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CATEGORY ARCHIVE: SocketSite Readers Report

November 6, 2009

The Captain’s House Goes For To A Cruise?

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

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

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

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

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

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

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

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

Behind The Door Of 25 Hotaling (And The Street)

Down the alley from Villa Taverna and above Aventine, what was once a "bathhouse, saloon, warehouse and denim overall factory" is now the nine condos of 25 Hotaling Place.

Originally called Jones alley, the small street that runs between Jackson and Washington Streets started life as an alley servicing the warehouses of old San Francisco’s bourgeoning waterfront. In the early 20th century it was given its present name—Hotaling Place— commemorating one of the Gold Rush-era’s most successful entrepreneurs.

Anson Parsons Hotaling arrived in San Francisco in the mid-1850s and founded A.P. Hotaling & Company, a distributor for Cutter’s Bourbon Whisky. During the 1906 Earthquake and ensuing fire, sheer luck and a change in wind spared Hotaling’s warehouse. This led to one local commentator to pen the following lines that are now etched in the city’s folklore: "If, as they say, God spanked the town for being over frisky, Why did he burn the churches down and save Hotaling’s Whiskey?"

A plugged-in tipster reports on the development:

They finally put up a decent website for [25 Hotaling] which has been selling quietly for a couple of months. They claim they've already sold one of the nine units.

Photos look interesting, but there's a suspicious lack of square footage info and on the floorplans [see links below] the units look small.

In addition to nice details, every unit has one or more shortcomings; it's a great neighborhood, though.

Pricing and monthly HOA dues for the Hotaling nine:

∙ 25 Hotaling #A (1/1) - $629,000 ($399/mo HOA)
∙ 25 Hotaling #B (1/2) - $649,000 ($424/mo HOA)
∙ 25 Hotaling #C (1+/2) - $859,000 ($469/mo HOA)
∙ 25 Hotaling #D (1/1) - $589,000 ($383/mo HOA)
∙ 25 Hotaling #E (2/1.5) - $889,000 ($469/mo HOA) [MLS]
∙ 25 Hotaling #F (1+/1) - $639,000 ($399/mo HOA)
∙ 25 Hotaling #G (1/1) - $669,000 ($396/mo HOA) [MLS]
∙ 25 Hotaling #H (1/1) – "SOLD" ($384/mo HOA)
∙ 25 Hotaling #I (1+/1) - $689,000 ($399/mo HOA)

And yes, all listed parking is leased.

∙ 25 Hotaling [25hotaling.com] [Floor Plans: A/D/F/G/I | B/C/E]

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

October 28, 2009

Patrick Blanc "Living Wall" Testimonial And Broderick Street Blueprint

A plugged-in reader returns from Madrid armed with a few photos of a Patrick Blanc "Living Wall" in action. From our reader with respect to the wall designed in conjunction with Herzog and de Meuron's new CaixaForum near the Prado Museum:

It covers the end of a very mundane apartment building and forms one side of a new plaza that has become a major tourist attraction. It is an extraordinary piece of work and...I think your readers might appreciate the Drew School proposal a bit more if they actually saw what a living wall really looks like.

I am a specialist in Victorian restoration design and I consider the Broderick Street building a mediocre example of the style at best. A Patrick Blanc living wall would certainly add an interesting new element to San Francisco's expanding modernist scene.

For the record, we couldn’t agree more (vermin habitat or not). Now if only our fair city would actually encourage rather than restrict the modernist scene of which our reader speaks (and we embrace).

∙ Destruction Before Construction: Drew School Expansion [SocketSite]
∙ Drew School Expansion Plans Pass Their Appeals Test(s) [SocketSite]
∙ Drawings For A Proposed Drew School Expansion Along Broderick [SocketSite]
∙ The Drew School Addition Rendering Scoop: Its Living Wall And All [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (11) | (email story)

October 27, 2009

The 2151 Green Street Scoop: Wait For It…

Still listed on the San Francisco Association of Realtors' MLS last week as an "active listing" despite a plugged-in reader's report that it had actually sold at foreclosure auction two weeks ago, today the MLS listing for 2151 Green Street was...withdrawn.

And if our reader’s source is correct, the buyer at $3,066,001 was...the person who sold it to the foreclosed upon party along with the adjoining empty lot for $9,000,000 in 2007.

Oh, and the listing for said lot now known as 2157 Green Street just went pending (last asking $4,200,000).

Did someone just effectively short the vaunted District 7 residential real estate market in San Francisco and pocket a few million by doing so?

