!” and “SELLER CREDIT TO BUYER 1 YEAR HOA DUES” might help. Then again, when the "HUGE PRICE REDUCTION!" is only $20K (or 4%), maybe not. (And it's a sure sign they're not 'plugged in' to the SocketSite Guide To Price Reductions.)
∙ But What About The Television? [SocketSite]
∙ Listing: 1255 California #102 - $467,000 [MLS]
∙ A SocketSite Guide To Price Reductions [SocketSite]
Posted by socketadmin at 2:01 PM | Permalink | Comments (0) | (email story)
Uhh...
Not too sure what to say about this one. (Other than we didn’t sign up…)
Posted by socketadmin at 1:28 PM | Permalink | Comments (1) | (email story)
The Betrayal Of Plan C
Having been “dyed in the wool Newsom and Dufty supporters,” San Francisco's Plan C isn’t too happy about either gentleman’s support of Supervisor Peskin’s recent legislation.
Whether or not you agree with Plan C (billed as “The Moderate Voice of San Francisco"), it will be interesting to see what eviction statistics the group’s Chair (Mike Sullivan) dishes out in the San Francisco Business Times tomorrow. (He teased us with a “the total evictions story shows anything but a crisis” line and promises to “show the unintended consequences of overregulation of the real estate market.”)
Call us crazy, but wouldn't it have been more effective to have published this information prior to the Board of Supervisors vote?
∙ Plan C [plancsf.org]
∙ Prohibition On Condominium Conversion Passes [SocketSite]
Posted by socketadmin at 11:54 AM | Permalink | Comments (2) | (email story)
Don't Like The View? Just Change It
So if 5 bedrooms, 6.6 baths and 8 parking spaces; “sensational” terraces with incredible views; and a rich history (not to mention getting featured on SocketSite) weren’t enough to pique a buyer's interest, perhaps a little photoshopping might help.
The picture on the left is from the listing agent's site. The picture on the right is from the MLS listing. Notice any difference? We just loved this game as kids...
∙ Add Your Name To This Mansion [SocketSite]
∙ Photoshopping [Wikipedia]
∙ Listing: 1001 Vallejo - $14,000,000 [Listing Agent] [MLS]
Posted by socketadmin at 2:00 AM | Permalink | Comments (1) | (email story)
Flooring? Who Needs Flooring?
While the land of pre-construction sales might be relatively new territory for most San Franciscans, we’ll be searching for tips to help you find your way. First up, a few thoughts from Floridians who have recently taken possession of their pre-construction condo purchases:
One: Know what you’re buying (“Did you know “decorator ready” means partly unfinished, as in, no flooring?”); Two: Don’t be intimidated by those builder-friendly contracts — you know, the ones with all the terms construed toward the developer; Three: Beware the dreaded Temporary Certificate of Occupancy.
∙ Hindsight is 20/20 [PalmBeachPost]
Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)
Understanding Your Target Market
Forbes names the Lamborghini Murciélago Roadster the Sexiest Car For Miami Beach plastic surgeons. And we quote: "Since Lamborghini customers are 1) “new money,” and 2) attention hounds (every Lambo we see is yellow, orange or lime green), plastic surgeons are the ideal customers." Apparently somebody thinks they're the ideal customers for the St. Regis as well...
∙ Sexiest Cars 2006 [Forbes]
∙ What, No Pictures Of Gore? [SocketSite]
Posted by socketadmin at 12:01 AM | Permalink | Comments (0) | (email story)
May 9, 2006
New York Times Not Fact Checking?
The New York Times pronounces “A Chill Is in the Air for Sellers,” especially in San Rafael. In principle we agree, but based on what we know about the market, something just didn’t jibe with at least one part their article. So we did some quick fact checking. From the Times:
A house at 57 Marina Boulevard in San Rafael, across the bay from San Francisco, was originally listed at $1.45 million. The owner recently dropped the price to $949,000 when a competing house on the same street lowered its price to $959,000, from $989,000.
It’s true, the list price of the house at 57 Marina Boulevard has been reduced (in fact, twice). But the original listing price, back in March, was $1,045,000 (not $1,450,000). After a month on the market it was reduced 4.5% to $997,500, and then again by 4.9% to $949,000 last week (for a total reduction of about 9%).
And yes, a 9% reduction is noteworthy, but it’s a far cry from the 34% drop the New York Times is reporting. As far as the rest of the article, it seems right, but we're still checking...
[Update: Rest assured, the principal in charge of proof reading for SocketSite will be reprimanded for not catching that 'principle' blunder...]
∙ A Chill Is in the Air for Sellers [NYT]
Posted by socketadmin at 5:28 PM | Permalink | Comments (4) | (email story)
Pre-Paid Parking For Two Hours (On The Street)
Another three upscale TIC units (148-152 Pixley) have hit the market, and at least two of the units are advertising “Leased parking pre-paid 4 months.” Nothing quite like being able to mark that “parking space” box on the MLS…
∙ Listing: 152 Pixley (1/1) – $775,000 [Pacific Union]
∙ Listing: 150 Pixley (2/1) - $799,000 [Pacific Union]
∙ Listing: 148 Pixley (2/1) - $849,000 [Pacific Union]
∙ Listing: 148-152 Pixley - $2,423,000 [Pacific Union]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
May 8, 2006
It's Time To Vote
Tomorrow’s Board of Supervisors meeting ought to be interesting. Up for vote, Supervisor Peskin’s “Prohibition on condominium conversion for buildings where specified evictions occurred” (Item #19) and Supervisor Maxwell’s “Adopting the Redevelopment Plan for the Bayview Hunters Point Redevelopment Project” (item #29). (And let’s not forget Item #13, “Prohibiting Smoking on Golf Courses.”)
Added intrigue: the SFHomeBlog hints that Peskin will amend his legislation to remove the retroactivity clause we identified as the expected sticking point for his legislation. A true concession or savvy maneuvering?
∙ Board of Supervisors Agenda: 5/9/06 [SFGov]
∙ BIG day for housing at the Board of Supervisors on Tuesday [SFHomeBlog]
∙ You Should Have Seen This Coming (Seven Years Ago) [SocketSite]
Posted by socketadmin at 3:48 PM | Permalink | Comments (0) | (email story)
May 6, 2006
A Most Unfortunate Quote
According to the Chronicle, the city of San Francisco has been on a palm tree planting spree (300+ over the past six years) in “an effort to lure tourists and reduce urban blight.” And while many cheer the campaign, and the trees, others protest. And here’s where we come to an unfortunate quote: “Palms have been called high-rise condominiums for rats.” We’re guessing that’s not exactly the imagery the marketing department had in mind when pitching the concept of The Palms.
No retort from the Palms PR department. We are, however, pretty sure we detected numerous chuckles emanating from the marketing departments of all the other new developments about town.
∙ PALMS POP UP ALL OVER S.F. [SFGate]
∙ The Palms: Phase II Release [SocketSite]
∙ 2,700 New Condos On Sale Soon [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (2) | (email story)
May 5, 2006
Tip Of The Day II
Since our first Tip Of The Day seemed to work quite well, we’re offering up our second handy hint: If you’re actively trying to hide obscure the address of a listing on the MLS, then don’t include it on the 'Virtual Media' to which the listing links.
This could be an especially handy hint for when you’re advertising an “AGENTS only” Tuesday Tour for a house that Curbed recently identified as belonging to Metallica guitarist, Kirk Hammett. The other place? It’s simply a multi-year $6M renovation by Holly Hulburd Design (a modern masterpiece hidden behind a classic San Francisco exterior).
∙ Tip Of The Day [SocketSite]
∙ Listing: 2505 Divisadero - $12,500,000 [Virtual Media] [MLS]
∙ Rumblings & Bumblings: Celebrealty Edition [Curbed SF]
∙ Listing: 2740 Green Street - $13,500,000 [Virtual Media] [MLS]
Posted by socketadmin at 2:22 AM | Permalink | Comments (2) | (email story)
May 4, 2006
Disregard The Subterfuge
You know you’ve struck a nerve with your parents when they start calling you by your full name (“Lisa Marie Jacobs, get in here!”). Well, apparently you know you’ve struck a nerve with Curbed when they start referring to you as “realtors” (instead of “our friends”). A bit strange considering that nobody at SocketSite is a Realtor.
Yes, our Editor in Chief holds a real estate license (haven't we already been through this?), but that just means that he has a basic understanding of real estate practice (like how a certificate of occupancy impacts the ability to close escrow in new construction). And call us crazy, but we actually find this to be a plus when trying to make sense of the real estate market.
And yes, we recently challenged Curbed – gasp! – because we didn’t agree with their read of the market: AB728 wasn’t passed, and sales centers aren’t opening up, because of a market “glut” (if anything, it’s the other way around); the fact that only 10% of units in the Watermark have closed escrow is relatively meaningless at this point (they’ve only recently received their temporary certificate of occupancy); and consumers should pay attention to the sales centers (i.e. they do mean something). And to be honest, we’d fully expect (and welcome) them to do the same.
The real estate market is most definitely changing (hell, we went out on a limb and proclaimed a localized top of the market five months ago). In fact, that’s just one of the reasons we’ll continue to challenge other blogs, Realtors, and columnists. We don't see any other way to keep our readers ‘plugged in’ to what’s really going on in the real estate market. And that’s what we’re all about.
∙ Exceedingly Large Holes, 3% Down [Curbed SF]
∙ Hello, My Name Is Adam [SocketSite]
∙ Cubed Shoots…And Misses [SocketSite]
∙ Doing it Florida Style [Curbed SF]
∙ Top O’ The Market To You! [SocketSite]
∙ REALTOR© Hoisted Upon His Own Petard [SocketSite]
∙ As Can Inman News [SocketSite]
Posted by socketadmin at 4:50 PM | Permalink | Comments (2) | (email story)
Let’s Make A Deal!
It’s not the first time that a plasma screen television has been used to sweeten the pot on a listing (“High End 50 inch Pioneer plasma TV, (5) B&W wall spkr. & Woofer included in sale.”). And it’s certainly not going to be the last. So what is it about the listing for 301 Bryant #101 that caught our attention? That would be the “must close by” clause for the free goodies that was removed earlier this week. Oh, and the gorgeous photography.
∙ Listing: 301 Bryant Street #101 (2/2) - $1,048,000 [Pacific Union]
∙ Three In 301 Bryant [SocketSite]
Posted by socketadmin at 1:29 PM | Permalink | Comments (0) | (email story)
May 3, 2006
Bathroom (And Market) Of The Rich And Famous
In 1995, the house at 2460 Lyon was a Decorator Showcase property and on the market for $6 million. Eleven years later, and at a price of $16.5 million (the highest recorded sale last quarter), it’s the new home of Richard Blum and wife Sen. Dianne Feinstein (that's the "Hers" tub above). How’d we know? Say hello to SFluxe (which is not a SocketSite production).
Operating under the tag line “Living well in San Francisco,” SFluxe aims to become a celebration of “luxury living in San Francisco – homes, cars, boats, art, etc.” It’s obviously still in its uber-infancy, and we’re not sure we like where they're going with their celebration of cars (we're not fans of the Elise), but once the site gets rolling you can be sure that we’ll be keeping a close eye on their real estate coverage (and keeping you ‘plugged in’).
And with regard to the high-end San Francisco market: “The high-end housing market in San Francisco during the first quarter showed little change from the same period a year ago. During the period, 69 homes sold from $1.5 million to $2.499 million, compared with 80 a year ago, while 21 homes in the quarter sold for more than $2.5 million, compared with 24 during the first quarter of 2005. The median sale price increased slightly for the homes sold at $2.5 million or greater, to $3.4 million versus $3.225 million in same quarter a year ago. . . . Inventory of homes for sale above $1.5 million is similar to a year ago, with 128 on the market at the end of March this year, versus 130 for sale at this benchmark price point a year ago.” (RISMedia)
∙ Now That’s How To Flip Renovate! [SocketSite]
∙ SF Luxury Housing Market Unchanged [SFluxe]
∙ High-End Home Sales Show Signs of Fatigue in Northern California [RISMedia]
Posted by socketadmin at 11:17 AM | Permalink | Comments (0) | (email story)
May 2, 2006
Curbed Shoots…And Misses
Yesterday, Curbed tried to make sense of CA Assembly Bill 728 (allowing developers to accept binding non-refundable 3% deposits on pre-construction developments) and the current condo market; sales at the Watermark; and the relevancy of new sales centers to consumers. Unfortunately, we think they missed the mark on all three.
Curbed statement #1: “While no one's saying, the likely reason for this change [AB728?] is the glut of condominiums on the market, selling slowly or not selling at all.” Keep in mind that AB728 was signed into law back in September 2003 by then Govenor Gray Davis (definitely no “glut” or lack of sales back then). And as far as a current market “glut”? We’re not seeing it (Yet).
Curbed statement #2: “The most high-profile and worrisome project being the Watermark . . . where six months after opening the sales office, only thirteen units have closed escrow, or ten percent.” As background, it’s important to know that while the Watermark sales office opened six months ago, occupancy wasn’t an option until last month. Would you close escrow and start making mortgage payments before you had to? Neither would we. The relevant statistic is that 65% of the units have either closed escrow or are currently in contract (with no speculative resales currently listed on the MLS). That being said, 50 units remain available, the pace of sales appears to have slowed, and we’ve noticed that marketing efforts are being ratcheted up.
Curbed statement #3: “These new sales centers don't mean much to consumers.” Actually they do. As Damion Matthews writes, “condo buyers are going to have some dilemmas -- do they commit to taking a fabulous brand new high rise condo with bay views and the works, which they can't move into for another year or two; if so, which one do they chose (based only on floor plans, renderings and model interiors); and if not, what's going to happen to the value of their place at the Metropolitan or Bridgeview once the inventory of all those new pads opens up in late 2007?”
And as far as our 2,700 number (Curbed: "Supposedly, 2700 units have yet to be built..."), that’s not the entirety of the new development pipeline, but simply the minimum number of units that we expect to be represented by sales offices opened by the end of the summer. And it's a number, and a market, that changes every day, so keep 'plugging in'!
∙ Doing it Florida Style [Curbed]
∙ Your Condo Here [democrats.assembly.ca.gov]
∙ 2,700 New Condos On Sale Soon [SocketSite]
Posted by socketadmin at 2:27 PM | Permalink | Comments (4) | (email story)
April 28, 2006
The Mayor Is Moving On Up!
According to Damion Matthews, Mayor Gavin Newsom just closed escrow on a two-bedroom condo high atop Russian Hill in the Bellaire Tower (1101 Green Street). And the purchase price, according to the Business Times, was $2,350,000 (seller none other than Peter Getty).
Good news for those hoping to share an elevator (at least for a couple of floors) and catch his eye, unit number 303 is available and listed for $749,000. Apparently demand spiked at the St. Regis when Gore decided to make it his home, we’re guessing the same just might happen at the Bellaire.
And no, we’re really not expecting an invitation to the housewarming (although it would be nice).
∙ Listing: 1101 Green Street #303 - $749,000 [MLS]
Posted by socketadmin at 11:25 AM | Permalink | Comments (0) | (email story)
Stainless-Steel? So What?
As “stainless-steel” has evolved from describing a kitchen outfitted with true commercial grade appliances to simply any kitchen with stainless-steel front panel appliances (a particular pet peeve of ours), high-end manufactures, and consumers, are looking for ways to differentiate themselves from the riffraff. Welcome to the growing trend of supersized appliances.
The bigger-is-better trend is being driven in part by high-end manufacturers that are looking for a new way to distinguish themselves, especially since the commercial look -- such as stainless-steel finishes and double-door refrigerators -- has already trickled down into less-expensive brands. Gigantic refrigerators are riding the "Costco effect," or people's desire for more space to store the items they buy in bulk. Big appliances also tend to have "wow" factor that can help new-home sales, which is especially critical amid fears of a market slowdown.
We’re going to roll right past the irony of the “Costco effect” influencing “high-end” design, and stay focused on the trend of 60-inch ranges, six-foot-wide refrigerators, and ovens capable of cooking 144 cookies at a time. It's something to keep it in mind as you tour all those “stainless-steel”, “gourmet”, and “chef’s” kitchens this weekend. (And what was that about a market slowdown?)
∙ Refrigerator Heaven: Appliances Get Massive [RealEstateTimes]
Posted by socketadmin at 10:43 AM | Permalink | Comments (1) | (email story)
April 27, 2006
Don't Forget The Trunks/Bikinis
On a day like today, and with a glorious forecast for the weekend, we can’t help but wonder: what building sports the best outdoor pool (and scene) in the city? The Brannan? The Bridgeview? The Royal Towers? Let us know because we’re definitely brining the trunks/bikinis along to the open houses this weekend.
Update: "Continue Reading" for additional pictures...
The pool atop 2200 Pacific (thanks pwb):
Posted by socketadmin at 2:11 PM | Permalink | Comments (2) | (email story)
Glen Park Market Place: 2815 Diamond
Polaris Group has launched a website for the Glen Park Market Place which consists of 15 condominiums offering “stylish finishes and contemporary floor plans,” a grocery, and a public library.
In doing so, it also appears that Polaris Group has liberated borrowed lifted done none of the aforementioned. (see update below) a number of the site’s images directly from Gregg & Garrett’s Glen Park Real Estate site. And although “flattered,” they’re really not so happy about it. Let's just say that we can definitely empathize…
Update: A major mea culpa from Gregg & Garrett, “It appears I was dead wrong on the use of my images.” (Did you try blaming the intern?) Kudos to Polaris Group for being gracious, understanding, and reasonable (really).
∙ Glen Park Market Place [2815 Diamond]
∙ Glen Park Real Estate [glen-park.com]
∙ Come On Curbed (comments) [SocketSite]
Posted by socketadmin at 2:10 PM | Permalink | Comments (0) | (email story)
Mid-Week Update: Four Weeks Later
Inspired by a tip from Damion Matthews (the last new unit at the St. Regis is now in contract), we thought we’d check in on a couple of other new developments we've been tracking:
1. 1725 Washington: No newly reported sales in the past three weeks (seven units still active on the MLS).
2. 1635 California: No active listings on the MLS, and yet a tipster notes that only half the units look occupied based on a drive-by. Could it be sold out? If so, congratulations to Vanguard! If not, who’s got the inside scoop?
3. 1551 Filbert: Unit #1 is back in contract; units #2 and #4 are still active.
4. 776 Tehama/1277 Howard: We’re not sure what to make of this (okay, maybe we do). According to their website, only one closed sale (#13) in the first four weeks (no, we’re not counting the two BMR “sales”), and yet #13 is still active on the MLS. Also interesting to note, a number of new comments disagreeing with our first impression of the development (which we encourage), although possibly more than one "first impression" from the same person (which we don’t).
5. The St. Regis: “Officially” sold out; only resales (and free Lamborghinis?) from here on out.
∙ Weekend Update: Three Weeks Later [SocketSite]
Posted by socketadmin at 8:22 AM | Permalink | Comments (1) | (email story)
You Should Have Seen This Coming (Seven Years Ago)
Supervisor Aaron Peskin’s proposed ordinance banning condominium conversions in buildings where multiple tenants, senior citizens, disabled, or catastrophically ill people were evicted passed a Board of Supervisors committee last night and now heads to final voting for passage. Not too surprising.
What is surprising, however, is that the mayor’s office seems to be hinting that a veto, should the ordinance get passed, is not imminent.
The mayor's office would not say whether Newsom -- whose allies in the business and real estate communities are staunchly opposed to the legislation -- would sign the ordinance if it reaches his desk. But Matt Franklin, director of the mayor's office of housing, hinted Newsom is open to working with Peskin.
Expect the biggest sticking point to be the retroactive date of the ordinance (as proposed, retroactive back to 1999).
∙ TIC eviction legislation progresses [SFGate]
Posted by socketadmin at 8:20 AM | Permalink | Comments (1) | (email story)
April 25, 2006
Kiss That Deposit Goodbye
At first glance, it’s just another move. Upon closer inspection, however, it’s poignant commentary on the springtime rush to renovate and the heightened demand for construction dumpsters (and perhaps lack thereof) in San Francisco.
On a much smaller scale, perhaps not too dissimilar from the shortage of labor and materials that Jeff Hutchinson of Monahan Pacific recently cited as their reason for canceling plans to build a condominium tower at 535 Mission.
"With all the residential that is being built, it's tough to get a crew," said Hutchinson. "We would have been fighting for a tower crane reservation. There is a waiting list for man lifts. Given that type of environment and given that it was going to get worse before it would get better, it was not readily apparent that the costs would settle."
Wonder if Penske rents anything that could double as a tower crane or man lift...