∙ Reader Versus Realtor: Did 2151 Green Street Just Sell At Auction? [SocketSite]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (25) | (email story)

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

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

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

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

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

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

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

October 26, 2009

A Reader’s Report And Recommendation Across The Bay: 2830 Garber

A plugged-in San Francisco tipster crosses the bay and reports on 2830 Garber Street:

I saw it yesterday and I have rarely seen so much traffic at an open house. It has 3 bedrooms and 2 baths on the top floor, and all of the bedrooms have Golden Gate and Bay View Bridge views.

It was built by the well known architect George Plowman as his personal residence and it is perfect example of Arts and Crafts architecture. The kitchen has been updated, but otherwise all the original details in intact.

It also has a basement area that could be used as an Au Pair residence or rented out to a student.

This area of Claremont Court is probably the best neighborhood in Berkeley and compares favorably with Rockridge or Noe Valley. This home would probably cost double this price in Noe or Forest Hill, if you could even find it.

And no, our tipster is neither an - much less the - agent nor has any vested interested in the sale of the property (as far as we know).

∙ Listing: 2830 Garber Street (3/2.5), Berkeley - $1,150,000 [Grubb Co.]

Posted by socketadmin at 2:30 PM | Permalink | Comments (22) | (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

CitiApartments Is No More! Well, Sort Of…

A plugged-in tipster reports:

Just finishing up escrow on our first condo purchase and trying to get out of…CitiApartments. This morning called them and a receptionist answered “First Apartments how can I assist you?”

First Apartments? I asked her, is this still CitiApartments? She said, “We have changed our name”

Their website is gone too. Also, due to the PGE bills not being paid in our building, they have shut off all common area electricity.

There's nothing like a little rebranding to make all your problems go away.

∙ JustQuotes: Citi Draws Deposit Ire (And Lawsuits) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (5) | (email story)

430 Main/429 Beale Development Delayed

Approved by Planning with a 6-1 vote in May, according to a plugged-in reader the Board of Supervisors voted 10-2 10-0 in favor of an appeal of the 430 Main/429 Beale project.

As such, the proposed six-story and 113-unit building will now require an Environment Impact Report (EIR) to move forward with development.

From our reader, "Look for a lawsuit against the city to follow."

UPDATE: While one reader notes there are only 11 supervisors, another thinks that a focused rather than full blown EIR might suffice (which would reduced the delay and dollars involved). We’ll see if we can’t clarify on both points.

∙ 113 New Apartments at 430 Main/429 Beale Approved By Planning [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (6) | (email story)

October 21, 2009

Reader Versus Realtor: Did 2151 Green Street Just Sell At Auction?

If a reader is correct, 2151 Green Street ended up selling at auction on 10/15 for $3,066,001, one dollar over its opening bid. That being said, 2151 Green Street is still listed as an active short sale seeking $6,900,000 on the MLS.

Somebody appears to be confused, perhaps another plugged-in reader can confirm if it’s the reader or Realtor.

Purchased along with the adjoining empty (and since separated) lot for $9,000,000, 2151 Green Street had returned to the market in 2008 asking $10,950,000 for the six bedroom Cow Hollow mansion.

∙ Listing: 2151 Green Street (6/5) - $6,900,000 [MLS]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (25) | (email story)

October 14, 2009

Watch That First Step, It’s Bound To Be A Doozy At 4033 26th Street

While 1409 Sanchez was razed, our neighborhood tipster also notes that 4027-4033 26th Street has indeed risen up as was proposed:

This house is about half way done being renovated. They ended up raising the existing structure up one story, building a garage beneath and an additional story above. It's massive.

When finished it should be a four-story, five bedroom, and four and one-half bath 3,850 square foot single family home with parking for two.

Purchased in January 2008 for $935,000, and as it's 1,280 square feet looked at the time:

∙ JustQuotes: There’s Always One On (Almost) Every Block [SocketSite]
∙ 1409 Sanchez Meets Its Maker (But Not Because Of The Storm) [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (21) | (email story)

Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House

Purchased for $2,100,000 at the end of August 2005, a plugged-in reader noted 111 Hoffman over in Noe Valley was scheduled to hit the courthouse steps last month.

In a follow-up comment yesterday, said reader also notes that 111 Hoffman was in fact taken back by the bank (officially on September 28).