∙ Developer drops plans for condo tower [bizjournals]
Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)
But What About The Television?
You may covet one of those remote controlled hidden televisions, but what you really need is a “cleverly disquised [sic] remote controlled hidden bed.”
∙ Listing: 1255 California #102 - $487,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
April 24, 2006
2002 California: The Bigger Picture
According to our tipsters, 2002 California sold for $1,552,000 two weeks ago. And although we continue to believe that the property has great potential, we have to admit that we were a bit surprised by the price ($203,000 over asking) considering its condition (a gut job).
But what really surprised us is that 2002 California is back on the market and now listed at $1,495,000 ($146,000 over its previous list, but $57,000 below its reported last sale). And then we got the inside scoop…
It looks like an owner of the adjoining property purchased 2002 California in order to remove an ingress and egress easement on the adjoining property, and to add a new height and construction easement on 2002 California to prevent increasing the current building's height. In essence, protecting, and most likely increasing, the value of the adjoining property, while limiting the options (and potential) for 2002 California.
In addition, the purchaser (and now seller) of 2002 California is a licensed real estate broker which means that if he collected the 3% buyer’s agent commission, then the effective selling price was closer to $1,500,000. It’s all starting to make a little more sense.
Update: Looks like we hit home on the facts (easements), but might have missed on the conjecture (commission). From a scathing informative reader comment, “This is what I love about Blogs - no need to be correct about anything. Do some fact checking - Buyer Agent commission was 2.5% on the first listing, not 3%. And the Broker that collected that was TRI Coldwell Banker, and now the listing agent is Sampson Associates.” Check.
∙ Party Like It’s 2002 (California) [SocketSite]
∙ Listing: 2002 California - $1,495,000 [MLS]
Posted by socketadmin at 12:40 AM | Permalink | Comments (2) | (email story)
April 22, 2006
Yet Another Reason To Plug In To SocketSite
Almost six weeks since we brought the “Greenest Home In San Francisco” to your attention, the Chronicle publishes a great overview of the house (520 Clipper). If you were plugged in to SocketSite, you actually had a chance to tour (or purchase) the pad. If not, you’ll just have to settle for all the pretty pictures…
∙ Green pioneers [SFGate]
∙ The Greenest Home In San Francisco [SocketSite]
∙ A Week Of Atonement [SocketSite]
Posted by socketadmin at 3:58 PM | Permalink | Comments (0) | (email story)
April 21, 2006
Apartment Therapy San Francisco Goes Live
New York based Apartment Therapy has officially flipped the switch on the San Francisco edition. And despite the fact we don’t get a mention on the site (perhaps it was that “Golden Gate City” dig), we’re still fans (and you should be too). We remain hopeful that one of these days they'll actually 'plug in'...
∙ Golden Gate City? [SocketSite]
∙ The New Yorkers Are Coming! The New Yorkers Are Coming! [SocketSite]
Posted by socketadmin at 12:02 AM | Permalink | Comments (1) | (email story)
Instant Equity! (a.k.a. Free Money)
From the “if it sounds too good to be true” files: the listing for 618 Precita Ave. Currently listed at $864,468, the listing agent taunts, “Folks, this house was appraised last November for over $1,000,000 -- imagine how much instnat [sic] equity you'll get buy [sic] just buying this quaint and beautiful Victorian home.” We're imagining...zero.
And just so you know, the property was originally listed for $912,000 three months ago and has been reduced four times since. That’s right, a little more “instant equity” with every little reduction…
∙ Listing: 618 Precita Ave - $864,468 [Home 4 Less]
Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)
April 19, 2006
Everything’s A Buck Thousand!
Is the market changing and you're unsure how to price a commercial property? Well, you could just list it for $1,000 and then add this clever little addendum: “Listing price is not $1,000 -- IT IS NEGOTIABLE”. Coming soon to a residential listing near you?
∙ Listing: 799 Van Ness (Commercial) [MLS]
∙ Listing: 1415 Van Ness (Commercial) [MLS]
Posted by socketadmin at 9:05 PM | Permalink | Comments (0) | (email story)
April 18, 2006
The Royal San Francisco
The Royal Insurance Building at 201 Sansome Street was built in 1907 for the Royal Globe Insurance Company, and after ninety-nine years, it’s going residential. Designed by New York City architects, Howell and Stokes, the building was designated a San Francisco Landmark in 1983 (the exterior of the building has not been altered during the conversion to condos).
The Royal (not to be confused with the Royal Towers) is comprised of forty-six (46) residences with one bedrooms starting from $430,000, two bedrooms from $940,000, and four two-story “townhouses” from $1,575,000. High-end finishes throughout, and discounted gym membership (Equinox) and parking (down the block) for residents of the building.
Unfortunately, the majority of the units have already been pre-sold (according to the developer), but as Damion Matthews points out, you still have two days to register for the five BMR units available in the building (April 21st deadline). Plus, we wouldn’t be too surprised to see some early speculative turnover once the doors have been flung open.
And while The Royal’s website might not win any awards for its aesthetic design, we give it two thumbs up for information (including complete pricing), interactivity (floorplans), and honesty (actually identifying BMR units).
∙ The Royal (San Francisco)
∙ Truth In Advertising: 1750 Taylor (Royal Towers) [SocketSite]
∙ Mayor’s Office of Housing: Current Listings [SFGOV]
Posted by socketadmin at 5:06 PM | Permalink | Comments (0) | (email story)
What, No Pictures Of Gore?
When you prominently feature a picture of a Lamborghini in your listing, what are you really selling? That would be lifestyle. Oh, and a condo at the St. Regis…
∙ Listing: 188 Minna St #24F (2/2.5) - $2,195,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
April 17, 2006
As Can Inman News
Dian Hymer, a columnist for Inman Real Estate News, pens a piece titled, ‘Housing market headlines can be misleading', and leads with the following three paragraphs:
“On Jan. 20, 2005, a headline in the San Francisco Chronicle stated that Bay Area home sales were down and that prices slid. If you, like many readers, scanned only the headlines, you might have thought home prices in the area had plummeted. Actually, they rose 14.3 percent between December 2004 and December 2005, according to DataQuick Information Systems.
Sensational headlines sell newspapers. Who wants to read about a real estate market that's not as robust as it was a year ago--one in which home prices aren't going up as fast as they were this time last year? Ho-hum news doesn't do much for newspaper sales.Behind the scenes of the Bay Area home sale market, the real story is not that home prices "slid" from one month to the next. It's that the market is doing surprisingly well despite the negative press. In a nutshell, well-priced homes that are properly prepared for sale are selling for good prices and within a reasonable period of time.”
No kidding. What’s really interesting, however, is that just six paragraphs later, she adds the following:
“Changes in median price from one period to the next do not necessarily reflect changes in absolute home values. When the median price rises, it means that the number of more expensive homes sold during that period increased. Likewise, when the median price of homes sold declines, this means that the volume of lower priced homes sold increased relative to the number of more expensive properties.”
So while median prices rose 14.3 percent year-over-year, that still doesn’t necessarily reflect any change in absolute home values. Glad we didn’t just scan the first couple of paragraphs…
∙ Housing market headlines can be misleading [Inman - $]
Posted by socketadmin at 10:39 AM | Permalink | Comments (1) | (email story)
Four Paper Cuts
Perhaps a new record (and trend?): four price reductions over two months.
Part of a newly formed four unit TIC, 1106 Shotwell Street first hit the market almost five months ago on 11/21/05. Unit A was originally listed at $360,000 and was reduced to $349,000 in January; to $339,000 in February; to $325,000 at the beginning of March; and then to $299,000 on March 17th. As of today, it’s still available.
∙ Listing: 1106 Shotwell Street #A - $299,000 [MLS]
Posted by socketadmin at 10:10 AM | Permalink | Comments (0) | (email story)
April 14, 2006
New York In The Marquee
Did we mention that we’re suckers for windows as well? And now about that in-unit sauna…
∙ Listing: 151 Alice B. Toklas #813 (2/3) - $1,995,000 [MLS]
∙ New York In Nob Hill [SocketSite]
Posted by socketadmin at 1:45 PM | Permalink | Comments (0) | (email story)
Tip Of The Day
Handy hint: If it’s April 14th, and your listing is still active, you might want to consider changing the "…don't miss a rare opportunity. Offers due Wed April 5th" part of its description on the MLS.
Update: Damn, the hints really work. Within hours this MLS listing was updated (now “Offers reviewed as received”).
∙ Listing: 2415 Van Ness Ave #606 (1/1) - $549,000 [MLS]
Posted by socketadmin at 12:28 PM | Permalink | Comments (0) | (email story)
April 13, 2006
Those Damn Neighbors Redux?
What to do when another condo in your building (1755 Jackson) hits the market for $150K less than you're asking, offers the same square footage is larger (1985 versus 1906 sqft) and configured as a 3/3 (versus a 2/2.5), and boasts two in-building (versus down the block) parking spaces? Perhaps drop the price by $100K.
And if possible, re-list on the MLS without the unit number in order to obscure the DOM and price reduction (1755 Jackson #303 was originally listed at $1,495,000 $1,625,000).
In either case, and as always, don't forget to invite us to the housewarming(s).
UPDATE: Apparently the most recent reduction to $1,395,000 wasn’t the first as #303 was listed at $1,625,000 back in January, and #303 is actually 79 sqft smaller than #201 (thanks Kimberly).
∙ Listing: 1755 Jackson St. #303 - $1,395,000 (2/2.5) [BJ Droubi] [MLS]
∙ Listing: 1755 Jackson St. #201 - $1,345,000 (3/3) [Coldwell Banker] [MLS]
∙ The original Those Damn Neighbors [SocketSite]
Posted by socketadmin at 4:56 PM | Permalink | Comments (1) | (email story)
Much Ado About Nothing Really New (Again)
Last December, Microsoft unveiled Windows Live Local powered by Virtual Earth, which “integrates local search, mapping, driving directions and yellow pages with a bird's-eye view of major U.S. cities.” It’s a great tool, and we’ve used it on numerous occasions (see “Those Damn Neighbors” or “Are Ikkyu’s Days Numbered?”).
Today, Zillow launched “Bird’s Eye View Images!” (powered by Microsoft’s Virtual Earth). A nice addition, but nothing really new or proprietary. We’ve got to hand it to these guys, if nothing else, they’re marketing geniuses.
∙ Microsoft offers a new angle on maps [CNET]
∙ Those Damn Neighbors [SocketSite]
∙ Ikkyu’s Days Numbered? [SocketSite]
∙ That Zillow 'zestimate' isn't worth losing any zzz's over [LA Times]
∙ It's called, getting "Zillowed!" [ReyEstate]
Posted by socketadmin at 3:18 PM | Permalink | Comments (0) | (email story)
April 12, 2006
Hope He’s Got A Good Snorkle
A report from “the trenches”:
“The last four Realtor Tuesday tour days have been near torrential down pour, limiting the amount of property tours. Sunday open homes have witnessed minimal turnout and consistent water fall has kept soon to be sellers from getting their property in selling condition.What does this mean?
Good weather after Easter Sunday will yield a hot real estate market. Many agents are holding listings off the market until the weather gets better and buyers seem to be in the same shoes. Expect the real estate market to mimic the weather--hot/cold.”
This jibes with what we’re seeing with regard to inventories (up significantly since the beginning of the year, but relatively flat over the past four weeks), but it also begs the $64,000 question: “hot” for who?
∙ San Francisco Real Estate Gets Rained On [ReyEstate]
Posted by socketadmin at 2:51 PM | Permalink | Comments (0) | (email story)
April 11, 2006
Damn Those Averages
First, a Dr. challenges the conventional wisdom of gauging the health of the real estate market based on “median” price appreciation, and now a Realtor in San Diego curbs some “average price” appreciation enthusiasm:
“The average price for the month [in San Diego] was $635,775, up 11% from last March. Don’t get excited or misled, prices did not go up. The under $500,000 sales made up 45% of the sales volume versus 55% last year, this mix change pushed up the average price because of the sale of more expensive homes.”“Another item to watch in average price is that in some cases sellers are beginning to pay all or some of the buyer closing costs which is being financed in the selling price. This has the effect of raising the price of the home by about 2%.”
Inconceivable! [Thanks to the Housing Bubble Blog for the tip.]
∙ It’s All About The Mix [SocketSite]
∙ Market Conditions for San Diego, California [Realty Times]
∙ San Diegos’ ‘Downward Sales Trend Accelerating’ [Housing Bubble Blog]
Posted by socketadmin at 10:19 AM | Permalink | Comments (0) | (email story)
Let The Games Begin
As the Bay Area real estate market continues to evolve, so do the sales tactics. As opposed to specific offer dates and purposely under priced listings -- both of which that are designed to encourage a bidding war -- an increasing number of listings are actually welcoming “offers as they come” (especially when an “offer date” has come and gone…).
Another new twist: actively encouraging “pre-emptive” offers (although we have to ask, without an advertised offer date, pre-emptive to what?). And perhaps it's just a matter of time before "value-range marketing" (in which a price range for a property is advertised) comes to the Bay Area.
∙ Listing: 1870 Jackson #101 - $899,000 [MLS]
∙ Listing: 1958 Bush - $1,299,000 [MLS]
∙ Listing: 2954 Webster - $1,125,000 [MLS]
∙ Bait And Switch On MLS? [SocketSite]
∙ Value-Range Marketing Takes Hold [realtor.org]
Posted by socketadmin at 9:32 AM | Permalink | Comments (0) | (email story)
April 10, 2006
C.A.R. Concurs: SF Inventory Increasing
Despite what some people would like you to believe, new listings in San Francisco are outpacing sales, and housing inventory is on the rise. Don’t feel like taking our word for it? Perhaps you’ll listen to the California Association of Realtors [via the Chronicle]:
"Inventories have risen to 4.1 months from 2.3 months last year in San Francisco County, to 3.2 months from 1.7 months in Alameda County, to 5.2 months from 1.3 months in Contra Costa County and to 2 months from 1.5 months in Marin County, according to the California Association of Realtors."
Yes, inventories are still at historically low levels, but the dynamics are definitely shifting (especially in Contra Costa County). And don't discount the impact of “unofficial” inventory (unlisted units in new developments, FSBO, etc.).
∙ REALTOR© Hoisted Upon His Own Petard [SocketSite]
∙ Weekend Randomness (And Thanks) [SocketSite]
∙ Rising inventory of unsold homes points to a cooling of the market [SFGate]
Posted by socketadmin at 12:02 AM | Permalink | Comments (0) | (email story)
The Bay Area Four
Four women, and four hundred and fifty million dollars in sales; it’s altogether impressive, inspirational, and (a bit) insightful.
Although we have to admit, we’re not so sure the sellers of 2257 Green Street would necessarily agree with that “I always say north of California Street -- you can't go wrong” comment…
∙ The Producers [SFGate]
∙ Update: 2257 Green Sells (Spoiler Alert…) [SocketSite]
Posted by socketadmin at 12:01 AM | Permalink | Comments (0) | (email story)
April 7, 2006
Weekend Randomness (And Thanks)
1. Our back of the envelope calculations indicate “listed” housing inventory in San Francisco is up around 25% since the beginning of the year (but remains painfully low). Not factored in, a growing inventory of “unlisted” new development units (think Alamo Square, or 10 of the 17 units at 776 Tehama/1277 Howard).
2. Brown & Co. gets it done: 2967 Pine Street closed escrow at a contract price of $1.510M ($1,220/sqft); $85K over list, but $140K under what Sotheby’s had originally asked (thanks Robert).
3. Post stuccoing "artists rendering” of 300 Sea Cliff has been added to the listing (thanks Damion). The first thing we’d do if we bought this gem? Chip it all right back off.
4. More free “Ice Cream!” tonight and this weekend at The Metropolitan (thanks Paul).
5. Apparently we’ve got game (thanks Derek).
Posted by socketadmin at 12:29 PM | Permalink | Comments (0) | (email story)
April 6, 2006
Heads You Win,Tails You Lose
Perhaps we’re just getting soft in our old age (we didn’t make a big deal about it, but SocketSite recently turned one). We had access to the much ballyhooed PMI report on Tuesday and chose to ignore it this time around (we must admit, however, that we came very close to posting it under the title “San Francisco Breaks Into The Top 10!”).
Why did we choose to ignore it? An email from a reader provides some insight:
My favorite line [from the Chronicle coverage]: “The chance that real estate values in the region's three major metropolitan areas will fall during the next two years stands at 55 percent or greater…”Personally, I think the market will go either up or down…thus there is a 50 percent chance it will go up, 50 percent chance it will go down. This doesn’t say anything!
Great point, but not entirely true. What this does say is that there is uncertainty in the market. And with uncertainty comes increased risk.
∙ Study: Home prices more likely to drop [SFGate]
∙ Here We Go Again [SocketSite]
Posted by socketadmin at 11:12 AM | Permalink | Comments (2) | (email story)
April 5, 2006
Google Mashes Themselves?
As noted on ReyEstate, Google has started to release real estate specific tools for mining Google Base listings. Currently not enough content (i.e. listings) to make it very useful at the moment, but as the database expands, could this one day become the ultimate “Google mashup” in the real estate arena?
∙ Google Enters the Real Estate Search Game! [ReyEstate]
∙ Google Real Estate [Google]
∙ Google Real Estate: Who gets hurt? [Marketwatch]
Posted by socketadmin at 1:45 PM | Permalink | Comments (0) | (email story)
April 4, 2006
Zillow Is A Lot Catchier
While they might not be making any more land, according to the Pilot California Infill Parcel Locator (doesn’t quite roll off the toungue like Zillow, now does it?), there are at least 9550 potential residential infill parcels in San Francisco alone. “Such parcels are located in areas that have already been urbanized, but the sites are either completely vacant or have structures assessed at extremely low valuations, relative to the land itself.”
And while not nearly as fun as finding out what your boss’s house is worth, there’s nothing quite like knowing your frenemie's house is considered a prime candidate for infill.
A tip of the hat to Curbed SF for bringing the Parcel Locator to our attention.
∙ California Infill Parcel Locator [berkeley.edu]
∙ Dataporn: It Just Keeps Giving [Curbed SF]
Posted by socketadmin at 2:40 PM | Permalink | Comments (2) | (email story)
April 3, 2006
Add “Dramatic” To The Guide
The infamous 1200 Indiana has undergone a “Dramatic Price Reduction” of $190,000 (8.6%) and can now be yours for $1,998,000.
Before you call your broker, keep in mind that this is a commercially zoned building which means a traditional mortgage isn’t going to fly (think commercial loan or all cash). Then again, if you're looking for a super swanky business expense...
∙ A SocketSite Guide To Price Reductions [SocketSite]
∙ Listing: 1200 Indiana - $1,998,000 [MLS]
∙ 1200 Indiana: Flip Or Folly? [SocketSite]
∙ Speaking Of Bachelor Pads… [SocketSite]
Posted by socketadmin at 8:20 AM | Permalink | Comments (0) | (email story)
March 31, 2006
2576-2580 Washington: RE-PRICED TO SELL NOW!!!
From the same people who brought you a "Huge price reduction!!!" of $252,000 (7.8%), we now have 2576-2580 Washington “RE-PRICED TO SELL NOW!!!” at $2,889,000.
That’s right, take another $109,000 (or 3.6%) off the list price, and add another entry to the SocketSite Guide to Price Reductions, and re-ink the exclamation point key on the old typewriter.
∙ Listing: 2576-2580 Washington - $2,889,000 [MLS]
∙ A SocketSite Guide To Price Reductions [SocketSite]
Posted by socketadmin at 12:51 PM | Permalink | Comments (0) | (email story)
What’s Really Going On? (Part I And A Half)
Despite all the hype, it appears that “starchitected” condos aren’t actually selling that well in New York (according to the Wall Street Journal). Curbed offers a fine rundown for the subscriptionaly challenged.
The relevance to San Francisco you ask? Well, Damion Matthews (of “What’s Really Going On?” fame) points out the following precious quotes in the Journal:
“The slowdown appears to have prompted some developers to exaggerate their sales figures. Marketers for Mr. Meier's 165 Charles Street, along Manhattan's Hudson River waterfront, had widely distributed information to potential buyers and the media stating that 24 of the building's 31 units had sold. But a look at deeds filed with the city showed a much lower number.”"Developers try hard to create buzz for a project," says Las Vegas developer Laurence Hallier. "Telling buyers or the media that a project is nearly sold out or is going fast is all part of the game."
Inconceivable! (And yes, we’re still working on Part II of “What’s Really Going On?”) Another noteworthy quote: “…these developers often ignored the first rule of real estate -- location -- and built in marginal neighborhoods far from other luxury homes and upscale stores.” Not that we’re pointing any fingers. Yet.