∙ June S&P/Case-Shiller: San Francisco MSA Up MOM Across All Tiers [SocketSite]

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

October 13, 2009

1409 Sanchez Meets Its Maker (But Not Because Of The Storm)

A plugged-in tipster reports: "They started knocking down 1409 Sanchez today. There is a huge machine on site and the structure is pretty much already gone." As it looked before:

And once again as was previously proposed:

∙ A Total Noe Fixer/Tear-Down (For A Little Less Than Two Years Ago?) [SocketSite]
∙ The Future Façade Of 1409 Sanchez (Assuming Approved And Built) [SocketSite]

Posted by socketadmin at 6:15 PM | Permalink | Comments (20) | (email story)

Some Plugged-In Perspective On Mortgage Fraud Back In 2008

Speaking of mortgage fraud soon be a felony offense, back when we were tracking craigslist rental listings for freshly closed condos at One Rincon Hill a plugged-in tipster first provided the following tip in March of 2008:

Public Records info is interesting. What it shows me is that several new owners at One Rincon either have or are about to commit occupancy fraud. This is often overlooked and dismissed by those involved including mortgage agents, however, it is a serious issue. Owners sign occupancy affidavits at the close of escrow, and unless their deed of trust includes an "assignment of rents" rider, the property is owner occupied. My public records search shows 68 units have closed. I'm sure more have that don't show up yet and I'm also convinced that my list of properties for rent is smaller than actually what is or has already been rented.

According to our tipster’s analysis at the time at least ten and as many as sixteen of those 68 units (i.e., between 15 and 24 percent) closed as "owner occupied" purchases but were immediately advertised on Craigslist for rent. And at least three (3) of those "fraudulent" purchases were made by licensed real estate agents.

Perhaps those ten to sixteen were the only bad seeds out of all the buyers at One Rincon and other new developments about town (rather than ~20% of purchases if one were to extrapolate from the numbers above).

Then again in the words of our tipster: "How many units have already been rented that haven't been advertised or [escaped my analysis] above?"

∙ Same Same But Different: 425 1st Street #2103 For Sale (Or Rent) [SocketSite]
∙ The Seven Samurai Deadly Sins New Mortgage Laws [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (88) | (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)

October 7, 2009

Schlage Buildings Are Razed So Visitacion Valley Can Rise

As the former Schlage Lock Factory site looked in April above, as it looks today below.

And another update on the site in specific, and Visitacion Valley redevelopment in general, by way of a plugged-in tipster:

Except for the original office building (which will be retrofitted and ultimately adapted to community use), the [Schlage] buildings are pretty much gone.

One of the things that has been interesting to me as a Valley resident is to see the way sight lines have opened up so dramatically with the disappearance of the buildings. This panorama and the ones I sent earlier this year are all taken from Tunnel Avenue looking west, and as the buildings have disappeared, the contours of San Bruno Mountain and McLaren Ridge have emerged to show the form of the valley.

The building with the red band on it more or less in the center of the panorama is a BofA at the corner of Leland and Bayshore. Leland Avenue is the commercial street of Visitacion Valley, and the eucalyptus trees to the left of the bank show where that street will extend into the site.

In the distance about a third in from the left - and above the old wooden SP maintenance sheds which still stand - one can also see a bit of the Sunnydale Public Housing site. THAT location is the subject of planning efforts by Mercy Housing to redevelop the site from the current arrangement of approx. 780 units comprised of 1930's-40's shipyard worker housing, adapted for current use, to approx. 1500 units of mixed housing including some market rate (no small endeavor there, but one which is capturing the attention of neighborhood activists and environmentalists).

As the last of the Schlage buildings came down it struck me that the opportunities to create developments that are relevant to each other as well as to the wider neighborhood are great, as they will be looking at each other from each end of the valley. With 1200-1600 units of housing plus retail and services slated for the Schlage site in a transit-oriented development (and also as a LEED Neighborhood Design pilot project), what has been and what is...is definitely not what will be.

Cheers. And click either of the images above to enlarge.

∙ The Wrecking Ball Is Rolling Out In Visitacion Valley [SocketSite]
∙ San Francisco Planning Commission Green Lights Schlage Demo [SocketSite]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]
∙ Visitacion Valley Redevelopment [renewvisvalley.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (3) | (email story)

October 6, 2009

A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale)

A plugged-in reader reports:

For those of you in the market for a penthouse, Unit #PH1E at the Watermark (501 Beale) was taken back by the lender for $1,349,628 on Sept. 15. Talk about bad timing, the former owner bought for $1.523 million in January 2007. This three bedroom 1,362 sq.ft. foreclosure was brought to you courtesy of WaMu.

Call it a quick flip gone bad as the condo had returned to the market a month after closing asking $1,800,000. Last listed for $1,595,000 before being taken back by the bank.

At the same time, 501 Beale penthouse #2B is now asking $1,019,900. Purchased for $1,375,000 in December 2006, it failed to sell when listed for $1,099,900 in August of 2009 and was taken back by the bank as well. As we wrote in April:

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.)

Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

No word on any assessor’s adjustment for #PH1B or anything everything below.

∙ Listing: 501 Beale #PH2B (2/2) 1,019 sqft - $1,019,900 [MLS]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ A 25.7% Drop In Assessed Value For A Plugged-In Reader In 2009/10 [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (30) | (email story)

October 5, 2009

A 25.7% Drop In Assessed Value For A Plugged-In Reader In 2009/10

A plugged-in reader reports:

So a year late and quite a few dollars short the Assessor's office granted my informal request for review and lowered my 09/10 assessed value by 25.7% from the "Prop 13 Base Year Value". So after saying my place gained value from Feb 2007 to January 2008 they now say it dropped at least 25% from January 08 to January 09 (and 22.7% from when I purchased it).

Once again, the average granted reduction for 2008/09 was 11.5%. And the San Francisco Tax Assessor’s tally for 2009/10 adjustments should be out soon. Tipsters?

UPDATE: Additional history with respect to the subject property, a 2/1 condo in District 6.

∙ Average Granted Assessed Value Reduction In San Francisco: 11.5% [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (57) | (email story)

October 1, 2009

Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps

On the market and featured on SocketSite in February of 2007, 207 Clipper closed escrow with a reported contract price of $987,000 that March. From a plugged-in "EBGuy" today:

Well, for those who missed it last time, it looks like 207 Clipper will be hitting the auction block [on October 13] with an unpaid balance of $458,970...And the owner, one Issac Muhawieh...

Keep in mind that if Issac simply "overpaid" in 2007 so did anyone else who relied on the sale of 207 Clipper (or a derivative sale) as a legitimate Noe neighborhood comp.

∙ Beauty Is In The Eye Of The Beholder [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (7) | (email story)

September 28, 2009

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

A plugged-in tipster reports with respect to High Speed Rail and the Transbay Terminal:

Thought you should know that both Nancy Pelosi and [Gov. Arnold Schwarzenegger] both sent strongly worded emails to the Secretary of Transportation this week endorsing the Transbay Terminal as the San Francisco terminus for High Speed Rail.

Pelosi's letter was pretty detailed technically on how the trainbox would look (to combat the misconception that has been floating around that the terminal cannot accommodate all the HSR traffic; which is massively over-optimistic, but that is another argument all together) and why the 'Beale street option' is not realistic at all in terms of cost and the fact it would undermine all the work Caltrans has just done on the Bay Bridge approach.

∙ More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
∙ While San Francisco Might Get High-Speed Rail, Will The Transbay? [SocketSite]
∙ Unplanned Obsolescence For Transbay High-Speed Station Design? [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (33) | (email story)

September 24, 2009

I Can’t Drive Build 55: Eyes (And Ears) On Upzoning Mission Street?

While we missed the Planning Department’s public meeting to solicit public comment on their thoughts of increasing building height limits on Mission Street between 16th and Cesar Chavez up to 85 feet (currently between 55 and 65), perhaps a plugged-in reader or two didn’t and would be willing to report.

Posted by socketadmin at 5:00 AM | Permalink | Comments (16) | (email story)

September 23, 2009

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

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

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

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

September 17, 2009

Where Tony Bennett Left His Heart In San Francisco

From a plugged-in tipster with respect to 1133-1143 Taylor:

[I]t wasn't necessarily the building that caught my attention, as was the fact that the top unit (the owners unit penthouse) was where Tony Bennett wrote "I left my heart in San Francisco" and lived for a while.

Unfortunately we can’t confirm, but we have no reason to doubt (especially upon seeing said penthouse and its views).

∙ Listing: 1133-1143 Taylor (10 units) - $5,295,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (12) | (email story)

September 16, 2009

Confidential Sales In More Ways Than One: 2430 Broadway

A plugged-in tipster notes that while not listed or official “inventory,” 2430 Broadway is on the market. As our tipster notes, "totally redone by Ann Brown a few years back, [and] it's a bit odd because the house sold in 2001 and again in 2004."

Neither the 2001 or 2004 sale prices were reported, but the 2004 sale included a $4,795,000 variable rate loan on what tax records would suggest was a roughly $7 million sale. The 2001 sale involved $5,500,000 in variable rate loans and was asking $8.9 million at the time. And in 2007 the property was refinanced with a $5 million fixed.

Price "upon request" (or as soon as another tipster picks up the phone).