∙ Condos With a Name: 'Available' [WSJ - $]
∙ Twilight of the Starchitected Condo [Curbed]
∙ Reader Question: What’s Really Going On? (Part I) [SocketSite]
Posted by socketadmin at 11:26 AM | Permalink | Comments (0) | (email story)
March 30, 2006
Bait And Switch On MLS?
Okay, so while not technically ‘Bait and Switch’ (as the unit, just not the price, is still available), we have a feeling the folks over at MLS might frown upon the pricing “strategy” of 321 Langton #11. Or more specifically, frown upon listing a property in the MLS at a price point meant to ‘capture attention’ but without the intention of actually selling at that price (and then raising the price after generating some buzz).
Check out ReyEstate for the complete history. And damn, where’s an MLS Cop when you really need one…
Update: As a tipster points out, Urban Bay Properties might want to update the price of 321 Langton #11 on their very own site (showing $599,000 as of 3/31 versus $679,000 on MLS) and in their Open House Schedule (emailed 3/31). Now that's bait and switch…
∙ Get Comfy... [ReyEstate]
∙ Timing is Everything! [ReyEstate]
Posted by socketadmin at 1:48 PM | Permalink | Comments (3) | (email story)
At Least They Didn’t Call It Golden Gate Hill
[Photo: Hill & Co. mailer (and site) image for Portrero Hill]
Real Estate Brokerage Hill & Company blankets Potrero Hill with a glossy mailer touting their ‘locals only’ knowledge of the neighborhood. Based on the reaction from the Potrero Hill, San Francisco Blog, they might have missed their mark:
“Word of advice to Hill & Co: If you’re going to try to pretend you know Potrero Hill, at least do some fact checking with the locals.”
Especially when they have their own neighborhood Blog...
Update: Apparently the owner of the house that Hill & Co. features on the mailing (and on their site) is pissed and “has called Hill to complain". But that might actually have less to do with Hill & Co. per se, and more to do with the attention (and comments) thrust upon this house by its new found notoriety (“That is my favorite horrible house. I try to like it, and each time I gag.”).
∙ Hill & Co. - Potrero Hill Poseurs [PotreroHillSF]
∙ Golden Gate City? [SocketSite]
Posted by socketadmin at 12:49 PM | Permalink | Comments (0) | (email story)
March 29, 2006
Adam Grant Condos: 114 Sansome St.
The 14-story Adam Grant building at 114 Sansome is going condo. Class A commercial condo that is. That’s right, you can now own your office space. And for those who might find this old news, we also offer the lineup for their Grand Opening this week:
Welcoming escorts; catering by MeMe Pederson; professional billiards player, Jeanette Lee (aka “the Black Widow”) challenging guests to games; a complementary Cigar Lounge hosted by Sherlock’s Haven; and a full bar + wine tasting bar by Niebaum-Coppola.
Now that’s an opening. And the real question, other than whether or not we’re going invited, is: how long before all the new residential condo buildings are forced to start following suit?
∙ Adam Grant Condos [adamgrantcondos.com]
∙ The Adam Grant Building [emporis]
∙ Miami Investment Group Purchases 114 Sansome St... [grubb-ellis]
Posted by socketadmin at 11:33 AM | Permalink | Comments (0) | (email story)
March 28, 2006
Speaking Of Bachelor Pads…
We’d like to believe that the New York Times drew their inspiration for a piece on bachelor pads from our post on 2002 California (now in contract).
“A bachelor pad is a cultural icon. It has been designed by the architect Frank Gehry for the pages of Playboy and has symbolized an alternative to life as a patriarchal breadwinner for more than half a century. It has earned mythic status. And it has essential ingredients.”
Yes it is, has, and does. And while 1200 Indiana definitely fits the bill (and is still available), we are officially opening up nominations for the best bachelor (and bachelorette) pads in San Francisco.
If the pad is on the market, send us a link, and if it’s not, send us pictures (both to: tips@socketsite.com). And yes, that's a hot tub overhanging the living room...
∙ The Bachelor Pad Still Lives [NYT]
∙ Party Like It’s 2002 (California) [SocketSite]
∙ 1200 Indiana: Flip Or Folly? [SocketSite]
Posted by socketadmin at 5:44 PM | Permalink | Comments (0) | (email story)
You Almost Had Us At Hello
The four units in 519 Natoma boast “wide-plank Oak 3/4in. hardwood floors. Miele appliances, Sub-Zero refrigeration, Wolf range, Duravit bathroom fixtures, European cabinetry, cut glass mosaic tile bathroom w/ Terrazzo soaking tub, Russ stereo surround sound, Siebel video intercom. Washer/Dryer hookups.” And those pictures? Did you see those pictures?
If only they weren't TICs. And we could move them over to Hayes Valley…
∙ Listing: 519 Natoma St #A - $559,000 [Zephyr]
∙ Listing: 519 Natoma St #B - $569,000 [Zephyr]
∙ Listing: 519 Natoma St #C - $534,000 [Zephyr]
∙ Listing: 519 Natoma St #D - $489,000 [Zephyr]
Posted by socketadmin at 12:52 PM | Permalink | Comments (3) | (email story)
The Danger (Not Wonder) Years
Quick, what’s the ‘riskiest’ year in the life of a mortgage from a lenders perspective? Think it’s the first? Guess again.
“Although borrowers are often told that the first year is the hardest, delinquencies have historically reached their highest points during the third and fourth years of mortgages…After years of strained budgets, borrowers may have little in savings to draw on to handle a crisis; this is also the period when major repairs begin to crop up; finally, many home buyers go through life changes, including starting a family.”
In the Bay Area, this is also the period during which many adjustable rate mortgages re-set. And despite all the 30-year fixed rate subterfuge, please keep in mind that short-term interest rates have continued to rise.
∙ The "danger years" for homeowners [CNNMoney]
Posted by socketadmin at 11:54 AM | Permalink | Comments (0) | (email story)
March 24, 2006
Reader Question: What’s Really Going On? (Part I)
We recently received the following question from a reader:
“Several large [SOMA] condo complexes are in phase I, II etc and claim rates of 50% - 80% sold after just a few months. Everything else in the area looks like a standstill in my opinion. What is really going on?”
In light of all the new San Francisco developments (and recent Commerce Report) we were inclined to go searching for an answer. One of our first stops, SOMA Realtor® Damion Matthews:
"Presumably the emailer is referring to The Watermark, The Beacon and The Palms, as they are the only "large" complexes in the area (if we define that as a building with, say, over 100 units). But The Beacon has been selling for a year, the Watermark for about 7 months, and The Palms for 2 months. While sales appear to have been good at all three developments, I put little weight in the claims that a sales agent makes about sales in his or her development. It's not that they lie, but they do spin. They want to make it look like they're selling out really fast. No surprise there. But the fact of the matter is that it's difficult for someone outside of the sales office to really know what the state of a project's inventory is. Sure, they can claim they're 80% sold out... but perhaps the developer has only released a third of its inventory. Those sort of details are not handed out freely. [Editors note: unless you read SocketSite…] As for the re-sale market in South Beach, inventory and sales levels are not drastically different than a year ago. The big change is that it does take longer for the average condo or loft to sell. That's for a number of reasons: there's more inventory in South Beach now than there was last year (because of the new developments), prices are higher than last year, the best units in the area tend to not be for sale, and of course people are cautious about the future of the market. However, the number of units sold this year has exceeded last year's numbers, despite those problems. Are re-sales in South Beach at a standstill? I don't see that. It's true that units with bad views take a long time to sell, but conversely those units with great views still sell quickly, and at a high price. Futhermore, people who buy those condos with great views like them and stay in them!"
Here is where we paraphrase: 1. Don’t believe everything you read (unless it’s on SocketSite…), 2. Premium properties tend to stay in demand (and hold value), and 3. Get ready for what we’re going to call a real estate “flight to quality” (more on this next week).
Thanks Damion!
Posted by socketadmin at 1:36 PM | Permalink | Comments (0) | (email story)
Soul Searching
About three weeks ago we broke the story about the $65,000,000 mansion hitting the San Francisco market. And although the mainstream press ran with the story about a week later (with nary a nod to good old SocketSite…) we don’t remember any coverage of the following little tidbit submitted by one of our readers:
“The owner has so much $$$ that he actually bought a limestone quarry in France, had each piece custom cut and built there. Then disassembled and sent to SF. The house is completely and utterly soulless, yet I’m sure someone will buy it just because of the material aspect that it is the most expensive house in SF.”
Let’s see, custom French limestone (and no soul) or leftover steel from the Golden Gate Bridge (and a rich history)? So many choices…
∙ The $65,000,000 House [SocketSite]
∙ Curbed Shoots…And Scores? [SocketSite]
Posted by socketadmin at 12:29 PM | Permalink | Comments (0) | (email story)
March 23, 2006
A Trip Down Market Street (1905)
Damion Matthews (of Five Star Living Group) tips us off to a youtube link for a short film shot through the window of a cable car rolling down Market Street in 1905.
From Damion, “When I watched this footage, I was struck by the fact that this man with his camera, as he films Market Street, has no idea that in less than a year, everything he filmed would be in ruins…”. We’re just hoping this isn’t some kind of cosmic foreshadowing.
And to be honest, we skipped the youtube viewing (really couldn’t take the soundtrack) and headed straight for the Internet Archive for the original file, reviews, and some great history. A favorite excerpt:
In all, the film shows some thirty cable cars, four horse cars and four streetcars. An interesting feature of the film is the apparent abundance of automobiles. However, a careful tracking of automobile traffic shows that almost all of the autos seen circle around the camera/cable car many times (one ten times). This traffic was apparently staged by the producer to give Market Street the appearance of a prosperous modern boulevard with many automobiles.In fact, in 1905 the automobile was still something of a novelty in San Francisco, with horse-drawn buggies, carts, vans, and wagons being the common private and business vehicles. The near total lack of traffic control along Market Street emphasizes the newness of the automobile. Granite paving stripes in the street marking ignored pedestrian crosswalks, making the crossing of Market Street on foot a risky venture.
Some things never change.
∙ Trip Down Market Street Before the Fire [archive.org]
Posted by socketadmin at 7:18 PM | Permalink | Comments (0) | (email story)
What Would Suge Do?
Well, Curbed (the NYC original) catches wind (via: ltjbukem - we have no idea…) of an Oakland loft decked out with a stolen transplanted liberated NYC subway sign. Their conclusion? “Even in the Bay Area, it's all about NYC." Huh?
Our conclusion? It's about time to call Suge...
∙ Even in the Bay Area, it's all about NYC [set speed]
∙ Even In The Bay Area, It's All About NYC [Curbed]
∙ Listing: 201 4th St. #507 (SOLD) [urban bay]
Posted by socketadmin at 2:11 PM | Permalink | Comments (4) | (email story)
ARM Use Down (Insert Pun Here)
According to DataQuick Information Systems, 51.9% of all California home purchases involved adjustable-rate mortgages this past February (down from 70.9% three months ago). Numerous factors at work (including a flattening yield curve and a regulatory crack down), but one quote from DataQuick President Marshall Prentice that hit home:
"It's a lot easier to loan somebody money when the collateral is going up in value at more than twenty percent a year, than when values are going up at half that rate. What we have here is a market cycle that has passed its frenzy phase and is moving into more balanced territory."
Or put another way, in a slowing market, both lenders and potential homeowners are less willing to take a financial gamble based on “guaranteed” home appreciation. And hard evidence of a shift in market psychology is right before our eyes.
∙ Steep drop in California ARM use [DQNews]
Posted by socketadmin at 1:27 PM | Permalink | Comments (0) | (email story)
Truth In Advertising: 1750 Taylor (Royal Towers)
It’s not often that we wholeheartedly agree with an agent’s description of a listing. In the case of 1750 Taylor #1301, we just might...
“With over 3,200 square feet of living space, state-of-the-art amenities, walls of steel & glass, and three terraces, this magnificent home offers unequalled sophistication and simply the best views in all of San Francisco.”
We want to wake up in that bed. Of course with a price tag of $6M, and a monthly HOA of $2906, this definitely falls into the category of “if you have to ask…”. (And unfortunately we do.) But for those who don’t, we suggest you also consider purchasing #1201 ($5.5M) and adding a staircase to create THE deluxe apartment in the sky (and four car parking back on the ground).
And if you have to ask, but still covet the building, consider #302 which has been reduced twice since hitting the market back in August and now gets you in the doors for a mere $1.195M.
∙ Listing: 1750 Taylor St #1301 - $6,000,000 [Louis Silcox]
∙ Listing: 1750 Taylor St #1201 - $5,500,000 [MLS]
∙ Listing: 1750 Taylor St #302 - $1,195,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
March 22, 2006
Curbed Shoots…And Scores?
Curbed jumps on the 300 Sea Cliff bandwagon we started about ten months ago...and ends up simply getting emailed the real scoop. Nice. A couple of excerpts:
"I lived at 300 Seacliff growing up during the 80's and 90's. I probably know more about the house than anyone around. My father bought the house in the early 70's and it was sold when he passed away in 1999. Both Robin Williams and Larry Ellison made offers in the current price range during the early-mid 90's.”“A few reasons for its pricing, aside from the obvious: fairly sure that it's still the only home in San Francisco on an acre of land (and a corner acre overlooking the Pacific at that)…it also has some historic value- it was designed by Julia Morgan (Heart Castle) for a sailor friend and was called the Captain's Castle…She also used some of the painted, orange/red steel leftover from constructing the Golden Gate Bridge a year earlier as the structural framework for the house.”
All of a sudden $23.5M seems like a bargain. And perhaps it's time for us to get some of those "interns"...
[Update: In honor of Kim (see comments) we’ve added a question mark to the post title and are seriously considering offering her a position on the SocketSite team. As far as the old offer in the “current price range”, the author does note, “My father didn't want to sell, so Williams purchased the lot across the street and built a fairly horrendous looking McMansion.” Who knows (about the offer, not the McMansion). And that “full acre” comment? Well, we took it with a grain of salt and simply attributed it to a case of 'everything seems bigger when you’re young'…]
∙ Update on 300 Seacliff [Curbed SF]
∙ Can’t Sell? Then Stucco! [SocketSite]
∙ Top Five San Francisco Trophy Homes [SocketSite]
Posted by socketadmin at 4:14 PM | Permalink | Comments (1) | (email story)
Central What Way?
San Francisco CITYSCAPE has always been one of our favorite local sites - great little nuggets, tight community, and (mostly) intelligent discussions. Case in point: discussion of San Francisco's on-again, off-again Central Subway.
Plus, we can’t resist linking to posts that get us started singing AC/DC tunes…
∙ High ... Subway to Hell [SF CITYSCAPE]
∙ Central Subway: Overview [SF Muni]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
March 21, 2006
Can’t Sell? Then Stucco!
Matt Jalbert of le blog exuberance captures the infamous 300 Sea Cliff Avenue undergoing a “modern” face lift. In Matt’s own words, “I guess no millionaires appreciate that old-school hollow red brick façade. And rather than lower the price, it appears that the sellers decided to update the property to something more palatable to modern tastes.”
Will it work? Stay tuned...
∙ Stuccoing over a $23 million home [le blog exuberance]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ Listing: 300 Sea Cliff Ave - $23,500,000 [MLS]
Posted by socketadmin at 12:18 PM | Permalink | Comments (0) | (email story)
It’s All About The Mix
We’ve been delinquent in finishing an article about the problems of relying on ‘Median Prices’ to gauge the health of the market. And now that Dr. Irwin Kellner tackles the question, “If the housing market is weakening, why are home prices still rising?”, we’re just going to refer you to his commentary. And tease you with his second sentence:
"To answer this question, let us return to those thrilling days of yesteryear, when we first learned math. It was then we discovered that figures may not lie, but liars do figure."
And no, we have no idea what kind of Doctor.
∙ Commentary: Don't Judge Housing Market By the Numbers [RealEstateTimes]
Posted by socketadmin at 12:15 PM | Permalink | Comments (0) | (email story)
March 20, 2006
Update: 2257 Green Sells (Spoiler Alert…)
Our previous coverage of 2257 Green Street generated a fair amount of buzz, intrigue, and speculation. You might remember that this house was originally listed at $5.2M, was later reduced to $3.495M, and was finally reduced to $2.595M.
We also reported that according to Zillow, the house last changed hands on 5/15/2000 for $3.0M. And that Zillow estimated that the house should be worth approximately $3.77M.
Well, according to our sources, the actual contract price appears to be…$2.9M. And while it’s sure to be reported as ‘12% Over Asking!’, it’s also $100K below what the sellers paid in 2000, 44% below it’s original asking price, and approximately $870K, or 23%, below Zillow’s estimate.
Somebody A lot of people have got some a lot of explaining to do. [Note to buyer: don't forget to invite us to the housewarming.]
∙ Did Somebody Just Get Zillowed? [SocketSite]
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (1) | (email story)
A Market (And Columnist) In Transition
Last April, Inman News columnist Dian Hymer wrote, “Should I buy in a hot real estate market?” This January, “Buyers gain power in today's real estate negotiations”. In February, “Balanced market creates new approach to home selling”. And this morning? Welcome to “Cooling real estate market presents challenge for sellers”:
"The housing market has changed. There are fewer multiple offers. Negotiation is back in vogue. Listings, in general, are taking longer to sell. And some listings are not selling at all.What are your options if your home is less desirable in the current marketplace than you'd hoped it would be?
One option is reduce your price. Another is to hold out for a while, hoping that the market improves to meet your price. In most cases, however, the latter option is unlikely to yield results."
Any predictions for Hymer’s April 2006 headline? And interesting how other sites choose to ignore that first ‘The housing market has changed’ paragraph…
∙ Cooling real estate market presents challenge for sellers [Inman - $]
∙ What choices are there for homes that aren't selling? [SFHomeBlog]
Posted by socketadmin at 10:33 AM | Permalink | Comments (0) | (email story)
March 19, 2006
Et Tu Inman Redux
The Inman Blog continues to raise the eybrows of their bread and butter (i.e. the industry) as they offer the following three quotes to characterize the health of the California housing market:
"The market came to a screeching halt in February" (attributed to“long-time Realtor in Sausalito”), "It is the pits" (attributed to "VERY big broker"), and "It could get very bad this time around" (attributed to“Marin County broker”).
The best reader comment: “Hmmm... Prelisting cleaning, 6 month LAs, bargaining, negotiation. I remember what we used to call that...normalcy.”
∙ Three data points [Inman Blog]
∙ Et Tu Inman? [SocketSite]
Posted by socketadmin at 10:39 PM | Permalink | Comments (0) | (email story)
March 16, 2006
Come On Curbed
We really appreciate all the SocketSite mentions on Curbed, and we really are glad you’ve hit the San Francisco scene (despite our ribbing), but if you’re going to copy a story, at least have the decency to link back to the original post (and not a generic “via SocketSite”). That’s just not cool lame.
(And believe us, your readers won’t want to miss out on our readers' insights...)
[Update: Link changed. Curbed back to being cool. Nightclub brawl avoided.]
∙ Potrero Hill TIC for $100,000 [Curbed SF]
∙ San Francisco TIC For $100,000! [SocketSite]
Posted by socketadmin at 12:15 PM | Permalink | Comments (3) | (email story)
March 15, 2006
San Francisco TIC For $100,000!
Nope, that’s not a typo. A Potrero Hill TIC is currently on the market for $100,000. Before you call your agent, however, you might want to read all the notes:
“Listing is for a 1/6 (TIC) ownership interest in this Potrero Hill single-unit home. Other 5/6 ownership positions are held by related family members of seller. Occupany [sic] by 1/6 buyer will most likely not be an option.”
Please tell us we shouldn't be filing this one under trends. And for once, we’re going to take a pass on the housewarming. (And most likely, so will the “buyer”...)
∙ Listing: 249 Texas - $100,000 [MLS]
Posted by socketadmin at 10:35 AM | Permalink | Comments (5) | (email story)
A SocketSite Guide To Price Reductions
Ever since we pointed out that $24,000 “drastic” price reduction, we’ve been wondering: what’s the difference between a “drastic”, “big”, “major” and "Huge" price reduction? Well, we now have answers!
Based on current listings, it appears that while a “drastic” price reduction is $24,000, a “BIG REDUCTION!” is $51,000, a “Major Price Reduction!” is $101,000, and a "Huge price reduction!!!" is $252,000. (Due to data limitations, however, we’re still unable to isolate how ALL CAPS and exclamation points play into the equation.)