∙ Listing: 2430 Broadway – “Price Upon Request” [Byzantium]

Posted by socketadmin at 11:15 AM | Permalink | Comments (21) | (email story)

September 15, 2009

The Dude Buys 2201 Baker ("Confidentially")

The inside scoop on the sale of 2201 Baker from a plugged-in tipster:

[A]ll contingencies have been removed and the funds all went into escrow Monday 9/14. City to record the deed today and the deal's done. Sale price will indeed be confidential...

Purchaser is a single dude, believe it or not.

Based on the design, we believe it. We’ll let you know when that “confidential” sales price per the MLS becomes public record per the city. And Dude, don’t forget those invitations to the housewarming.

∙ An Eco-Friendly "Baker Acres" Prepares Its Return (2201 Baker) [SocketSite]
∙ The 2201 Baker Street Site Scoop: Full Gallery And Floor Plans Live [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (85) | (email story)

September 9, 2009

The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster

The listing photos for 2550 Webster do a nice job of highlighting some of its original detail, but a plugged-in tipster provides a more candid peek inside:

Now that I've returned from seeing this property, I am amazed and aghast at the same time. I'm not in the construction business so I can say without hesitation I've never seen anything like it before…

The first inkling that there might be trouble inside was the fact that a San Francisco Police Officer was in attendance near the front door, just to ensure there was no possibility of a problem. Then I heard whispers that "she" was inside. Of course this was referring to Arden Van Upp herself. I can only suspect that she was getting a chuckle over the fact that she was chaperoning the brokers' tour. For those that attended the tour and didn't notice her, she was the woman in all black and the black headscarf, perfectly made up on the 2nd floor. Very Grey Gardens. She was a bit conspicuously overdressed, almost like she was headed to a funeral.

As you enter the home on the first floor, there is a room on the left (parlor) that is crammed with personal effects. You practically cannot get in the room. I was under the impression that [Ms. Van Upp] had vacated completely but perhaps that is not the case. As expected, floors, walls and ceilings all need repair. Thankfully, most of the hand carved wood and adornments are intact. Some other areas are stuffed with items as well. The detailing in this home is unprecedented.

The second floor is the most beautiful…it has two enormous fireplaces, gorgeous woodworking and hand painted oil portraits on the walls.

Truth to the rumors? I was unable to see the garage and the alleged vintage Camaro in it. I did not see where a swimming pool could have been and the back yard was much smaller than I anticipated. The kitchen is pretty uninhabitable...

...and yes, half the ceiling is missing.

All the bathrooms that I saw are in rough, rough shape but are all carrera marble.

I was unable to get down to the basement because there was no light and I didn't want to risk breaking an ankle. As far as secret passageways go, there is one on the 3rd floor -- the bookcase opens up into a bathroom.

As for the solarium, yes, the back half is missing.

Most of the 4th floor ceilings have caved. There is a lot of mold throughout the house, but overall it just smells musty, not like pets or animal urine. I'm sure a lot of the odors have been captured in the carpets and fabric wallpaper. As I expected, there are amenities such as a safe, dumbwaiter and elevator (the dumbwaiter does not work and I was not going to try the elevator).

Good judgment (and excellent tip). As others have noted, this is not a project for the faint of heart wallet.

∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (52) | (email story)

September 4, 2009

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

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

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

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

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

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

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

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

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

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

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

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

September 3, 2009

Rincon Hill Streetscape Plan In Action On Spear: New Mini-Park

As we wrote with respect to the Rincon Hill Area Plan back in 2006:

As part of the Area Plan, a streetscape plan "calls for extensive sidewalk widenings, tree plantings, street furniture, and the creation of new public spaces along streets throughout the district." And that’s great. Especially considering that the plan currently characterizes "Rincon Hill’s streets [as] unsafe and unpleasant for pedestrians—sidewalks are narrow, intersection crossings dangerous, and few active uses line the sidewalk edge."

From a plugged-in Aaron over Park On The Sidewalkon The Sluice Box today:

The sacrifice of a lane of traffic and the widening of a sidewalk have enabled the creation of a slender mini park on Spear Street, between Folsom and Harrison Streets in San Francisco's evolving Rincon Hill neighborhood.

Over the past couple of months this park has begun to take shape as the varied plantings have matured. The parallel rows of trees are filling in and the ground cover is in full purple bloom. While the term park might conjure up thoughts of Golden Gate Park or Central Park, this stretch of sidewalk does manage to contain an impressive combination of elements. A number of wooden benches and substantial concrete rectangles provide seating, while grass covered mounds and loose gravel inject variety into the block-long expanse of sidewalk. This is the first of what should eventually be several similar neighborhood parks.