And interestingly enough, the biggest reductions ($2,000,000) all seem to go unadvertised…
∙ Listing: 1452 Bush Street #21 - $1,149,000 [MLS]
∙ Listing: 1330 Chestnut Street - $1,149,000 [MLS]
∙ Listing: 2576-2580 Washington - $2,998,000 [MLS]
∙ Listing: 2700 Broadway - $12,500,000 [MLS]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
March 14, 2006
Bubble (Not Baby) Sitting
Bankrate “talked to experts, studied public and private databases, analyzed market trends and examined the analyses of many others” in order to arrive at their list of ten "bubble blowers" (appreciation should continue to grow), "bubble sitters" (appreciation may have peaked), and "bubble busters" (values expected to decline).
San Francisco? Deemed to be one of the ten bubble sitters:
“With a median home price of nearly $720,000 at the end of 2005, according to the NAR, San Francisco remains one of the country's most expensive cities to live in, outpacing even Honolulu and New York City. Housing prices are unlikely to decline because of short supply -- surrounded by hills and its famed bay -- there's just nowhere else to build anything less expensive in the city. But realistically, there aren't that many people who can afford to buy at those prices, which should keep prices from going much higher.”
Our big question: what’s the impact on buyer behavior should the market flatten out? At a minimum it will be much hard to justify a new investment, or to rationalize an interest only or short-term mortgage product (which will only compound the affordability problem).
∙ Going up, down and sideways: Top 30 cities to watch [Yahoo!]
Posted by socketadmin at 4:24 PM | Permalink | Comments (1) | (email story)
Hola! Tortilla Heights
The doors are now open (and the scaffolding is almost down) at ‘tortilla heights’. Located at the corner of Bush and Divisadero, and just down the street from Frankie's Bohemian Café and the Fishbowl (same owners), it's a welcome addition to the neighborhood.
[Note: we’re not going to make a habit of posting about new restaurants unless it’s in the context of an evolving neighborhood. And with that massive new yoga studio that just opened up right across the street…]
Posted by socketadmin at 11:26 AM | Permalink | Comments (1) | (email story)
March 13, 2006
The Bull
Okay, so who’s the genius at NAR that decided that a “balloon is a much better image” to represent the strength of the real estate market?
Are we the only ones who remember week-old birthday balloons lying shriveled on the floor? Or popping balloon after balloon in failed attempts to overfill those little water balloons? Regardless, David Lereah, chief economist of the National Association of Realtors, seems to be firmly on board.
“His prediction for the housing market's future is, with a few exceptions, a remarkably sunny one: low interest rates, continued annual appreciation, a lean supply accompanied by demographics guaranteed to produce a strong demand.”
"The factors that have some real estate economists worried, which include a decline in sales and appreciation, higher interest rates and reduced affordability, Lereah says, are merely signs that some air is slipping out of the balloon.”"More air will come out in some areas than others," says Lereah. "But you can't sustain double-digit price increases forever. You need a cooling-down period. It's healthy for the market. It's still a sound balloon."
"The fundamentals haven't changed," Lereah says. "It's still a great time to invest in real estate."
We agree, air is slipping out of the balloon and double-digit price increases are not sustainable. We do, however, disagree that the “fundamentals haven’t changed.”
The fact that the majority of new Bay Area housing “investments” would lose money on an income producing basis challenges a basic fundamental of investing. And widespread speculation (i.e. banking on asset appreciation) in the housing market signals a fundamental shift in "investor" behavior (and risk).
∙ A BULL, A BEAR AND THE BUBBLE [SFGate]
∙ Why the Real Estate Boom Will Not Bust
Posted by socketadmin at 12:15 AM | Permalink | Comments (2) | (email story)
One Listing, Two Perspectives
We’ve had our eye on 1001 California #7 for quite some time (and not because it has two fireplaces). One, because it’s just plain gorgeous; two because it was marked down from at least $3,675,000; and three, because the listing was recently advertising “Seller will pay two years of Home Owner Association Dues for Buyer.”
Although two years of HOA wouldn’t normally be much to celebrate, when the monthly HOA is $4,450 (which doesn’t include parking), it definitely catches your attention. And while it seems that the listing has either recently been withdrawn from the MLS, or perhaps sold, the most recent listing price was actually $3.4M (not $3.5M).
Let's just consider that $100k a little gift from us to you...
∙ Listing: 1001 California Street #7 - $3,400,000 [MLS] [Listing Agent]
∙ Curbed SF Three-Pack: Let's Get Fireplaced [Curbed SF]
Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)
March 12, 2006
Et Tu Inman?
First Brad Inman gets beaten up for challenging 6% sales commissions, and now he stirs up the “nightmare waiting to happen” pot. All we can say is…it’s about time he stopped playing it so damn safe.
∙ Help me out here [Inman Blog]
∙ The nightmare waiting to happen? [Inman Blog]
Posted by socketadmin at 6:00 PM | Permalink | Comments (0) | (email story)
March 10, 2006
Guess We Never Got That Memo
In light of Curbed inviting us to “check out the progression of designs” that led to the final Curbed SF logo, we have to wonder: did we just miss that memo about all San Francisco real estate blog logos containing screened-out images of Coit Tower on the left and the Painted Ladies on the right?
Damn it! Somebody get our designer on the phone...
∙ ReyEstate [ReyEstate.com]
∙ Curbed SF [SF.Curbed.com]
∙ Suge Versus Puffy [SocketSite]
Posted by socketadmin at 1:54 PM | Permalink | (email story)
Weekend Update: Sales Follow-Up
Lots of questions with regard to sales activity for three of the New Developments we’ve recently profiled, so let’s do a quick rundown to kickoff the weekend (and help you plan your open house stops this Sunday):
1. 1725 Washington: Three (#3, #9, #14) of the fourteen units we profiled a month ago have sold, eight units remain active in the MLS, and three units (#4,#7,#12) have yet to be added to the MLS. (And yes, #2 and #6 remain "Sold" BMR units.)
2. 1625 California: Of the seven “2ND Release now available! Going fast!” units we featured two weeks ago, one (#55) has gone pending, while the other six remain available (a couple after 3+ months).
3. 1551 Filbert: After 45 days, one (#1) of the three “truly special & will not last” TICs has garnered an offer (#2 and #4 remain Active).
And no, we're not implying that the market has "popped", "crashed", or "tanked". Just that it has changed. And that "if you build it they will buy it (regardless of the design, price, or marketing)" thinking might just be a thing of the recent past (along with "guaranteed” double-digit appreciation).
∙ Update: 1725 Washington Street [SocketSite]
∙ 1635 California Street [SocketSite]
∙ For Sale By Owner Listed! [SocketSite]
∙ San Francisco Sales/Prices Trend Down [SocketSite]
Posted by socketadmin at 12:56 PM | Permalink | Comments (1) | (email story)
March 9, 2006
Suge Versus Puffy?
We’re hoping to avoid all the public insults, nightclub brawls, and gunfire that erupted between the West’s Suge Knight and the East’s Puffy Combs. Instead, we welcome SFCurbed with open arms.
All we ask is that you don’t start calling it “Golden Gate City” (or “Frisco”). (Oh, and no poaching the photos without proper attribution...)
∙ East Coast VS. West Coast [CrimeLibaray]
∙ The New Yorkers Are Coming! The New Yorkers Are Coming! [SocketSite]
∙ Golden Gate City? [SocketSite]
Posted by socketadmin at 11:05 AM | Permalink | Comments (0) | (email story)
March 7, 2006
It’s Called Perspective
Today we offer some perspective in the form of three excerpts from a recent Bankrate.com article. First up, managing expectations:
“Last year, home values appreciated about 12 percent overall nationwide, according to statistics from Neala Richardson, the principal economist with Freddie Mac. On average, appreciation usually runs between 2 percent and 3 percent, according to the Office of Federal Housing Enterprise Oversight, or 5 percent to 6 percent, according to Freddie Mac.”
Next up, managing wealth:
Just keep your new-found wealth in perspective, says William Poorvu, professor emeritus at Harvard Business School and co-author of "The Real Estate Game.""Don't think that because your house price has gone up that you can change your lifestyle dramatically," says Poorvu. He likens it to those who got wealthy on paper during the tech boom.
Do you dream of "cashing out" when the market hits the top, then sitting on a pile of money while you buy a similar home for a lot less? Not realistic, he says.
Just like timing the stock market, timing the housing market is tricky. "Most people aren't that lucky," says Poorvu.
And finally, managing temptation:
If your equity wealth has you perusing loan company fliers and dreaming of exotic vacations, "resist the urge," says David Reed, author of "Mortgages 101.""Equity in your home can be viewed as a safety device," says Jack Guttentag, professor emeritus of finance at the Wharton School of Business and author of "The Mortgage Encyclopedia." It should be considered, "a fallback -- a source of funding for emergencies," he says. "One of the potential emergencies is that you lose your job. You're suddenly faced with a situation where you can't make the payments."
Once again, we can only hope that Doug is reading.
∙ Ballooning equity doesn't mean you're rich [Yahoo!]
∙ Los Angles Snickers, San Francisco Shudders [SocketSite]
Posted by socketadmin at 4:02 PM | Permalink | Comments (0) | (email story)
March 6, 2006
The $65,000,000 House
Well, 2845 Broadway has quietly replaced 300 Sea Cliff Ave as the most expensive house for sale in San Francisco (and it’s not because 300 Sea Cliff has sold).
Boasting a “Once in a generation opportunity to acquire an extraordinary Gold Coast masterpiece in the making, the house also boasts a price tag of $65,000,000. Then again, at over 20,000 square feet of living space, that's only $3,154/sqft.
[UPDATE: Apparently the original two structures at 2845 Broadway sold for $32 million in November 2002, cost of construction to date is estimated to be $18 million, and the “Buzz among brokers” is that it will cost another $8-16 million to finish the property. Just to clarify, for $65M you won’t be getting any “interior walls, ceilings and finishes”.]
∙ Listing: 2845 Broadway - $65,000,000 [MLS] [Listing Agent]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
∙ S.F. home hits block for record $65M [bizjournals]
Posted by socketadmin at 12:01 AM | Permalink | Comments (15) | (email story)
The San Francisco Stare-Down
So is it a simple war of the wills, or a real war of the wallets? From the New York Times:
Along much of the East and West Coasts, home buyers and home sellers are engaged in a stare-down.Many buyers, having heard that the real estate market is a bubble in danger of popping, are refusing to offer the asking price on a house, convinced that it will soon drop. But many sellers are not blinking either, thinking that offers will improve when the weather does and biding their time until then.
As a result, the housing market is now in a deeply confusing state, with average prices still rising even though homes are taking much longer to sell and the number on the market has soared. Sometime soon — probably in the spring, the peak sales season — one side or the other will have to capitulate, many economists and industry executives predict.
Well, while the weather didn’t improve this weekend, San Francisco open house traffic did. At the same time, increased talk of sellers countering below asking offers they currently have in hand. And as a Realtor® was kind enough to point out, inventories continue to build heading into the spring market.
∙ Hoping for Best in Home Sales, 2 Sides Sit Tight [NYT]
∙ REALTOR© Hoisted Upon His Own Petard [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
March 3, 2006
QuickLinks: Real Estate Acronyms (and Euphemisms)
Remember ‘Adorable’ Really Says It All? Well, the Matrix kicks off the weekend with a plethora of resources to help one understand all the real estate lingo, acronyms, abbreviations, and euphemisms. And we ‘SC’ (shamelessly copy).
∙ Real Estate Lingo, Jargon and Acronyms Are A PITA [Matrix]
∙ How to read a home listing [LendingTree]
∙ Real Estate Acronyms [Acronym Guide]
∙ A Short Guide to Real Estate Lingo and Acronyms [Realtor]
Posted by socketadmin at 11:50 AM | Permalink | Comments (1) | (email story)
March 2, 2006
Don’t Fear The Bubble
As one of the New York Times “Most E-Mailed Articles”, chances are you’ve already read David Leonhardt’s Don't Fear the Bubble That Bursts. But if not…
…instead of panicking, most homeowners should be taking a deep breath. The real estate slump of 2006 offers a fresh chance to puncture the No. 1 myth about the nation's No. 1 topic of conversation: the idea that we should all be rooting for high house prices. The myth is good for real estate agents, but it creates needless anxiety for everyone else. It's time that most of us learned to stop worrying and love the bursting bubble."Even in the most vulnerable markets, most people just have to look through it and ignore it," said Mark Zandi, the chief economist of Moody's Economy.com, "because it's of very little relevance to them."
Amen. Now read the rest of the article (especially if you plan to comment).
∙ Don't Fear the Bubble That Bursts [NYT]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
March 1, 2006
REALTOR© Hoisted Upon His Own Petard
Yesterday SocketSite caught a local Realtor, and popular blogger, using statistics from the MLS to prove that demand is outstripping supply in the San Francisco housing market (and to “back up what is usually [his] gut-feeling about the San Francisco housing market”).
While we applaud the Realtor for attempting to use analytic (versus anecdotal) information to prove his point, unfortunately we must report that his analysis was flawed, and that the “hard data” he provides actually suggests the exact opposite trend: over the past couple of weeks, "supply" in San Francisco has increased faster than "demand"...
In the Realtor’s original post, he highlights the following statistics for the week ending 2/20/06: 173 'New Listings', 229 'In Contract', 105 'Closed Escrow', 485 'On Tour', 1029 'All Active'; and for the week ending 2/27/06: 180 'New Listings', 258 'In Contract', 123 'Closed Escrow', 505 'On Tour', 1055 'All Active'.
Based on these statistics, the Realtor then draws the following conclusions (he has since removed the first paragraph and edited the second):
“In my world, what this says is that there is new inventory coming on the market, but not enough to satisfy the demands of the buyers. Last week there were 56 more units put into contract than what came on the market. This week that number jumped up to 78. If I were a sensational journalist, I would run a BOLD headline stating that we're almost out of housing inventory, with the ratified differential increasing by a whopping 40%!But that's not really the point. It is, however, really important to note that there are more properties selling than are coming on the market in the past two weeks. February 2005 was probably the hottest month in the history of San Francisco real estate, so I was expecting this to happen again in 2006. Will it continue? Perhaps not to this extent. But it's nice to know [sic] see some hard data to back up my predictions.”
The Realtor’s conclusions are based on the assumption that 258 new contracts were written last week, an assumption that seemed wrong (call it a “gut-feeling”). As such, we requested that the Realtor confirm his report of 258 new contracts last week (and 229 the week before). The Realtor responded by providing the following update and clarification:
“…there were 258 properties listed as having been changed to 'Active Contingent' or 'Pending' in the past seven days…I'm seeing that 120 properties changed from Active to Active Contingent and 166 were changed to Pending (which could have been a change from Active or from Active Contingent -- which skews the data a bit).”“Meanwhile, the new listings are actually 'new' listings, not properties that are back on the market. There is a different search criteria for BOM properties (which I have also just added) [editor’s note: 35 properties last week]. And sold listings are just that, sold & closed escrow (but last week were Pending).”
(For background, an MLS listing typically takes the following path: from ‘Active’ (no accepted offer), to ‘Active Contingent’ (accepted offer with a contingency in place – e.g. inspection), to ‘Pending’ (all contingencies removed/waived), and finally to ‘Ratified’ (sold). And the length of time it take a property to move from Active Contingent to Ratified is variable, but usually ranges from 30 to 60 days.)
The Realtor’s clarification suggests that while 215 listings were added to last weeks 'supply' (180 New + 35 BOM = 215), only 120 were newly in 'demand' (i.e. moved from Active to Active Contingent). (Granted, a small percentage of listings might have moved directly from Active to Pending, but that is usually an exception rather than the rule.) All this is to say that the “hard data” presented by the Realtor actually suggests that housing ‘supply’ outpaced ‘demand’ in San Francisco by up to 95 units last week (a far cry from the Realtor’s initially reported shortfall of 78 units).
SocketSite presented our calculations to the Realtor to double-check our analysis. In response, the Realtor posted the following:
“I never intended for this blog to be a full-time job, so I've decided not to continue to post or defend these statistics. The MLS does not offer a definitive way to see how many listings went from Active to Ratified, and I don't have the time or energy to individually analyze the Pending properties. If I find an argument-proof way to provide people with details on the market, I will do so. In the interim, I will only apologize to those that might have found the stats helpful.I still stand by my opinion as a full-time, working real estate agent that the market is moving quickly in many neighborhoods and property types, while still offering opportunities for those that are willing to put in some extra work to find them.
Even in February and August of last year you could have easily found properties that were sitting on the market, and made an argument that the market was tanking, but we all know in hindsight that was not the case.”
We’d actually ask the Realtor to continue to post the raw MLS statistics (despite the fact that they might conflict with his “gut-feeling” about the market) as we, and we’re sure others, find them valuable. And we agree, there will always great investment opportunities for those who put in the work to find them (regardless of the market). But folks, anecdotal evidence shouldn’t be a substitute for analytics when making an investment.
We’d like to believe that if a stock broker suggested buying a stock based on his “gut-feeling” that demand was greater than supply, you might ask for (and analyze) some “hard data” before making a trade. And call us crazy, but in the case of a house, we’d like to believe that you might actually ask (and analyze) twice.
∙ Some Stats from the MLS... [SFHomeBlog]
Posted by socketadmin at 2:46 AM | Permalink | Comments (0) | (email story)
February 28, 2006
Evidence Of Another Marketing Problem
An article in Friday’s San Francisco Business Times focuses on how lenders are “falling all over themselves to throw money at [SF condo developers]”, and characterizes Bay Area condo construction as the “darling of lenders”.
Unlike Miami, where an estimated 60,000 units are in the development pipeline, San Francisco is constrained geographically. Less than 8,000 units are slated for completion within the next few years, and additional development sites are limited. The Palms, the Watermark and the Beacon, the only three projects where new condos are for sale [emphasis added], all report record activity in January and February, traditionally the slowest time for homebuyers. Since Jan. 1, the Beacon has averaged nearly one condo sale a day.
The “only three projects where new condos are for sale”? Did we miss something? (Or did the author?) And averaging "nearly one condo sale a day"? Aren't there 595 units at the Beacon? And "record activity" compared to what?
∙ Costs soar, market cools -- but lenders are still hot… [BizJournal]
∙ 1635 California Street [SocketSite]
∙ Update: 1725 Washington Street [SocketSite]
∙ SocketSite New Developments Archive [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)
February 27, 2006
San Francisco Population 400,000?
Results of the Bay Area Council’s annual poll have been released.
Although 35 percent of respondents ranked transportation as their highest concern, 19 percent said housing was the biggest problem. Forty percent said they have considered moving out of the region, and 70 percent of those cited high housing costs as a major factor.In 1996, as the real estate market began to recover from the early 1990s recession, only 1 percent of respondents cited housing as a big concern.
The high cost of housing is a concern? That’s no surprise. Forty percent of the population is actually considering moving out of the region? Surprise.
∙ Cost of housing among area's top woes [SFGate]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
February 24, 2006
Permaconstruction At Post And Masonic Presidio
A year ago construction began on a multi-unit building at the corner of Post and Masonic Presidio. After nine months workers stopped showing up. And today, the building sits unfinished and off the market (as far as we know).
So our question of the day, does anybody know what the hell is going on? Cash flow problems? Permit problems? Contractor problems? It’s a shame to see (potential) inventory just sitting there like that...
Posted by socketadmin at 3:05 PM | Permalink | (email story)
Speculators in San Francisco?
An excerpt from this week’s Surreal Estate:
Recently, San Francisco has added protections to make Ellis Acting less desirable. Just this week, the California Court of Appeals upheld a new law that would compel landlords to give each legal tenant 120 days' notice and $4,500 (up to three tenants) to help with new housing costs after an Ellis Act eviction. Protected tenants are also offered an additional $3,000 and one year to move.There is also pending legislation that would penalize any property that has been the site of a "dirty eviction" of an elderly or disabled tenant, making it impossible for that building to be converted to condominiums.
Indeed, according to landlord attorney Jeffrey Woo, the extra laws created to discourage owner move-in evictions have largely backfired by making Ellis Act evictions increasingly common.
"People are clearing out more units than ever before," Woo says. "It has also brought in the speculators. They realized, 'I don't even have to live there. All we have to do is Ellis Act it and we can sell the TICs.'"
Speculators in San Francisco? All together now…Inconceivable!
∙ The many faces of protected tenant status [SFGate]
∙ Ellis Act Relocation Assistance Upheld [SocketSite]
Posted by socketadmin at 10:41 AM | Permalink | Comments (1) | (email story)
Friday Fun: Name This House
Welcome to the inaugural installment of SocketSite’s Name This House™ (just sounds better than “identify this house”). First up, an ex-bachelor pad with a modern façade that belies quite possibly the best bay views in San Francisco.