We love it when an area plan starts to come together. Now about those empty lots...

∙ The (Traffic) Plan For Rincon Hill [SocketSite]
∙ Park On The Sidewalk [The Sluice Box]
∙ A Five To Ten Year (Currently) Empty Lot Plan [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (16) | (email story)

September 2, 2009

Going Up: St. Regis Penthouse Construction Nearly Complete

As we wrote about the St. Regis penthouse in July:

According to a plugged-in source…construction should be finished in a couple of months and the renderings will give way to reality.

As a plugged-in tipster adds today:

The St. Regis service elevators have been working overtime for weeks shuttling men and material up to the top. I would expect this to return very soon...and very finished. Now let's see what Victor (MacFarlane) does with the price.

Once again, purchased as a shell for roughly $30,000,000 in 2005 with a small army of craftsmen working on its roughly 20,000 square feet ever since (more or less).

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no prior knowledge of this post.

∙ St. Regis Penthouse Animation, Reality A Couple Months Out [SocketSite]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]
∙ St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo) [SocketSite]
∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]

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

"Party Of Five" House (2311 Broadway) Coming Soon

From a plugged-in tipster with respect to 2311 Broadway:

Seems the "Party of Five" house [at 2311 Broadway] is about to make it's debut on the MLS. Great house, great address, apparently GREAT for an acting career - Neve Cambell, Jeniffer Love Hewitt, Matthew Fox.

It's unfortunate that after all those stairs there is no view to speak of.... But maybe you can hear the 'ghost whisper' of TweenDrama's past.

Purchased for $5,400,000 in October 1999, no word as of yet of what they’ll be asking ten years later. And unfortunately nobody over here ever watched the "Party," so we’re struggling with an appropriately themed headline. Readers?

∙ Party of Five [wikipedia.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (34) | (email story)

August 19, 2009

Washingtonia Robusta Now Arriving At Howard And Main

A plugged-in and camera phone toting (hint, hint) tipster reports:

Given your previous coverage both of the topic of palm trees in SF and the construction of the temporary Transbay bus terminal at Howard and Main, I thought you'd appreciate the attached photo…yep, the palm trees have arrived and are going in!

UPDATE: Another plugged-in tipster heeds the hints and ads an aerial perspective:

And remember, those camera's can capture more than just palms.

∙ Temporary Transbay Bus Terminal: First Prefab Buildings Placed [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

August 18, 2009

Two Of Three (Or Fourteen) Offers For 4114 20th Street?

From one plugged-in reader with respect to 4114 20th Street:

We moved up here from Laguna Beach last September and are still trying to figure out this market. We are one of the 3 who made an offer on 4114 20th St. We offered $1.2 [million], but someone offered more and all cash.

And another:

I had a friend that wrote an offer at 1.2 on 4114 20th too. Obviously they didn't get it either.

Once again, 4114 20th Street was purchased for $1,513,000 in October of 2007 but was being offered as a short sale for $1,150,000 last week.

And while another reader had heard fourteen offers, let us know if you have any insight into what might have simply been the winning third.

UPDATE: A bit of refinement from the first of said readers:

Our agent was told there were a "couple of other offers" that were for all cash and over our $1.2. Maybe there were lots of offers that were lower, too.

Like eleven (or so).

∙ Apples To Apples (And Seeking A Short Sale) For 4114 20th Street [SocketSite]
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (35) | (email story)

August 17, 2009

Facing Foreclosure 3271 Baker Street Makes A Move In The Marina

As we wrote two weeks ago:

Listed for $3,395,000 a year ago but last asking $2,125,000, it’s a plugged-in tipster that notices 3271 Baker Street is now advertising "rent to own" for $8,995 a month. The advertised rent to own purchase price: $2,300,000.

As plugged-in reader added at the time, "Renting 3271 Baker Street is VERY risky...there was a Notice of Default filed on the property for $472,867 on May 21, 2009."

And additional details that have since rolled in: Notice of Trustee set for September 4th and back on the MLS for $1,969,000 ($331,000 under its advertised "rent to own" price and $657 per square foot for the extensively remodeled Marina single-family home).

∙ Listing: 3271 Baker Street (4/2.5) - $1,969,000 [MLS]
∙ Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (79) | (email story)

August 14, 2009

From The Top Of Noe To The Courthouse Steps: 647 Grand View #1

From the agent’s website for 647 Grand View Avenue #1 back in 2007:

With a large, open plan design, unusually high ceilings and the highest quality finishes it is unique to Noe Valley. Encompassing the lower three levels of 647 Grand View, it is very private and quiet with a house-like feel.

Sweeping views of the Valley and Bay are offered from multiple vantage points throughout the home. A total renovation of the entire property was completed in April 2007.

Asking $1,875,000 at the time, or a little over $800 a square foot, 647 Grand View Avenue #1 appears to have sold been refinanced in October of 2007 for $1,870,000 with nothing down and two variable rate loans, one for $1,500,000 and the other for $370,000.

Unit #3 appears to have been refinanced around the same time as well, but 647 Grand View #2 and #4 appear to have sold in October of 2007 for $1,100 and $764 a square foot respectively.

And a plugged-in and on the foreclosure ball "EBGuy" notes on our update on 601 Grand View down the block, 647 Grand View #1 now has (or perhaps had) a date with the courthouse steps. Seeking an opening bid of $1,500,000.

UPDATE: From a plugged-in reader:

This property originally came on the market in spring of '07 for $2.4 million. I toured it in late July of '07 at which point it had already been on the market for about 4 months. They hadn't received any offers and I was told the price was very negotiable.

UPDATE: It appears as though 647 Grand View Avenue #1 and #3 were actually refinanced without a sale (#1 to the tune of $1,870,000). Our apologies for the early confusion and corrected above.

∙ 2007 Listing: 647 Grand View #1 (3/3) 2,316 sqft - $1,875,000 [647grandview1.com]
∙ Apples To Apples 601 Grand View Is Down After A Five Year Hold [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (103) | (email story)

August 11, 2009

Designer East Bay Apples To Apples For 737 Second Street #405

If you didn’t see it a year ago its website is still live and it’s worth a look. And if you did and wondered what happened a plugged-in reader reports:

This property is now an apple…changed hands in just under a year. Original buyer paid $1.975M in Jul '08 [asking $2,200,000 at the time], sold it for $1.675M in Jun '09…

Call it a drop of 15.2% over the past year. But regardless, we still love the design.

∙ Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (47) | (email story)

Two More Muhawieh Comps Of Yore Head For The Courthouse Steps

A plugged-in reader turns up two more Muhawieh comps of yore headed for the courthouse steps: 1036 Jackson and 619 Diamond. Additional background (such as a lawsuit from 619 Diamond’s neighbor) and discussion on the 1130 Cole thread.

UPDATE: From a plugged-in legal reader:

This guy is facing a lot of lawsuits, including some brought by his own family (and some in which family members are included as co-defendants). I count 21 lawsuits, almost all filed within the last year....And I've learned one easy way to get rid of a protected tenant -- just sign a contract agreeing to pay him/her ridiculously high sums to move out, then don't pay!

∙ An Ex-Comp Now Contractors Special Closes Escrow On Cole (1130) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (38) | (email story)

August 10, 2009

74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close

According to a plugged-in resident tipster, over the past three weeks the last 9 condos at The Montgomery (74 New Montgomery) have gone into contract.

∙ 74 New Montgomery: Closing In On 90% Closed Or In Contract [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (27) | (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 7, 2009

The Eccentric Arden Van Upp Might Be Feeling A Bit Antsy These Days

With an unpaid loan balance of $1.23M, the landmark Bourn Mansion at 2550 Webster Street was initially set to hit the courthouse steps on July 13. Pushed back a couple of times so far, August 10 is the latest date. As a plugged-in reader reports:

[Wednesday] night around 10:00 PM there were no fewer than 6 Police Officers outside of the home shining lights into 2550 with some apparent disturbance.

Me thinks that Ms. Arden is not going to go quietly.

∙ Landmark 38: Bourn Mansion [noehill.com]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (30) | (email story)

August 6, 2009

Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum

From the MLS listing for 4251-4253 23rd Street:

Gorgeous new remodel of large Edwardian in the heart of Noe! This stunning home features 4BR and 3.5BA, with 3BR/ 2BA on the top floor and add'l BR/ BA plus media/ play room on ground floor.

Includes a fully equipped, vacant, legal studio cottage with sep. entrance (built in 2002) at the rear of the property. No expense was spared in the home's thoughtful design and execution.

Huge open plan chef's kitchen overlooks a big rear yard. Only 3 blocks to 24th Street shopping - this home has it all!

Purchased pre-renovation for $1,450,000 in February of 2007; listed post-renovation for $2,450,000 in October of 2008; reduced to $2,275,000 in January of 2009.

From a plugged-in tipster yesterday:

[4251-4253 23rd Street] went to foreclosure sale today on the steps of City Hall. With an outstanding debt of $2,220,821.39, the bank reduced the opening bid to $1,742,500. The only party to bid did so at a penny over the opening bid. The property sold to a fellow who got a $532,500 discount from the last listing price and appeared to be an end user.