Unfortunately we’ve only seen pictures of the views, so bonus points to anyone that can name the magazine, and edition, in which the interior shots appeared (because we can’t remember), and double bonus points if you actually send us a copy.
And only since someone is bound to ask, the current Zestimate™ is $9,139,834.
Posted by socketadmin at 12:00 AM | Permalink | Comments (4) | (email story)
February 23, 2006
Golden Gate City?
Okay, we're big fans of apartment therapy. And we’re looking forward to their full-blown San Francisco edition. But somebody really needs to tell them to stop referring to San Francisco as “Golden Gate City”. You're killing us over here people.
That being said, and if you have a long Victorian hallway that you’ve been struggling to cover, be sure to check out their "long-distance runner" tips.
∙ The Loneliness of the Long- Distance Runner [apartment therapy]
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
February 22, 2006
Reader’s Tip: MLS DOM
A reader “tips” us off to a trick for finding a listing's DOM on the MLS:
"If you want to see the date a home goes on the market. Do a search for open houses, it will give the "DOM" days on market. That does not help if they take it off and then put it back on though. I was looking the other day and there is one on there for over 220 days."
Obviously not perfect, but a nice little trick. For example, condo #504 in the Marquee (a building we love) is having an open house on this weekend, has been on the market for 56 days, and is touting “1/2 yr of FREE HOA DUES!”.
∙ Listing: 151 Alice B. Toklas Pl #504 - $669,000 [SF MLS]
Posted by socketadmin at 12:07 PM | Permalink | Comments (1) | (email story)
February 21, 2006
Mansion Impossible (The Timesuck Game)
Okay, so we really had the best of intentions to wait until Friday to corrupt you with this little timesuck, but what the hell…welcome to “Mansion Impossible” (thanks to grow-a-brain for the link).
∙ Mansion Impossible [FWG.com]
Posted by socketadmin at 4:29 PM | Permalink | Comments (1) | (email story)
Proof Of Listing Dates? Inconceivable!
Folks, if you’re planning on either discrediting or slandering us in the future, do us a favor and at least have the decency to know what the hell you’re talking about. It’s just plain embarrassing when you don’t.
As you might recall, a certain ‘MLS Cop’ recently justified his attack on our Editor as a policing of “unauthorized” MLS access, and posted the following comment: “And just for the record (which caused me to do this research in the first place), there has NEVER been access to the dates that properties are listed in the publicly available MLS data. You only ever saw those dates if you were accessing the full data.”
Well…while a couple of calls to the San Francisco Multiple Listing Service didn’t do the trick, a search of our files did. As recently as 7/18/05, a listing's status ('Active', or 'Act. Con.') was followed by a date (the elusive 'listing date' for Active listings) on the Search Results page. (A highlighted example is shown above, and a complete printout from our files on 199 New Montgomery is available for your review: page 1, page 2.)
And yes, these dates have since been removed from the Search Results page.
∙ SF MLS Quietly Removes Listing Dates [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)
February 17, 2006
We Agree With David (Sort Of)
For the past eight months we’ve been yammering on about “risky mortgages”. Why? We’ll let David Lereah (chief economist for the National Association of Realtors) explain:
“Home price appreciation, after reaching an astonishing estimated 12.7 percent national annual rate, will decelerate back into single-digit territory, registering 6.1 percent and 7.3 percent for existing and new home prices, respectively.This cooling is exactly what markets need today, because it helps check the rise in speculative buying and the growth in risky mortgages, such as the interest-only loans we started seeing at the height of the boom.
That risk-taking changed the residential real estate landscape in significant ways by encouraging some investors to flip properties and home buyers to spend beyond their means.
There will be some adjustment, of course, as many of the hottest areas transition from a seller’s to a buyer’s market.
We’re already seeing inventories rise and days-on-market increase as buyers and sellers search for equilibrium in pricing, with buyers saying no to double-digit price hikes and sellers dragging their feet before agreeing to adjust their price downward.”
We’re just surprised nobody saw that coming. Oh, wait a minute…
∙ Sometimes, second is best [Realtor.org]
∙ An ARM (And Quite Possibly A Leg) [SocketSite]
∙ We're Raising The “Bubble Alert” Level To Yellow [SocketSite]
Posted by socketadmin at 1:47 PM | Permalink | Comments (0) | (email story)
February 14, 2006
Hello, My Name Is Adam
Well, so much for our request to “keep your comments on-topic; resist the temptation to flame, troll, and spam; and avoid personal attacks.” From today’s comments on “Checking In On 300 Sea Cliff Ave”:
Adam, how is it that you decided to publish a blog about San Francisco when you're a licensed agent but not a member of the San Francisco Association of Realtors? Isn't your 'conditional' license held by a broker in Los Altos? Shouldn't you focus on those areas that you really 'know'? Or if you feel like SF is really your home, shouldn't you join your local association and perhaps a local company? At the very least, your readers should know who you are and what your qualifications are.Imagine, if you were actually a Realtor and member of the local association, you could get legal access to the MLS! If you have the access now, you're doing so illegally...
Posted by: Anonymous
As we first commented: Great question. Poor form. But since you asked...
I first moved to San Francisco in 1994, and yes, I very much consider it home. As I first wrote a year ago, “Interested by, intrigued with, or invested in the Bay Area real estate market? So are we. Looking to make sense of all the stats, cut through all the rhetoric, and get the inside scoop? We’re on it.”
And (gasp!) it’s true. I am a licensed agent (along with 476,244 other Californians). And although I’m not actively practicing, my real estate license is being held by a fantastic broker in Los Altos just in case (and who is not affiliated with SocketSite) .
I earned my license to gain a first-hand understanding of the inner workings of the real estate “industry” (and to be able to selectively represent friends and family). But my understanding and observations of the “market” are based on data, facts, and trends.
A couple of other “qualifications” that “Anonymous” failed to mention: I hold a BS in Economics from Wharton, and an MBA from Dartmouth. In fact, some people might say I have a decent understanding of both economic theory (sorry folks, it’s really not as simple as just “supply and demand”) and the principles of investing (yes, you should be concerned about the trend in property “P/E” ratios).
So why don’t I bother to highlight any of my qualifications or experience on SocketSite? Because it's bigger than just me; and unlike numerous other real estate blogs, I’m not trying to sell or promote myself. But if you like our content, insight, and perspective I’d be happy to have you “Plug In”.
Adam Koval
Editor in Chief
Posted by socketadmin at 11:30 PM | Permalink | Comments (14) | (email story)
Checking In On 300 Sea Cliff Ave
At $23,500,000 (or $2,635/sqft) the home at 300 Sea Cliff Ave remains the most expensive single family residence for sale in San Francisco (and listed on the MLS). And after three years on the market...it has yet to advertise a single price reduction. So keep saving, and don't worry, we’ll keep you posted.
∙ Listing: 300 Sea Cliff Ave - $25,000,000 [MLS], [Virtual Tour]
∙ SF MLS Quietly Removes Listing Dates [SocketSite]
Posted by socketadmin at 1:45 AM | Permalink | Comments (7) | (email story)
February 13, 2006
Scary Gary Speaks
We can’t help but take a little journey down South this morning where Realtor Gary Watts (a.k.a. Scary Gary) appears to be the groundhog for the Orange County real estate market. And apparently he hasn’t seen his shadow. From FORTUNE:
If you want to know where real estate prices are headed in California's Orange County, the man to talk to is Gary Watts. The Mission Viejo broker has 35 years of experience and doubles as a spokesman for the O.C.'s Association of Realtors.But it's his track record more than his resume that has won him serious credibility with his peers. In 1989 he earned the nickname "Scary Gary" by correctly predicting that the housing market in Southern California was headed for a tumble. Then, in 1996, he was one of the first to call the area's rebound. Since 1997, Orange County home prices have seen a 195 percent rise. Will the good times last another year? Gary doesn't hesitate. "Fifteen percent is pretty much in the bag for Orange County in 2006," he says. "It's impossible for prices to go down this year."
Half a decade into the biggest real estate boom in our nation's history -- and a full two years after pundits began sounding alarms about its coming to a close -- the endgame is still unclear. Pick your cliche: Are we in a bubble that's ready to burst, or are we, as National Association of Realtors chief economist David Lereah recently asserted, headed for a "soft landing"? The almost daily drumbeat of national statistics doesn't help sort things out. Is it more significant that we just had a fifth straight year of record home sales, or a third straight month of decreasing prices?"No one really understands how these things behave," says Robert Shiller, the Yale economist and author of "Irrational Exuberance," who presaged the dot-com crash and has lately been spending much of his time studying real estate. "Looking for indicators is a little bit futile because we've never seen this kind of growth in housing before."
In fact, the best way to get a handle on where the broader housing market is headed is probably to ignore the national numbers and heed the example of Scary Gary: Stay local, and always follow the inventory.
Always follow the inventory? We couldn’t agree more. And we’re on it.
∙ A tale of two markets [CNN/Money]
Posted by socketadmin at 9:15 AM | Permalink | Comments (0) | (email story)
February 10, 2006
Learning From Past Mistakes
A tipster passed along some interesting Friday afternoon reading. A couple of excerpts from a New York Times story published in 1984:
“My pal Jerry P. just bought a condominium in Century City, in Beverly Hills, for 60 percent of what it sold for in 1980. Down the street from me here in the Hollywood hills, four houses have been on the market since 1981. The asking prices now are about one-third less than they were three years ago. Up and down Sunset Boulevard in West Hollywood, apartment houses that were converted to condos lie empty, boarded up, not one unit sold, in bankruptcy, with banks holding title.”
“The Southern California residential real estate boom began in about 1974. It was not just a boom. It was a superboom, with miserable bungalows in Santa Monica running up from $40,000 in 1974 to $400,000 by 1980. Two-story colonials in Beverly Hills went from $200,000 to $800,000 and then over a million. One-bedroom condos in Hollywood were built and sold for $100,000 - what a house in Beverly Hills had been five years before. Every day, home buyers would look at the prices and say, ''It can't go on.'' But every day, for five years, it did go on. Middle-class families were priced out of the market, and the brokers said, ''But the rich will always be able to buy.'' Ordinary rich people were squeezed out of the market in some areas, but the brokers said, ''Never mind, the music business people will buy anything.'' The music business fell into a depression in 1979, and the brokers said, ''The foreigners are buying. Compared with Paris or Teheran, real estate in Holmby Hills is a bargain.''Everyone wanted to get in to the game, get the down payment on a house, somehow struggle with the payments for a year, then sell out and get rich quick. Inflation pushed housing prices into the stratosphere. But even when inflation stopped, brokers said, ''The prices have nothing to do with inflation. Everyone on earth wants to live in L.A. The price will go up forever here, no matter what else happens in the rest of the country.''
Then the music stopped, some afternoon in 1980. As if a spell had fallen over the city, suddenly things began to stay on the market for three months, six months, a year, two years. Buyers disappeared. Asking prices stayed high, but nothing sold.
The great Southern California real estate boom was over. Prices had gotten so high that they could no longer be justified by inflationary expectations, or the influx of foreigners, or the climate, or for any other reason.
Now, four years later, those brokers who are still in the game tell sellers to expect that their houses will be on the market for two years. Other brokers have sold their BMW's and are now working as ''financial planners'' or public-relations people, dreaming of the days when they worked for 6 percent of infinity.”
At least we learn from our mistakes (right?). Now get outside and take full advantage of a beautiful afternoon/evening in this amazing city. It is days like today that justify paying through the nose to live here.
∙ THE DAY LOS ANGELES'S BUBBLE BURST [NYT]
Posted by socketadmin at 3:23 PM | Permalink | Comments (4) | (email story)
Bueller? Bueller? Bueller?
Come on readers, we're still trying to answer our last reader request, and now we have another:
“Do you know anything about a small new development in South Beach called The Shoreline? It's on Federal. I can't find a website or who the developer is or anything!”
Anyone have the inside scoop on The Shoreline and care to share? (tips@socketsite.com)
And speaking of new developments:
∙ Maguire gets nod to market Esprit condos [bizjournals]
Posted by socketadmin at 10:01 AM | Permalink | Comments (4) | (email story)
February 8, 2006
Did Somebody Just Get Zillowed?
According to Zillow.com, the house at 2257 Green Street last sold on 5/15/2000 for $3,000,000 and should now be worth (approximately) $3,770,914 (give or take half a million).
What's interesting is that 2257 Green failed to sell when it was listed at $3,495,000, and was recently reduced to $2,595,000 (now in contract). Sombody's got some explaining to do.
And this might be premature, but it's possible somebody just got Zillowed!
UPDATE: 2257 Green Street sold for $2,900,000 on 2/22/06.
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]
Posted by socketadmin at 2:58 PM | Permalink | Comments (2) | (email story)
Renovation Sighting: 3536 Sacramento
Numerous hopeful NIMBYs have asked us if we could provide any insight into the renovation of the beautiful old building located at 3536 Sacramento which used to the home of an “unsightly garage and body shop”. That we can.
The new tenant will be...the same old garage and body shop. We can hear the collective sighs from here. And know where we’re going the next time we need an oil change...
Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)
February 7, 2006
From Flip To Flames?
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. And we hope it's not a trend.
Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)
The New Yorkers Are Coming! The New Yorkers Are Coming!
It’s official: apartment therapy aims to launch it’s San Francisco edition on April 3, and Curbed’s SF edition is in the "incubator".
Perhaps we shouldn’t have gone and pointed out that what Curbed deemed to be “quite possibly the coolest feature ever to be included on a real estate website” just a couple of days ago has actually been around for quite some time on another website...
But seriously, almost an early welcome to the block. Both of you.
UPDATE: Calm down people, besides being rushed and poorly phrased that last sentence was also sincere! (see new phrasing above)
Posted by socketadmin at 8:50 AM | Permalink | (email story)
February 6, 2006
Cool Online Design Tools
It’s funny, on the East Coast a real estate group (corcoran) redesigns their website, includes an online “Arrange-a-Room” tool, and gets all sorts of nods for launching a cool new feature.
It’s funny because it is actually Better Homes and Gardens’ (i.e. the Meredith Corporation) Arrange-a-Room tool that they have “launched”. And which Better Homes and Gardens has offered for quite some time on their House & Homes website (in addition to Color-a-Room, Design-a-Closet, and Color-a-Home as well).
Now if only they offered a “Find-a-Nice-House-with-a-View-for-Under-a-Million” tool, that would be groundbreaking. And cool.
∙ Better Homes and Gardens House & Home Tools [bhg.com]
Posted by socketadmin at 9:37 AM | Permalink | Comments (0) | (email story)
February 1, 2006
Our Readers Know Better. Right?
Please don't join the ranks of those who are in over their heads when it comes to servicing their debts (mortgage payments?), and are banking on double-digit home appreciation to make everything okay.
Regardless, and as we previously posted, “My house is worth a Million” really isn’t a retirement plan.
∙ Americans' Savings Rate Declines in 2005 [SFGate]
∙ Charles Schwab Says... [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)
January 30, 2006
As The Tide Turns Down South
After years of pointing to skyrocketing sales and price data to hype the market, the Santa Barbara Association of Realtors is now taking the fifth as the market has turned less favorable for the group. From the Santa Barbara News-Press:
“Over the past several years, the News-Press has obtained sales and median price data for the South Coast from the Santa Barbara Association of Realtors. The group recently told the News-Press that it now refuses to make this data available to the newsroom. Other associations of Realtors across the county willingly continue to share sales and price information with the paper.”
Is this the “grown-up” version of taking your ball and going home when you don’t get your way on the playground? This is a foolish decision that’s going to do more harm than good. But perhaps no one will notice...
∙ Home sales on a slide across the county [News-Press]
∙ Santa Barbara Realtors 'Refuse' To Share Data [HousingBubble2]
∙ If It’s Bad News, We Won’t Tell You [Walk-Through/NYT]
∙ Santa Barbara Association of Realtors Refuse to Release Sales Data [BubbleMeter]
Posted by socketadmin at 10:44 AM | Permalink | (email story)
January 26, 2006
A Reader Request
A reader writes: “was just curious if you knew what the legal ramifications will be when all these people who have a mortgage in common through a TIC find themselves upside-down?”
Any readers care to comment before we share our two cents?
Posted by socketadmin at 12:15 PM | Permalink | (email story)
January 25, 2006
Not A List We Really Wanted To Make
Business 2.0 has just released their list of 101 Dumbest Moments in Business for 2005. And we’re not too thrilled to report that the San Francisco Bay Area real estate market made the list. Coming in at number 67:
67. Can't keep up with the Joneses? Heck, it's bad enough just trying to keep up with the appreciation on their dilapidated Victorians. In March the median price of a single-family detached home in the San Francisco Bay Area rises more than $1,000 per day. By month's end, it swells to $106,000 above the previous year's median -- 43 percent more than the area's estimated average household income of about $74,000.
Well, when you put it that way...
∙ 101 dumbest moments in business: Real estate [Money/CNN]
Posted by socketadmin at 8:23 AM | Permalink | (email story)
January 24, 2006
Inconceivable!
The listing for 66 Cleary Court #708 reminds us of that immortal quote from Inigo Montoya in The Princess Bride: “You keep using that word. I do not think it means what you think it means."
This listing touts a “$24K drastic price reduction!” on a listing price of $675k. That’s right, a “drastic price reduction” of 3.4%. And it’s still available? Inconceivable!
∙ Listing: 66 Cleary Ct #708 ($675k) [SFMLS]
Posted by socketadmin at 7:00 AM | Permalink | (email story)
January 18, 2006
Broker's Index Says…Buyers Market In Marin
Real estate broker Nate Sumner developed The MARKET HEAT Index™ to track “the intensity of buyer competition for listed residential properties.”
The Index is derived by “adding the number of closed residential sales in the prior 30 days to the number of current pending residential sales and then dividing this sum by the total number of active and available-for-sale homes & condos.”
According to Nate, an index number above 1.25 indicates a sellers market characterized by multiple offers and above asking closing prices, while an index number below .80 indicates a buyers market characterized by below asking offers and a slower sales cycle.
As of today (January 18th), the Market Heat Index for Marin stands at .67 which is down from 1.54 last year and marks its lowest point since Nate started tracking the Index in 2002.
∙ Nate Sumner’s Marin MARKET HEAT Index™
Posted by socketadmin at 6:53 PM | Permalink | (email story)
January 13, 2006
Is Silicon Valley Once Again Leading The Way?
From the Realty Times:
However, a growing number of buyers who purchased homes at peak price periods in 2005 may now be living in homes worth tens of thousands of dollars less than their mortgage. That's more likely if they used heavy leverage financing tools like no-money down and piggyback loans or interest-only and payment-option mortgages -- as an increasing number of buyers do in Silicon Valley's expensive market.It's not just Silicon Valley's housing market feeling the pressure. Santa Clara County's neighbor to the north, San Mateo County, has a housing market that lopped more than $100,000 off its median single-family home price since it's peak in early 2005.
Anyone who claims that it’s impossible for housing prices to drop in San Francisco (just 20 miles north of San Mateo) is not only ignorant, but irresponsible.
∙ Silicon Valley Inches Toward Buyers Market [Realty Times]
∙ Gravity hits home values [bizjournal]
Posted by socketadmin at 3:21 PM | Permalink | (email story)
Charles Schwab Says…
...especially when you’ve been tapping into a home equity line of credit to finance your lifestyle (i.e. a plasma, BMW, and dinner at Michael Mina), and you purchased the house with an interest only mortgage, and the market has leveled off (i.e. you haven’t actually built up any equity)...
Posted by socketadmin at 2:38 PM | Permalink | (email story)
On Tour as Repeat
Buyers rejoice. Home inventories are once again on the rise as sellers and agents re-list properties that failed to sell last year and which had been withdrawn from the market during the slow holiday season.
Expect a trickle (flood?) of properties marked “On Tour as Repeat” (i.e. re-list, failed sale, or price adjustment) under “Tuesday Tour” on the listing details page of the MLS.
Posted by socketadmin at 2:26 PM | Permalink | (email story)
January 6, 2006
Ignorance Is Bliss (Until You lose Your House)
It looks like the two Davids are starting to plead ignorance with regard to the impact that investors (i.e. speculators and flippers) will have on the housing market.
First David Seiders, Chief Economist for the National Association of Home Builders: "I think the biggest risk would be for investors not only to stop investing, but to move those units back onto the market in large volume, and that could create a bigger problem. This is kind of new to us." You don't say.
And then David Lereah, Chief Economist for the National Association of Realtors: "Investor activity is by far ... the biggest risk that the housing sector is going to face this year, because investor activity had gotten to levels that we had never seen before. And we are in uncharted territory." Not for much longer.
Risk? Problems? Uncharted territory? That’s quite a shift from the hyper confident “everything’s fine, so buy, buy, buy!” message coming out of these two organizations over the past couple of years.
Posted by socketadmin at 1:56 PM | Permalink | (email story)
December 19, 2005
Those Damn Neighbors
The listing price for the two bedroom house at 2401 Vallejo has been reduced $230,000 (to $1.99m). The property had been sitting on the market at $2.25m when their next-door neighbors put their more modern house on the market for $1.95m. Those damn comps (and neighbors).
∙ Listing: 2401 Vallejo, $1.99m [Pacific Union]
Posted by socketadmin at 12:00 AM | Permalink | (email story)
December 11, 2005
Feel Our Pain (And Avoid Your Own)
A corrupt hard drive reduced our office to ruble (and our staff to tears) last week. Take it from us, spending four days reinstalling software, recovering files from a week-old backup, and then trying to recreate a week of Outlook calendar, inbox, and story changes could drive a person mad, is a complete waste of time, and just plain sucks.
Never again! This week we’re installing a Lasso Continuous Data Protection Appliance. We’re biased, but no blog (or business) should be without one. We had to learn the hard way. You don’t.
And now back to what we really should have been working on over the past four days...
Posted by socketadmin at 10:55 PM | Permalink | (email story)
December 2, 2005
Yes, Yes, No!
Here we were, just about to close the office early and start getting ready for the Hayes Valley Holiday Block Party, when a story from The Bakersfield Californian lands in our inbox with a thud...
When house prices plummeted in the early 1990s, especially in Southern California, there was a serious recession, said Delores Conway at the University of Southern California's Lusk Center for Real Estate.Thousands of people lost their jobs and put their houses on the market, creating a huge surplus.
“As long as we have a steady job growth then people are not forced to sell,” Conway said. Even if house prices do dip, it should be a minimal drop, she said.
You have got to be kidding. Yes, house prices in Southern California plummeted in the early 90’s. And yes, individual financial hardship resulted in a huge surplus of properties. But NO, in this environment it’s not going to be “steady job growth” that determines whether or not people are forced to sell.
This time around, think over-leveraged buyers holding short-term interest only or adjustable rate mortgages, and novice "investors" with a portfolio of negative cash flow properties (and limited cash reserves). These are the new factors that will lead to forced selling (and potential surpluses). With, or without, job growth.
∙ Economist: Local housing market should stay strong [Bakersfield.com]
Posted by socketadmin at 11:04 AM | Permalink | (email story)
Confessions Of A Real Estate Agent
Bernice Ross opens up on Inman News today. The first two paragraphs of her article:
“The buzz at NAR [National Association of Realtors®] is that even the most heated markets are now slowing. Inventories are increasing at a dramatic rate. Could the next buyer's market be just around the corner?”“A buyer's market is our industry's worst nightmare. Unlike a seller's market where there is limited inventory and what is listed sells quickly, a buyer's market is one where there is too much inventory and very little activity. Worse yet, while sellers cannot underprice their property in a strong seller's market, in a buyer's market, overpricing is the kiss of death. Imagine a market where prices are going down 1.5 percent per month. (This was the case in Southern California in the early 1990s.) You work hard to obtain a price reduction and then the market takes another nosedive even before you can post your price reduction to the MLS. Your sellers become increasingly more desperate and often blame you because no matter what you do, their property doesn't sell.”
We’re expecting lots of kisses over the next couple of years...
∙ Buyer's market puts scare into real estate agents [Inman News - $]
Posted by socketadmin at 9:53 AM | Permalink | (email story)
November 29, 2005
Funny How That Happens
After nine months, the “sale pending” signs that have been so prominently displayed in the windows of two units in the 21 unit development at 525 Gough have suddenly morphed into “for sale” signs. Not too soon considering, as far as we can tell, they were never actually “pending”.
These two units, along with a third in the back of the building, were marked as “Model - Not For Sale” on the original building statements. We now learn, however, that these three units were actually designated to be “Below Market Rate” (BMR) units and will be offered for sale at $357k through the Mayor's Office of housing program. Yes, just a bit cheaper than comparable units which were priced between $859k and $875k.
We’re all in favor of Below Market Rate units. Really. We’re not, however, in favor of what we might consider to be deceptive marketing practices. And for the sake of all parties involved, we can only hope that the developer’s original disclosure packages specifically mentioned these BMR units (unlike their marketing materials).
∙ 525 Gough: Below Market Rate Statement [Brown & Co.]
∙ 525 Gough: Overview [Brown & Co.]
∙ 525 Gough: No Sell Out [SocketSite]
Posted by socketadmin at 2:50 PM | Permalink | (email story)
November 26, 2005
Hayes Valley Holiday Block Party 2005
Find yourself missing NYC’s NoLita or SoHo? Then head down to Hayes Valley, especially this Friday, December 2nd, from 6-9pm for the Hayes Valley Holiday Block Party.
It’s full tilt people watching and boutique shopping (with none of the typical street fair schlock). We love it. And we'll be there.
Posted by socketadmin at 12:30 PM | Permalink | (email story)
November 18, 2005
Top O’ The Market To You!
Inventories and interest rates are up, sales are down, and prices are either flat or falling. So we’re calling it: welcome to the top of the San Francisco housing market!
For sale signs are popping up left and right, and as one seasoned agent recently commented, “we’re going to wake up one morning and it’s going to be like it snowed ‘For Sale’ signs the night before.” In addition, thousands of new condominium units are either coming on the market, currently under construction, or have recently been funded.
Long-term rates continue to climb, but more importantly, short-term rates have climbed even more: one-year ARMs are at a three year high and are closing in on the 30-year fixed rate. This is extremely significant in a market where buyers have turned to short-term ARMs for affordability reasons rather than financial wherewithal.
The difference in monthly payments between a one-year ARM at 4% versus a one-year ARM at 5% is over 14% (that’s an extra $400 per month on a $600k loan). In other words, and from a cash flow perspective, prices would need to fall at least 14% in order to maintain the same level of affordability in the marketplace.
Year-over-year sales have declined for the seventh month in a row, and the median sales price has flattened over the past quarter. And while many agents are still quick to point out the year-over-year positive appreciation in prices, that number is meaningless if you purchased a home during the past couple of months over which the median sales price has actually fallen.
We’re not predicting, we’re just observing and calling a spade a spade (or a duck a duck). Welcome to the top of the market.
∙ Bay Area prices slow as mortgage rates rise [Chronicle]
∙ San Francisco Housing Inventory: Up, Up, And Away! [SocketSite]
∙ Bay Area Inventories Up, Agent’s Spirits Down [SocketSite]
∙ Median San Francisco Bay Area Home Prices Down $20k [SocketSite]
Posted by socketadmin at 8:43 AM | Permalink | (email story)
November 8, 2005
Wall Street Journal Condo Buying Tips
Okay, so if you still insist on buying a condo, at least do it right. “Five Tips for Edgy [condo] Buyers” from the Wall Street Journal Guide to Property:
The following five tips may help buyers concerned about resale values when buying in a market where prices have risen sharply.1. Location is still the key factor.
2. Avoid the 'white vanilla box.'
3. Look for name recognition.
4. Weigh old versus new.
5. Buy in a building with a good condo association.
Yes, for the most part, common sense. And yet we’re constantly surprised by the bad decisions people make when they’re in a panic (e.g. “Oh my god, if we don’t buy this subterranean TIC in-law unit right now we’ll be priced out forever!”).
∙ Will Your Condo Retain Its Value? [RealEstateJournal]
Posted by socketadmin at 12:06 PM | Permalink | (email story)
Boast Busters In The Making
To be fair, this isn’t nearly as much of a boast as the original, but it still needs some busting. Under the Inman headline “Realtor questions value of interest-only real estate loans”, columnist Robert Bruss downplays the potential of a “financial foreclosure debacle”. According to Bob:
“...after the first 10 years, most of these [interest-only] mortgages are "recast" and become fully amortizing for 20 years. More likely, the borrower will sell the home and pay off the mortgage.”“Interest-only mortgages allow first-time home buyers to get started building home equity. They are also ideal for home buyers who expect to stay in their homes less than 10 years.”
“I hope today's versions of interest-only mortgages won't have the same sad result that occurred during the Great Depression...Frankly, I'm not worried.”
Bob might not be worried, but we sure are. San Francisco inventories are already on the rise, and over the past couple of years, the majority of new Bay Area mortgages have either been interest only or adjustable rate. Now guess what happens when, as Bob points out is most “likely”, they all try to sell at the same time?
And understand that the only way holders of interest-only mortgages “build equity” is through speculation (i.e. increasing property values). Over the past quarter, median sales prices in the Bay Area have started to retreat. And never mind a down market, even a flat market can be disastrous for those who have banked on speculation to “build equity” due to transaction, maintenance, and carrying costs.
The fact that numerous buyers turned to interest-only or short-term adjustable rate loans for affordability reasons, rather than investment prowess (i.e. maximizing cash flow/tax deduction), is going to have a huge impact on the market. And not in a good way for those who have only recently entered the market.
Posted by socketadmin at 9:49 AM | Permalink | (email story)
October 27, 2005
Forget $340M Powerball, Just Give Us A Damn Condo!
4,300 applicants, 400 drawn names, and only 20 lucky “winners”. Residents in other cities dream of winning multi-million dollar lotteries, while here in San Francisco we dream about winning the right to purchase a 600 square foot condo in the Beacon for a measly $172k.
The fine print: “applicants may not have owned a home in the past three years, must have limited assets and must earn no more than 70-110 percent of the area's median income ($66,500 if you’re single, $95,500 for a family of four)...[and] the amount of equity they can accumulate is capped [around 3% a year].”
We would, of course, love to hear from any lucky winners. And as always, please feel free to invite us to the housewarming (we’ll bring champagne).
∙ Lottery attracts a host of would-be S.F. homeowners [Chronicle]
Posted by socketadmin at 9:45 AM | Permalink | (email story)
October 25, 2005
Sweet Lime Green Victorians (Literally)
Okay, we know we’re pushing the boundaries a bit with regard to “real estate” news, but it’s worth it to report that artist Elizabeth Hickok has created a scale-model of San Francisco. Out of Jell-O.
And as if the pictures weren’t sweet enough (so to speak), she has also created a video of “Jell-O-by-the-Bay” experiencing a simulated earthquake. Watch it wiggle, see it jiggle...
(thanks to both Metroblogging and BoingBoing for bringing this to our attention)
Posted by socketadmin at 12:26 PM | Permalink | (email story)
October 24, 2005
POS (And We're Not Talking Point Of Sale)
Marinite’s nano-puiblishing empire has expanded beyond the Marin Real Estate Bubble (which has been going strong since July). The newly added site, Marin PoS is billed as profiling “typical examples of our overpriced, crappy houses here in Marin”. For example:
This lovely 1 bedroom 1 bath 788 sqft pos is surrounded by fragrant marsh mud and the verdant charm of pickle weed. It will only set you back $549,000.
And before you crunch the numbers and decide that $700/sqft is a bargain, take a look at the picture. And read the comment about high tide.
∙ Site: Marin PoS
Posted by socketadmin at 11:01 AM | Permalink | (email story)
October 18, 2005
A Million Here, A Million There
Two months ago we reported on Yahoo’s Letter of Intent to lease 200,000 square feet of prime San Francisco real estate. It now appears that they’re looking for “as much as a million square feet of new office space in the Bay Area to accommodate its rapid expansion.” Enough space to accommodate up to 4,000 new employees.
Thanks to PaidContent.org for bringing it to our attention.
∙ Yahoo seeks 1 million sq. ft. [BusinessJournal]
∙ Yahoo! Coming To The City (Google To Follow) [SocketSite]
Posted by socketadmin at 10:28 AM | Permalink | (email story)
October 15, 2005
Forget Staging, It's Now About Posing
An instant classic! A reader forwards an email they recieved promoting a friend-of-a-friends open house this weekend. The classic excerpt:
"I have an open house this Sunday from 2-4 and would greatly appreciate if you stopped by and simply pretend to be interested buyers."
Brilliant. And yes, we have the address and listing details, but we’re protecting the (not so) innocent (for now). Suffice it to say, the open house with the disproportionate number of “interested” (and outwardly vocal) parties is probably the one. And please remember, don't always believe the hype.
Posted by socketadmin at 12:31 PM | Permalink | (email story)
Flippers (Not Strippers) Gone Wild
What happens when a venture capitalist and Wall Street executive get together to buy a Broadway producer’s house in the Hamptons for $14 million? According to the Wall Street Journal, they redo the landscaping, wait four months, and then re-list the property for $25 million. That's $11m in four months. Not bad (if they can actually sell it).
Only in New York? We doubt it. There have got to be some similar Bay Area stories. Now if there was only an easy way to capture, record, and share them...wait for it...yes...email: tips@socketsite.com.
Posted by socketadmin at 11:57 AM | Permalink | (email story)
October 14, 2005
You Can Relist, But You Can’t Hide
It’s a dirty little secret of the real estate trade: relist (or in this case, change agents) in order to obscure a dramatic price reduction for a property. And it probably worked a lot better before SocketSite (and our readers) joined in the fun. From a reader’s tip:
"240 - 242 Roosevelt Way was listed at $2.1 million. It dropped to $1.9+ million. Then got relisted with another agent (likely to not show a huge price reduction) currently at $1.575 million."
And yes, listed as "On Tour as New" in the MLS. Excellent, let’s keep ‘em coming. And oh, we almost forgot the best part of the tip: “Love your site.” Aww, shucks...
∙ Listing: 240-242 Roosevelt Way, $1.575m [SF MLS]
Posted by socketadmin at 10:58 AM | Permalink | (email story)
October 12, 2005
The Times They Are A-Changin'
Inman echo’s our previous observations (and then some) concerning the abrupt slowdown in local open house traffic:
All the signs are there: no more double parking to get a sneak peek at an open house showing; no more buyers sweating it out to make the best offer among dozens, agreeing to feed the neighborhood squirrels or not to ever under any circumstances remove the old family curtains from the second-floor bedroom – just to get into that house...
The frenzy is over. Agents sit alone on Sundays waiting for a buyer to come and try the dip. Listings are piling up in some markets as buyers realize they're gaining back some leverage.This is the end of multiple offers as we know it. Gone are the days of desperate buyers paying $60,000 or $80,000 above asking price. Gone are the days of real estate agents shoving them aside on their way to the lucrative listings.
And damn, you'd think we'd at least get a nod for that "double parking" line we used three weeks ago...
∙ The end of multiple offers [Inman]
Posted by socketadmin at 1:34 PM | Permalink | (email story)
October 11, 2005
Flexcar Comes To San Francisco
As of today, City Carshare and Zipcar have some competition in the San Francisco car-share arena. Two important things to note: 1. up to 75% of Flexcar’s fleet will by hybrid vehicles, and 2. if you join and drive by the end of the year, Flexcar will waive both the application and first years membership fees (details).
We only mention it because we’ve added Flexcar to our “Getting Around” section of “Resources & Links”. If you didn’t even realize that we had a Resources & Links section, perhaps now would be a good time to check it out...
∙ Flexcar Introductory Promotion: San Francisco [Flexcar]
∙ New car-share program comes to San Francisco [Examiner]
Posted by socketadmin at 1:46 PM | Permalink | (email story)
October 10, 2005
Boast Busters (SocketSite Style)
On September 20th, real estate agent Matt Lanning posted the following to his blog:
There is a veritable saturation in the market this week of way too many homes. This will last for a couple of weeks, then that will be it, more or less, for the rest of the year. Don't be fooled into thinking that this stockpile of inventory is a trend. It is a one-time occurrence. And you can quote me on that.
Okay, we will. A couple of weeks have now passed and we’ve been waiting with bated breadth. We know California inventories have since spiked, but what about San Francisco and the Bay Area? Consider this a general “shout out” to all our readers and a request for any and all information on local inventory levels (email: tips@socketsite.com).
Posted by socketadmin at 11:17 AM | Permalink | (email story)
Word Of The Day: Palpable
Under the heading “Signs of a changing real estate market”, Inman News kicks off a three-part series on the rapidly changing real estate market. And wouldn’t you know it, Northern California takes center stage.
Visitors cruised through the two-bedroom, one-and-a-quarter-bath Northern California home offered for $479,000, but "not as many as there would have been six months ago, or even three months ago," said Maggie Resnick, the Prudential California Realtor overseeing the open house. "The market has changed, and it changed quickly."Out of 11 people who cruised through the house in Richmond, Calif., three couples were neighbors checking out the house and three were selling their own homes and looking for marketing ideas and comparing prices. The lone remaining visitors, a couple currently renting in Richmond, were the only potential buyers – and they said they were "not interested" in the house.
“August is slow, so everyone said maybe that was what was going on," said Resnick. "Then September came, traditionally a busy time, but things are still not going quickly. There's a palpable change in the market."
That’s right, “palpable”. And although we try not to link to sources that require a subscription, in the case of Inman News, the current days articles are free. So if you’re going to read the full article, do so before midnight tonight.
∙ Signs of a changing real estate market [Inman]
Posted by socketadmin at 9:19 AM | Permalink | (email story)
October 7, 2005
Not Only Fashion Trends Move East To West
For months we’ve been keeping our eyes on the steady uptick of San Francisco listings that have languished in the market and have finally succumbed to the dreaded scarlet “r” (i.e. reduced). We’ve seen nothing, however, to rival what’s starting to happen in New York. Can you believe a million dollar price drop on a $2.4m penthouse listing? Yes, a drop of over 37%.
So now that a 1.2% reduction at 199 New Montgomery doesn’t seem so interesting, perhaps some of our loyal readers would be so kind as to point us in the direction (i.e. email tips@socketsite.com) of any local listings that seem to be following in New York’s footsteps. Anonymity guaranteed for all agents. Really.
∙ PENTHOUSE HIT$ ROCK BOTTOM [NYPost]
∙ REDUCED!! OFFERS ANYTIME [SocketSite]
∙ The New New Pricing Thing? [SocketSite]
∙ Housing Prices Always Come Back [SocketSite]
Posted by socketadmin at 12:34 PM | Permalink | (email story)
October 4, 2005
Sign Of The Real Estate Times
Have you noticed that the San Francisco Real Estate Times is quickly approaching the thickness of a small town phone book? Page count has increased 30% since September ’04 (yes, we keep a library of old issues). Now granted, we now suffer more full page ads trying to justify million dollar Bernal Heights homes, but still, there are significantly more “listings” being marketed. Again, just another data point.
Posted by socketadmin at 9:28 AM | Permalink | (email story)
October 3, 2005
Pier Wars
We’d like to believe that we’re such a force in San Francisco that we were singled out as recipients of a very nice voicemail asking us to take a look at the Stop Pier 39 website. But damn, that message sounded suspiciously like a script. Good thing we're pushovers. From the site:
The waterfront should be more than a playground for tourists — it should be a resource for every San Francisco family. But a powerful group of business interests is trying to stop a vitally needed recreation and open space project at Piers 27-31.Piers 27-31 will create Transit First transportation alternatives, including the purchase of additional historic streetcars. It will provide new pedestrian and bicycle routes and will include the largest free City CarShare pod in San Francisco.
Kind of reminds us of West Coast version of NYC's Chelsea Piers (which rocks, and which we miss). And as we assume that this is just one group of “powerful business interests” pointing fingers at another, we weren’t going to take sides. But what the hell...go Piers 27-31!
∙ Piers 27-31: Overview and Background
Posted by socketadmin at 1:49 PM | Permalink | (email story)
Tour Grand Buena Vista Park Homes
The San Francisco Museum and Historical Society’s annual Home Tour is this Saturday, October 8, from 10am to 4pm. Tickets cost $20 for SFMHS and BVNA members ($25 for non-members) and the Tour will feature Buena Vista Park homes.
Registration for the SFMHS tour, co-sponsored by the Buena Vista Neighborhood Association (BVNA) takes place the day of the event at Seaview Apartments, 555 Buena Vista West (between Upper Terrace and Java/Frederick Streets) opposite Buena Vista Park, where Art Deco and Moorish decor may be viewed.
Posted by socketadmin at 8:35 AM | Permalink | (email story)
September 26, 2005
Renting Is The New New Thing
While the Times is more eloquent, the Chronicle is obviously closer to home. Another testimonial for renting over buying in the Bay Area:
After 15 years as a homeowner in the Bay Area, I've cashed out and taken advantage of a bizarre situation: Homes that sell for a fortune are available to rent for as little as $1,500 a month, less than half the cost of ownership, even after factoring in the tax benefits from the federal mortgage-interest deduction.
(We missed this piece when it originally ran, but luckily we keep tabs on The Houising Bubble 2)
• Why own when you can rent? [Chronicle]
Posted by socketadmin at 1:58 PM | Permalink | (email story)
Renters Rejoice
Feeling blue or left behind because you’re a lowly renter in the Bay Area? Don’t. The New York Times echoes our insight, debunks a number of home-owning myths, and reaches the following conclusion: In the Bay Area, renting might be more financially savvy than buying. Yes, even accounting for the over-hyped “mortgage tax decuction”...
To determine the cost of renting, the Times analysis added monthly rent and renters' insurance. For owning, the analysis included typical costs for home insurance, major repairs, property taxes and mortgage payments, as well as the tax deductions they create.Renters were given credit for a small return - about 4 percent, after taxes - on the money they could have invested in bonds or stocks instead of spending it on a down payment and closing costs. Buyers received credit for the portion of the mortgage they were paying off, as opposed to the interest costs.
Add it all up - which The New York Times did, in an analysis of the major costs and benefits of owning and renting, including tax breaks - and owning a home today is more expensive than renting in much of the Northeast, Florida and California. Only if prices rise well above their already lofty levels will home ownership turn out to be the good deal that it is widely assumed to be.
So renters rejoice and celebrate your financial wherewithal. Hell, make it blow-out by tapping into that extra $2k a month you’re saving in insurance, property taxes, and maintenance. Just be sure to send us an invite.
∙ Is It Better to Buy or Rent? [NYT]
Posted by socketadmin at 9:00 AM | Permalink | (email story)
September 22, 2005
Calling All Tips
We’re taking the rest of the week off. And encourage you to do the same. And while you’re at it, grab the camera and a notepad and stroll around your neighborhood. Take some pictures, scribble some notes, uncover a scoop; and then drop us a line. Then do the same this weekend while you’re making the open house rounds.
We’d definitely be interested if anyone else noticed that this past weekend’s open house traffic was (very) slow. No double parked cars, parades of brokers, or frenzy of activity. Eerily slow in fact. So get to it. You'll thank us later. And we'll thank you now.
Posted by socketadmin at 12:01 AM | Permalink | (email story)
September 19, 2005
Icer Air Seriously Deflated
Icer Air Organizers announced their tentative date/time for the rescheduled event: September 29 at noon. And no, that’s not a typo, September 29th is a Thursday. That’s one way to cut down on the crowds (and picket waving NIMBYs.)
· Sponsors modify plans for ski jump [Chronicle]
· Organizers defend plan for Pacific Heights ski jump [Examiner]
Posted by socketadmin at 8:58 AM | Permalink | (email story)
Buy A BMW 325i For Only $80k!
The Mortgage Bankers Association reported that 44.8% of all mortgage applications last week were for refinancing activities (versus new home purchases). Implications? Considering mortgage rates have been at historic lows for the past couple of years, it suggests that homeowners, “aren't cutting their interest rates at all; rather, they're just increasing their debt.”
Borrowing against your home looks, to many people, like a no-brainer.But whether it really is depends on how that freed-up cash is used. So here's a rule of thumb: Long-term borrowing should be used only for long-term needs.
For example, it can make sense to refinance to get cash to put an addition on your home that you'll enjoy for decades.
It's not OK to pay interest for 30 years to fund this evening's dinner out, this winter's ski trip or a fancy car that will immediately start losing value. With the interest included, that $40,000 car financed with mortgage debt could cost more than $80,000.
Are you listening reading Doug?
· Refinancing just for cash creates risks [Gazette Times]
· Los Angles Snickers, San Francisco Shudders [SocketSite]
Posted by socketadmin at 8:13 AM | Permalink | (email story)
September 14, 2005
DataQuick Reports Record Bay Area Prices
According to DataQuick, the median price for a Bay Area single-family home hit $651,000 last month (versus $643,000 in July, and up ~19% from last August). At the same time, however, the number of sales fell 4.1% from 2004 and “...insiders say the number of homes for sale has surged in recent months, as sellers try to capitalize on still-rising prices.”
Look for C.A.R.’s August sales numbers before jumping to conclusions about the strength of the market. Believe it or not, we actually don't think this is a "bullish" report.
· Home sale prices still scorching, but volume tails off [Chronicle]
Posted by socketadmin at 1:31 PM | Permalink | (email story)
September 9, 2005
Not Such Trivial Knowledge
Know the difference between a Benjamin Moore Mulberry, Behr Plum Jam, and Glidden Valhalla? What about the difference between a Queen Anne Victorian, Gothic Revival, and a San Francisco Stick? Neither did we until readers tipped us to these two sites:
Colorcharts - billed as the “online library of manufacturer’s standard [paint] colors,” this site is ridiculously useful, informative, and addictive (perhaps even more so than Google Earth...).Architectural Styles – San Francisco real estate agent Sharon Kramlich provides a fantastic guide to San Francisco’s numerous architectural styles (and some history).
Posted by socketadmin at 8:00 AM | Permalink | (email story)
September 8, 2005
SF MLS Quietly Removes Listing Dates
It appears that the San Francisco Multiple Listing Service has quietly removed listing dates from the properties on its website. In other words, the public can no longer see how long a property has been sitting on the market. Not only disappointing, but a bit suspicious as well.
For example, without SocketSite having previously recorded it, you might have never known that the house at 300 Sea Cliff Ave has been on the market for over two years (listed on 1/13/03) and that the original asking price of $23.5m has yet to be reduced.
Tip: You can still get a rough idea of how long a property has been sitting on the market by comparing Listings #’s (the higher the number, the more recent the listing).
· Top Five San Francisco Trophy Homes [SocketSite]
Posted by socketadmin at 8:06 AM | Permalink | (email story)
September 7, 2005
Ellis Act Blunder
The San Francisco Superior Court recently tossed the Ellis Act eviction notices for all the tenants of 1357 Folsom Street based on a notification technicality.
Andrew M. Zacks, which handles the vast majority of Ellis Act evictions for landlords in San Francisco, failed to provide a crucial piece of information on the notices – the estimated amount of relocation costs.Landlords are required by the San Francisco Rent Ordinance and state law to offer evicted tenants a relocation payment that would compensate them for moving costs. Every Ellis Act eviction notice issued by Zacks prior to 2005 may not contain such a figure, opening the door for tenants citywide who’ve received such a notice to legally contest it.
If you’ve recently been served with an Ellis Act eviction notice, and you’re looking to buy some extra time, you might want to check your notice for an explicit estimate of relocation costs. Something tells us that it’s Zacks that might be needing a lawyer in the not so distant future.
· Tenants Win Major Ellis Act Eviction Case [Beyond Chron]
Posted by socketadmin at 8:15 AM | Permalink | (email story)
We’re Down With Lao
Lao Tzu, a sixth century B.C. philosopher, is quoted as having said, “Those who have knowledge, don't predict. Those who predict, don't have knowledge.” Or said much less eloquently, and applied to the real estate market:
The problem is that no one can predict the precise peaks and valleys of real-estate cycles any more than meteorologists can predict the exact path or intensity of a hurricane. And while most experts agree with Federal Reserve Chairman Alan Greenspan that the housing market will inevitably "simmer down," and that "home-price increases will slow, and prices could even decrease," nobody really knows when or where this will happen.
· Timing the Market For a Condo Purchase [RealEstateJournal]
Posted by socketadmin at 8:00 AM | Permalink | (email story)
Ice Charades
Looks like Potrero has some “steep” competition as a group of Pacific Heights residents are gathering support to keep the ice on Fillmore.
· Save The Jump - ICER Air 2005
Posted by socketadmin at 7:39 AM | Permalink | (email story)
September 6, 2005
A Somber Reminder
In 2001, and prior to 9/11, the Federal Emergency Management Agency (FEMA) identified the top three “likeliest, most catastrophic disasters facing this country”:
1. A terrorist attack on New York City 2. A hurricane hitting New Orleans, and 3. An earthquake in San FranciscoIt’s time to be prepared rather than ignorant.
· QuickLinks: Earthquake Preparation [SocketSite]
· ANARCHY, ANGER, DESPERATION [Chronicle]
· Is Bush to Blame for New Orleans Flooding? [FactCheck.org]
Posted by socketadmin at 12:20 AM | Permalink | (email story)
Thank God There Were No Online Polls In 1906
Yesterday’s SFGate online poll posed the question, “Should New Orleans be rebuilt at the same location?” When we last checked, 2,076 people had voiced their opinion. The results? 49% responded, “Yes, with a better levee system, there’s no reason not to” while 51% responded, “No it’s a colossal waste of money to rebuild below sea level.”
We’re left wondering, would the same 51% respond, “No it’s a colossal waste of money to rebuild near a fault line” if the question was, “Should San Francisco be rebuilt at the same location following a major earthquake?” Doubt it.
Posted by socketadmin at 12:15 AM | Permalink | (email story)
August 31, 2005
Something To Consider
According to CNN/Money and the Census Bureau, San Francisco ranks as the third richest American city while New Orleans ranks as the ninth poorest ("America's richest and poorest places"). If any community can afford to help New Orleans, it’s us. So as we previously wrote, please consider donating to the American Red Cross.
In addition, SocketSite was recently approved as a Design Within Reach affiliate (and we have an Amazon affiliate program in place). In theory, these affiliate programs might one day help underwrite our operating costs. In reality, it’s the residents of New Orleans that really need the support. As such, we’ve decided to donate 100% of any affiliate commissions we’re able to generate this September to the American Red Cross. You shop, we donate, someone in New Orleans survives.
So if you’ve been thinking about buying anything from either Amazon or Design Within Reach, please consider doing it through one of the following links:
· Design Within Reach Website [SocketSite Affiliate Link]
· Amazon Website [SocketSite Affiliate Link]
And finally, we’d like to see a local real estate brokerage or top agent commit to matching any monies that we are able to collect. Please consider emailing this post to your real estate agent, or simply ask them to drop us a note.
Regardless, thank you for your consideration.
Adam Koval
Editor in Chief
Posted by socketadmin at 1:54 PM | Permalink | (email story)
New Orleans Needs Our Help
Despite all the horrific images, video, and media coverage coming out of New Orleans, we really don’t think most people (ourselves included) can actually comprehend just how much damage, destruction, and devastation has occurred. Or that it’s actually getting worse by the minute.
As such, we are currently spending all our time trying to figure out how best we can help. Our first step is to simply ask all our readers to consider donating to the American Red Cross. Right now.
Online: Donate to the American Red Cross
Phone (English): 1-800-HELP-NOW (1-800-435-7669)
Phone (Spanish): 1-800-257-7575
Posted by socketadmin at 10:33 AM | Permalink | (email story)
August 29, 2005
Los Angles Snickers, San Francisco Shudders
Unfortunately we’re not that only ones that keep an eye on The Housing Bubble 2. Nor is it likely that we were the only ones that noticed their reference to a recent LA Times article:
Homeowners took $59 billion in cash out of their houses in the second quarter, double the amount in the 2004 quarter and 16 times the average rate of the mid-1990s, according to data released this month by mortgage giant Freddie Mac.If mortgage rates rise sharply or home prices fall, many homeowners could be in financial turmoil. They may be unable to service their loans, or could even find that their homes are worth less than their mortgages.
Such a prospect seems unimaginably distant to Doug Levy, a university administrator in San Francisco.
When his two-bedroom condominium rose in value by 10% — which took nine months in the hot Bay Area real estate market — Levy refinanced. That increased the size of his mortgage but gave him $25,000 to pay bills and take a modest skiing vacation in British Columbia. He's considering tapping his equity again if his condo continues to appreciate.
"It's like I'm sleeping in my piggy bank," said Levy, 44. "In this market, real estate is a liquid asset."
Damn it Doug, stop consuming real estate. And please stop talking to the LA papers. You're killing us.
· Equity Is Altering Spending Habits and View of Debt [LA Times]
Posted by socketadmin at 12:01 AM | Permalink | (email story)
August 26, 2005
Carpe Diem (And The Ice)
Damn, while we really don’t want to give any more publicity to the great “Fillmore Fiasco” (a.k.a. Icer Air 2005), we do want to give props to Mike and the PotreroHillSF gang for seizing the day (and spotlight).
· Icer Air: An Open Letter to the Mayor [PotreroHillSF]
Posted by socketadmin at 11:19 AM | Permalink | (email story)
Sunday Surprise
Keep both hands firmly on that latte. You’re going to be crossing a picket line if you attend the open house of the TIC at 838 Potrero this Sunday (8/28). The San Francisco Tenants Union is organizing the protest in response to an Ellis Act eviction in the building.
We’re trying not to take sides. Just trying to keep you informed and solicit “tips” from anyone that attends (from either side). A gold start for photos. And as a side note, looks like the unit has some great views...
· Listing: 838 Potero [SF MLS]
Posted by socketadmin at 10:09 AM | Permalink | (email story)
August 25, 2005
Agent Market Insight (And Confession)
In doing some research this afternoon we came across the San Francisco Real Estate blog, hosted by “realtor michelle”, a ten year real estate veteran of San Francisco Real Estate. Michelle’s post from June 9th caught our eye:
As more and more agents see offer dates come and go, pricing will be adjusted to compensate for the lack of dramatic overbids. We’re being instructed to list only as low as the seller is will to accept an offer. Used to be we would under list the property to allow enough room for the dramatic overbids. I believe those times are ending. Too many offer dates have come and gone with no offers. [ed note: all emphasis added]
We definitely appreciate Michelle's candor. And agree with her assessment.
Posted by socketadmin at 1:58 PM | Permalink | (email story)
Tenants In Common (TIC) Thursday
Rumblings of TIC lottery reform and continued coverage of individual loans for TIC units are headlining stories today. To be honest, TICs scare the hell out of us these days. In an up market everyone’s happy (okay, so not everyone), but if the market should change, watch out. We believe that too many current TIC purchasers are undercapitalized and overly banking on appreciation.
Almost by definition, these buyers, along with 91% of all San Francisco residents, don’t have the resources to purchase a traditional condo or single-family residence in the city. And if they’re already stretching to make the purchase, there’s a good chance they’re going to be stretching when it comes to the carrying/conversion costs. As the Chronicle notes, “inflated housing prices mean TIC owners who get in over their heads can sell their units at a profit. But if the market were to cool significantly, TIC owners would face more potential liability if their co-owners financially flounder."
Don’t get us wrong, TICs aren’t inherently evil or flawed. But in the immortal words of Hill Street Blues, “Let’s be careful out there.” Run the numbers on your purchase, and your partners' finances, assuming that the market is going to turn. And then be pleasantly surprised when it doesn’t. Rather than financially ruined if it does.
· Supe proposes new TIC lottery system [Examiner]
· Strangers sharing mortgages [Chronicle]
· San Francisco TIC borrowers about to get some TLC from lenders [BizJournal]
Posted by socketadmin at 11:42 AM | Permalink | (email story)
August 24, 2005
No Ice For You!
We hate to even mention it (it’s already gotten more than its fifteen minutes of fame), but in case you were actually wondering, Icer Air 2005 (a.k.a. the Fillmore Fiasco) has been CANCELLED. Here's your chance Potrero.
· Pacific Heights ski jumping canceled [Chronicle]
· Ski jump event up in the air [Examiner]
· Norwegians welcome ski jump [Chronicle]
Posted by socketadmin at 5:48 PM | Permalink | (email story)
August 20, 2005
Condo Investing Myths
Ready to cash in on the condo craze? Not so fast. Three condo investing “myths” as dispelled by CNN/Money:
Myth 1: Get in early and you'll be guaranteed a profit. Remember the lust for Internet IPOs? Ordinary investors bid up the stocks of hot little companies that hadn't even registered their first sale yet. Today's version is a preconstruction condo...
Myth 2: Creative mortgages lower your payments and guarantee positive cash flow. Whatever your choice...your expected rent should cover at least 70 percent of your total monthly costs. Tax write-offs on condo losses can help close some of that gap...(Up to $25,000 in losses, excluding mortgage-principal payments, can be charged against total income of less than $150,000.)
Myth 3: You should buy in your backyard, where you know the landscape. To help you determine where to invest, take the average price at which units are selling in a city and divide it by the annual rent the average apartment there generates. That will produce a price-to-rent ratio. The lower the better. Houston, Atlanta and Philadelphia, for instance, still look relatively good, while New York City and San Francisco do not.
· The three myths of condo investing [CNN/Money]
Posted by socketadmin at 2:52 PM | Permalink | (email story)
August 19, 2005
Mortgage Warnings
We were pleasantly surprised to learn about a brochure titled, "Shopping for a Mortgage? Do Your Homework First” (jointly published by the National Association of Realtors and the Center for Responsible Lending). And then we read it.
Considering the General Counsel of the Center for Responsible Lending was quoted as saying, "We're warning home buyers to approach...mortgages carefully. They should be cautious about accepting a mortgage they can't afford. These mortgages can be devastating for families who are stretching their budget to buy a home," we had honestly expected more from the brochure.
The brochure is still worth a read, but please do more than just ask your Realtor© and lender for their input. Perhaps ask an actual, and independent, financial planner. Radical, we know...
· Shoping for a mortgage? Do your homework first - pdf [CRL]
Posted by socketadmin at 10:00 AM | Permalink | (email story)
August 17, 2005
Real Estate Subterfuge
This is the kind of stuff that makes our heads hurt like a Slurpee induced brain freeze. Hell, we’ll be the first to point out that there are numerous reasons not to read too much into the July DataQuick numbers (it’s just one data point). But we take exception to the SFHomeBlog’s attempt to explain away the July sales decline by pointing a finger at discount brokers and too many ‘poorly marketed properties’.
The figures released by DataQuick represent the number of transactions that closed in July (and most likely originated in May or June). If anything, the impact of additional opportunistic sellers entering the market, whether ‘poorly marketed’ or not, should be to increase the total number of transactions (as they say, ‘even a blind squirrel...’). It would, however, impact the ratio of listings to sales. But that’s not the point.
And if, as the SFHomeBlog asserts, the ‘real’ inventory is 50% of what it was in July, then the DataQuick numbers should actually dip once again in August (it’s damn hard to sell inventory that doesn’t exist). And that being the case, we should all expect to see a strong up-tick in the median sales price as supply dwindles. We’ll keep you posted.
Posted by socketadmin at 2:23 PM | Permalink | (email story)
August 12, 2005
Got Street Trash?
A tip from the SFHomeBlog:
...somehow things end up on the sidewalk in front of our houses. Sunset Scavenger won't take them away with the trash, so what do you do?Call the Department of Public Works by dialing 28-CLEAN. Give them the location and description of the trash and they'll send a truck out to pick it all up. If there is any incriminating evidence within the pile of trash about where it came from, they will fine the perpetrator, too.
Has anyone ever tried calling? Tales of responsiveness and effectiveness?
· Cleaning up your street and neighborhood [SFHomeBlog]
Posted by socketadmin at 12:37 PM | Permalink | (email story)
August 11, 2005
A Clue From Down Under?
Ever been to Sydney, Australia? It’s beautiful on-the-bay living in a geographically constrained, internationally desirable, and damn expensive city. Sound familiar?
So when JPMorgan goes on record stating that house prices in Sydney are overvalued by 37%, and due for a correction, we sit up and take notice. For despite the fact that their surf is a hell of a lot warmer (and bigger), Sydney really reminds us of San Francisco.
From the Australian Financial Review:
Australian house prices remain 22 per cent overvalued despite the recent property downturn and Sydney is still the most inflated market, according to leading investment bank JPMorgan.The study, which employs a discounted cashflow model to assess property as an investment, is not good news for anyone, particularly those in Sydney and Melbourne, hoping that the market will stabilise.
"The significant overvaluation in national house prices relative to earlier cycles suggests the downside for house prices should be harder and more prolonged than the modest declines seen in earlier corrections," JPMorgan economists Jarrod Kerr and Stephen Walters said in the study.
"Investors ignored poor fundamentals, blinded by expectations of substantial capital gains, and piled into the market despite rising vacancy rates, record low rental yields, and new supply flooding key parts of the market."
· Houses still 22 pct overvalued - new study [AUS Financial Review]
Posted by socketadmin at 1:21 PM | Permalink | (email story)
August 9, 2005
Survey Says...
We need a bigger audience. SocketSite's first "Highly Scientific Real Estate Survey" garnered slightly fewer responses than we hoped (well okay, a lot fewer). Considering we’re tracking around 10,000 views a month, and doubling every 30 days, you’d think that we might get a little more love participation from our readers (not to be confused with a little love from NAR).
So we've decided not to completely embarrass ourselves by revealing the total number of completed surveys we received (suffice it to say that we needed more than just our fingers to tabulate the results, but that the super computer is sitting idle). We will, however, share a couple of survey results...
1. The majority of respondents (63%) predict an increase in housing prices through the end of 2007.2. Californians remain more positive about the San Francisco housing market than non-Californians.
3. Agents remain more positive about the housing market than non-agents.
4. Only one brave soul was willing to go on record and predict a “popping” of the “bubble” sometime over the next two years (and it wasn’t even us).
Thanks to all that participated.
Posted by socketadmin at 9:54 AM | Permalink | (email story)
August 8, 2005
Can You Feel The Love?
A group of bloggers (the "Blog Squad") have organized to provide coverage of the National Association of Realtors (NAR) convention in San Francisco this October. According to Inman News, the ringleader of the group has obtained NAR permission for bloggers to attend the press briefings, but has been unsuccessful in obtaining actual press passes.
"Anyone who is a credentialed reporter can register as a member of the press with us," said Lucien Salvant, an NAR spokesman. "You would have to be employed by a newspaper, magazine, online publication, TV station or radio station."Asked if his organization welcomed the bloggers, he said, "I really don't have a comment. They can do what they want."
How nice. Looks like SocketSite will be covering the convention after all...
Posted by socketadmin at 3:07 PM | Permalink | (email story)
August 5, 2005
Opinion Survey: Last Chance
Have an opinion about where the San Francisco real estate market is headed over the next two years? Willing to challenge the “Industry Experts”? Today’s your last chance to take SocketSite’s Highly Scientific Real Estate Survey (a whopping four multiple choice questions). Come on people, every vote opinion counts.
· SocketSite’s Highly Scientific Real Estate Survey [Zoomerang]
Posted by socketadmin at 9:24 AM | Permalink | (email story)
August 2, 2005
Inman Stories Matures
Inman Stories has undergone a major growth spurt since we first highlighted it last month (Online Home “Porn”). Stories is now a full-blown digital magazine featuring “Spaces” (i.e. properties), “Places” (i.e. neighborhoods/areas), and “Faces” (i.e. real estate movers and shakers).
We were particularly excited to see the recently added clip on Scrap House (look under “Places” on the Stories site). Great stuff. Now if only we could link to a specific clip...
· Stories Digital Magazine [Inman]
Posted by socketadmin at 10:48 AM | Permalink | (email story)
August 1, 2005
SocketSite’s Bay Area Agent Pageant
Damn it! We weren’t planning on announcing this until next week, but those type-a innovative New Yorkers at Curbed just forced our hand...
Have you ever noticed how often property statements/ads seem to feature an agents picture just as prominently as the actual listing? And is it just us, or has the Real Estate Times started to feature glamour shots/profiles of agents almost as frequently as actual real estate? Obviously we have seriously underestimated the importance of being a hottie in this industry. That is, until now...
We are pleased to announce SocketSite’s Bay Area Agent Pageant! That’s right, a good old pageant. Okay, so most likely there’s not going to be any swimsuit competition, nor questions that are likely to result in answers like, “I’d use my title to bring about world peace”, but a pageant nonetheless.
So without further ado, we’d like to open the floodgates for nominations (email: tips@socketsite.com). A couple of basic guidelines for nominees: 1. they must be licensed agents/brokers located in the Bay Area; and 2. their picture must be prominently displayed on a recent statement, ad, business card, or website. That’s it for now, so let’s get on with the nominations!
(yes, we’ll be posting additional details as the week progresses but cut us some slack, like we said, our hand was forced and we're feeling a little flustered...)
Posted by socketadmin at 6:25 PM | Permalink | (email story)
July 29, 2005
QuickLinks: Friday update (updated)
Home Depot Approved: Hope you brought that popcorn (and a chair).
· SF Commission OK's Home Depot Plans [KRON4]
· Heated meeting over Home Depot plan [Chronicle]
PMI Risk Report: Okay, this time SocketSite was only a day earlier in reporting.
· Home value declines seen as more likely [Chronicle]
SocketSite Survey: Damn those “Industry Experts”, we want to hear from YOU.
· SocketSite’s Highly Scientific Real Estate Survey [Zoomerang]
Posted by socketadmin at 10:34 AM | Permalink | (email story)
July 22, 2005
Kiyosaki Speaks
When Robert Kiyosaki speaks, the masses seem to listen. Sparking an investing revolution with “Rich Dad, Poor Dad”, Kiyosaki recently shared his thoughts about the current real estate craze with Carol Lloyd of “Surreal Estate” fame.
"Don't get me wrong, I'm still buying real estate," he told me, adding that he was in the process of buying seven new properties but that he wasn't buying anything in expectation of appreciation. "I'm an investor, not a speculator. ... I want it to cash flow."He knows that many others have not been so prudent. "I'm worried about people using their houses as ATM machines," he says, referring to those homeowners who have refinanced their homes to buy cars, remodels or simply more real estate. "And I'm worried about all the people who are flipping properties [those who buy properties in order to immediately resell for a profit] -- that's really stupid right now."
Amen. Exactly. And right on.
· Rich House, Poor House [Chronicle]
Posted by socketadmin at 11:10 AM | Permalink | (email story)
July 21, 2005
Dueling Reports
If you read the Examiner, the median sales price of a San Francisco home is now $760,000 (a reported 16.4% gain from 6/04); and if you read the Chronicle, the median sales price is now $800,000 (a reported 15% gain from 6/04). Both papers credit DataQuick as their source. Our take, if you’re trying to buy, read the Examiner, and if you’re trying to sell, read the Chronicle...
We can’t wait to see what the California Association of Realtors reports later this week.
· Home prices top $610,000 [Examiner]
· Home prices boom on [Chronicle]
Posted by socketadmin at 8:06 AM | Permalink | (email story)
July 20, 2005
Blast From The Past
We’ve recently been reminded of a passage from Po Bronson’s The Nudist on the Late Shift:
Though people are willing to make bets, nobody pretends that stock prices are rational. By now it’s perfectly clear that the national fascination is riveted on people who are getting rich quickly and easily – and that it’s hard for the country to see beyond the dollar signs. The Internet is the plot device for the 90’s; it’s the thing people are using to get rich...
Okay, now substitute “real estate” for “stock” and “Internet”, and “00’s” for “90’s”. As we are fond of saying, we’ve been to this movie and we know how it ends.
Posted by socketadmin at 8:54 AM | Permalink | (email story)
July 18, 2005
It’s About Time
Two months ago SocketSite highlighted the PMI Group’s Economic and Real Estate Trends report that indicated a 39.5% likelihood of decline in the San Francisco real estate market over the next two years (and a ten-year price appreciation of 2.3%).
Two months later Kiplinger's generates a ton of buzz with its “The 13 Riskiest Housing Markets” article (based on the very same PMI report). Granted, we didn’t coin any of those cute monikers like “Beantown Bubble”, “Big Apple Bailout”, or “Lauderdale Lunacy”, but we did manage to get our readers the information two months earlier...
· The 13 Riskiest Housing Markets [Kiplinger's]
Posted by socketadmin at 11:24 AM | Permalink | (email story)
July 13, 2005
Googleite Land Grab
Apparently newfound Google wealth has created a bidding frenzy in Atherton. According to the RealEstateTimes, “More than half a dozen Google employees have bought Atherton houses for between $3.5 million and $17.8 million since September.” And one local broker estimates that “25% to 35% of recent upper-end home sales, meaning sales over $7 million, are from Google people." Perhaps the commute is keeping them out of the city.
And although it’s only loosely real estate related, what really caught our eye was the following:
In November, Omid Kordestani, a senior vice president of Google, paid $17.8 million for a 16,000-square-foot Atherton house...Mr. Kordestani, who owned 1.79 million Google shares valued at $537 million as of late June, has sold 1.4 million Google shares, for approximately $259 million, since late last year, according to SEC filings and Thomson Financial.
Having a senior executive sell 43% of his holdings isn’t exactly a strong vote of confidence in the company. (Something tells us our Google ranking is about to slip...)
· Look Out for Googlers If Buying in Atherton, Calif. [RealEstateJournal]
Posted by socketadmin at 11:10 AM | Permalink | (email story)
July 12, 2005
We Paid Them Off
According to Money magazine and CNN/Money, San Francisco was merely a “contender” in their ranking of “Best places to live 2005". Mill Valley, however, managed to make the top ten and we actually feel sorry for them. Can you imagine what would have happened to local real estate prices had we been outed as the "Best"?
· Best places to live 2005 [CNN/Money]
Posted by socketadmin at 3:57 PM | Permalink | (email story)
July 11, 2005
These Go To Eleven
A RealEstateJournal study of 2,000+ first-time homebuyers identified the eleven “satisfaction milestones” of buying a home. We’re still trying to figure out how to get past number one (Dreaming).
∙ First-Time Buyers Ride Emotional Roller Coaster [RealEstateJournal]
Posted by socketadmin at 12:23 PM | Permalink | (email story)
Et Tu Brute?
The senior vice president and chief economist for the NATIONAL ASSOCIATION OF REALTORS® recently penned an article for Realtor® Magazine titled “Keep a cautious watch”. The three trends he suggests we keep a cautious eye on:
∙ Speculation: This form of investing can be risky when buyers go out on a limb with interest-only mortgages and other forms of financing that make sense only in a market of continuing strong price gains. If those gains ease this year, as we expect them to do in some markets as sales cool, investors are exposed to potential losses.∙ Soft underwriting: We’re seeing an upward swing in adjustable-rate loans and other forms of alternative financing at a time when 30-year fixed-rate financing remains at a historically low 5.75 percent. With long-term rates this low, we would expect to see adjustable-rate financing at 25 percent of the market, but instead we’re seeing it at 30 percent to 40 percent of the market. [editorial note: closer to 70% in San Francisco]
∙ High price-to-income ratio: Home prices are rising faster than household income, particularly in states with the hottest markets. In California the price-to-income ratio was 32 percent last year, up from 23 percent in 2003. The greater the gap, the harder it becomes for households to buy. [editorial note: San Francisco's affordability index now stands at 8% of households]
· Keep a cautious watch [Realtor®]
Posted by socketadmin at 9:40 AM | Permalink | (email story)
July 8, 2005
QuickLinks: Google Answers On Real Estate
grow-a-brain’s recent post about Google Answers got us thinking (guess that’s the point). How accurate are the answers? And what might we learn going forward...
∙ Q: Real Estate prices in San Francisco Bay Area? (May ’02) [Google]
∙ Q: Is there a real estate bubble in San Francisco Bay Area? (July ’04) [Google]
∙ Q: Purchasing real estate in 2005 or wait? (January ’05) [Google]
∙ Q: Real Estate Prices --- Leading Indicators? (April ’05) [Google]
∙ Q: To sell or not to sell? (May ’05) [Google]
Posted by socketadmin at 11:11 AM | Permalink | (email story)
July 6, 2005
Online Home “Porn”
It was inevitable. First those corner magazines full of airbrushed pictures (e.g. Real Estate Times), and then those steamy online virtual tours. And now, short little films.
· Dream Homes [Inman Flix]
Posted by socketadmin at 12:10 AM | Permalink | (email story)
June 30, 2005
Only in San Francisco
All of a sudden our so called housing “shortage” is starting to make sense...
Joshua Brody and his wife, Juliana Grenzeback, have been married for seven years, but they have never lived together. Grenzeback lives in a neat, pleasant house in San Francisco. Brody lives across the street in a rented flat.
· One for the price of two [Chronicle]
Posted by socketadmin at 8:00 AM | Permalink | (email story)
June 29, 2005
Understatement Of The Week
Sounds all too familiar:
"Lots of people are putting impressive amounts of money into their houses," said Mark Scott of Mark IV Builders in Bethesda at a recent remodeling seminar..."They don't have any money in the bank," he said, but they're not worried because they're counting on future appreciation. "They have a tremendous tolerance for risk."
· The Wait to Renovate [washingtonpost.com]
Posted by socketadmin at 10:30 AM | Permalink | (email story)
Overstatement Of The Week
From SF Gate: “Who would have guessed the best-looking new housing complex in SF is across from the Cow Palace?”
Answer: Not us. And we wouldn’t have been wrong.
Kudos to the Mercy Housing California, Carter Terrace is a great addition to the neighborhood. And we applaud all the design and usability considerations that usually get swept aside in affordable housing developments. But “best-looking”? Not a chance.
· Urban design that's smart, practical [Chronicle]
Posted by socketadmin at 8:23 AM | Permalink | (email story)
June 27, 2005
The Supreme Court’s In The House
Last Monday the Supreme Court squashed a long running challenge by the owners of the Hotel San Remo in North Beach concerning a $567,000 fee they were required to pay to the city in order to convert their property from rental units to hotel rooms. Having already lost legal challenges in both the State Supreme and Federal courts, that fee is probably looking like chump-change compared to their legal bills.
Then, just three days later, the Supreme Court ruled against homeowners in New London, Connecticut who challenged the local governments right to seize their property for private economic development.
Tough week for property rights advocates from coast to coast.
· Hotel San Remo Property Rights Case Chronology [San Remo Hotel]
· Supreme Court Upholds Local Regulations on Private Property [LA Times]
· Supreme Court Rules Cities May Seize Homes [Chronicle]
· Eminent domain: A big-box bonanza? [Money]
Posted by socketadmin at 11:44 AM | Permalink | (email story)
June 22, 2005
Unclear On The Concept
Making money through arbitrage (e.g. flipping) is dependent on an inefficient market. Condo Flip™ is attempting to create a marketplace for builders, buyers, and sellers, in order to make transactions more efficient for the flippers. Wait a second...
Posted by socketadmin at 11:00 AM | Permalink | (email story)
Yes! Yes! No.
The title naturally caught our eye (Why You Can’t Afford a House in San Francisco), and we think the author’s analysis gets off to a strong start. But then he sputters. And falls flat.
The entire premise of this article is that housing prices should be directly correlated with purchasing power (a combination of interest rates and income). The author’s model seems to work quite well on a national level where, based on his assumptions, the median household income of $60k provides enough purchasing power for a $215k home (versus an actual median home price of $187k). But then he goes and gets a bit cocky,
Now that we understand what drives home prices—loan size dictated by rates and income—most everything else about the real estate market, even at the local level, falls neatly into place.
The punch line? Prices are high because we San Franciscans make a lot of money, and you can’t afford a house in San Francisco because you don’t earn enough. Genius!
(Of course the mean San Francisco household income is around $75k, which, based on the author’s model, would predict a median house price of $270k. Just slightly below our current median price of $723k...)
· Why You Can’t Afford a House in San Francisco [Efficient Frontier]
Posted by socketadmin at 9:25 AM | Permalink | (email story)
June 21, 2005
It’s A Seller’s Squirrel’s Market
Within a month of putting her two-bedroom house in San Francisco on the market recently, homeowner Linda Gao had five offers, each one above her asking price of $699,000. So before accepting the most-attractive bid, she threw in an extra condition: If you want to buy my house, you have to feed the squirrels.
· In a Booming Market, Sellers Can Be Choosers [RealEstateJournal]
Posted by socketadmin at 8:33 AM | Permalink | (email story)
June 20, 2005
Freakonomics Freaks NAR
Freakonomics
Perhaps they were just jealous that they didn’t get to meet Katie Couric. Regardless, NAR quickly fired off a nasty gram (to which the authors responded in kind).
· Freakonomics
· NAR Responds to Erroneous Statements Made on Today Show [Realtor]
· Professors Dubner and Levitt Made Erroneous Statements on Today Show!! [Freakonomics]
Posted by socketadmin at 10:51 AM | Permalink | (email story)
June 15, 2005
Mixed Messages
A reader just forwarded a newsletter from her local Realtor®:
Sales are up!...blah, blah, blah...supply is tight!...blah, blah, blah...the market is strong!…blah, blah, blah...but "[i]t may be a good time to re-evaluate your home as one of your best investments." Wait a second...
Posted by socketadmin at 9:33 AM | Permalink | (email story)
June 13, 2005
(No)HousingBubble.com Smackdown Dust Settles
It’s official, and the bubblemongers have loudly spoken. HousingBubble.com outsold NoHousingBubble.com by a margin of $2,250 $2,225! (and yes, HousingBubble.com sold for $2,250 $2,225 so you do the math)
We’re feeling a bit foolish for investing that $9.49 on the domain registration and eBay listing fees. It’s not an entire loss, however, as we did get one nice email that’s going to show us “how to use nohousingbubble.com...to make a serious income that will grow each month and come to you for years.” We’ll let you know how it turns out.
[Editors note: don't worry, we've fired our idiot copy editor]
Posted by socketadmin at 4:53 PM | Permalink | (email story)
HousingBubble Market Lacks Froth
After three bids, the HousingBubble.com domain name sold for $2,225 (slightly below the sellers “buy it now” price of $250,000). Apparently there’s not much “froth” in the HousingBubble domain name market.
Only seven hours left in the NoHousingBubble.com auction...
Posted by socketadmin at 9:24 AM | Permalink | (email story)
June 10, 2005
Update: Bubble Domain Smackdown
Realty Baron coined the phrase, we just borrowed stole it. In any case, here’s the auction update:
HousingBubble.com: one day left and only one bid of $1,000 (but over 900 gawkers and a couple of “encouraging” comments which kind offreakweird us out)NoHousingBubble.com: no bids, zip, zilch, nada (and a lowly 30 gawkers with no love from the community)
It’s not looking good for those housing bubble naysayers.
· HousingBubble.com domain name auction [eBay]
· NoHousingBubble.com domain name auction [eBay]
Posted by socketadmin at 10:09 AM | Permalink | (email story)
June 8, 2005
NoHousingBubble.com
No doubt you've heard that the HousingBubble.com domain name is up for auction. But what happens if a bubble fails to materialize?
Well here’s your opportunity to put all those bubblemongers in their place. That’s right, the NoHousingBubble.com domain name is now up for auction!
What better way for real estate agents and brokers nationwide to demonstrate their convictions in the market and provide their clients with peace of mind! Can you imagine the signal it will send to homeowners if HousingBubble.com sells for more than NoHousingBubble.com?
And yes, we own it. Just couldn't help ourselves.
· eBay Item #5780859198 [eBay]
· BubbleWatch™: HousingBubble.com Hits eBay [Curbed]
Posted by socketadmin at 12:50 PM | Permalink | (email story)
June 6, 2005
Market Similarities (Beyond Just The "U")
Two select quotes and five “lessons” from CNNMoney's look at the U.K. housing market slowdown. Perhaps a little foreshadowing of what’s to come in the U.S.? And isn’t our market rationalization du jour all those wealthy Europeans?
"In these markets there is a herd instinct where people rush out to buy" [editorial note: moo]"[T]he markets that are most risky are those where there is a higher proportion of buyers using adjustable loans and interest-only loans" [editoral note: uh-oh]
And the lessons:
1. Rising rates do take a toll
2. Speculators are a fickle bunch
3. Supply isn't so limited after all
4. When the going gets tough, some foreclose
5. Housing woes affect the rest of the economy
· Lessons from the U.K. housing market [CNNMoney]
Posted by socketadmin at 8:55 AM | Permalink | (email story)
May 24, 2005
Top Five San Francisco Trophy Homes
Looking for new digs? Have an extra twenty million in Google stock burning a hole in your pocket? Match the recent Mega number? If so, then perhaps you’ll want to check out the five most expensive homes currently listed in San Francisco...
5. 34 Presidio Terrace ($11m) - Cheapest of the five. The six bedrooms initially had us thinking potential "Google Flophouse", but with only three parking spaces, probably not enough room for all those Cayennes.
4. 1 Cherry Street ($12.5m) - Over one million more than Presidio Terrace and yet one less parking space (only two total). Parking in San Francisco isn’t easy even if you’re loaded.
3. 2518 Pacific Avenue ($15.5m) – Actually listed at $15,570,000, but we’re willing to bet that you can get them to drop the extra $70,000.
2. 2700 Broadway ($16m) - Let’s just say it’s not likely this property will ever make our list of “Fantastic Facades” of San Francisco.
1. 300 Sea Cliff Avenue ($23.5m) - On the market since 1/13/03. We’d suggest waiting another year or two to see if they'll knock a little something off the asking.
Regardless of which one you choose, please be sure to tell your agent that the folks at SockeSite sent you. And please don't forget to send us an invite for the housewarming. Just seems fair.
Posted by socketadmin at 2:25 PM | Permalink | (email story)