Call it 22% under what was owed, 29% under original list, and congratulations to the bidder. No word on why the MLS listing shows as "contingent" (or whether as such the $1,742,500.01 sale price will be reported as an auction "comp").

∙ Listing: 4251-4253 23rd Street (5/4.5) - $2,450,000 [4251-23rdstreet.com]

Posted by socketadmin at 7:00 AM | Permalink | Comments (213) | (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 31, 2009

2510 Jackson: Foreclosure Sale Tops The Market In Pacific Heights

As an observant reader noted earlier this week, the sale of the rather infamous (mostly for being foreclosed upon) 2510 Jackson has closed escrow.

While our reader reports an $11.5 million sale price, however, according to a plugged-in source it wasn’t quite but rather close (it's actually an asterisked "confidential" sales price that's reported on the MLS). Regardless, it represents the highest priced San Francisco sale in 2009.

Tax records would suggest an original purchase price of around $9,500,000 in the year 2000 before its sale back to the bank in April of 2008 (asking $14,900,000 soon thereafter).

Also according to our source, it’s a local family that purchased the house.

∙ Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)

July 29, 2009

A Round Of...Cuts For The All New "Arden Estates" On 15th Avenue

Originally priced between $1,995,000 and $2,195,000, a plugged-in tipster notices the new $1,699,000 to $1,950,000 range for five of the seven new construction homes of "Arden Estates" on the edge of West Portal on 15th Avenue.

Two of the seven four bed, three and one-half bath detached homes are advertising prices TBD. In the opinion of said tipster who walked through, "Interesting houses, but a pretty high price point given what $1.7-2M gets you in Saint Francis Wood."

∙ Arden Estates [ardenestatesluxuryhomes.com]
∙ Listing: 2733 15th Avenue (4/3.5) 3,290 sqft - $1,699,000 [Barbagelata via Pacunion]
∙ Listing: 2763 15th Avenue (4/3.5) 3,300 sqft - $1,950,000 [Barbagelata via Pacunion]

Posted by socketadmin at 4:00 PM | Permalink | Comments (24) | (email story)

Sunnyside (Thumbs) Up Or Down?

Well, we weren’t exactly but now we will be: "While we're on the subject of relatively affordable San Francisco, how do people feel about Sunnyside?" (District 4-S)

∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

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

412-416 Bosworth: What Recently Was And What Will Soon Be

The MapJack photo above for 412-416 Bosworth is a bit old as much progress has been made and a plugged-in tipster notes, "these homes are being built around the corner from me on Bosworth St on the Glen Park / Bernal Heights border…Given the speed of construction I wouldn't expect move in until late 2009 / early 2010."

To be priced "from $650,000 to $1,299,000" for the eight condos that stretch across "four buildings" with floor plans for all four buildings currently available online.

∙ 412-416 Bosworth [bosworthhomes.com] [Map]

Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)

July 22, 2009

74 New Montgomery: Closing In On 90% Closed Or In Contract

From a plugged-in resident tipster: "The Montgomery had their annual meeting last night...76 are sold and closed, 22 more in escrow, only 9 units available."

∙ 74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (7) | (email story)

A Bit Of Before And After And Plugged-In Perspective For 12 Rico Way

A bit of before and after and a plugged-in owner’s perspective on 12 Rico Way:

When I first walked into this house, I felt that we could build an approachable floor plan that would honor the formality of a Marina home and deliver something quite different. The wide lot allows for a formal living room on the left and a den directly on the right. It just feels so much brighter and alive than the typical 25' wide lots all over the city.

The radiant heating is amazing, I highly suggest that on your next remodel you install the Cal Steam system. (If you have to budget, at least do the master bathroom--warm on the feet!) Makes such a difference on the chilly evening and foggy mornings. The square footage is 2520, the master suite alone is 500 square feet.

And of course: "Oh, my wife loves white : ) very fresh and elegant she says..."

Cheers. And having been inside the house, we’ll have to agree with the above.

∙ Deconstructed And Reconstructed At 12 Rico Way [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (52) | (email story)

July 16, 2009

Radiance At Mission Bay Phase I Update: 88% "Sold"

While the sale office of Radiance at Mission Bay was advertising 14 units and "up to $18,000 in federal and state tax credits" a week ago, according to a plugged-in tipster they’re down to 12.

I attended a party at Radiance for homeowners & brokers to mark their sales success. They announced that they had only 12 units remaining. They have 3 new models.

That’s around 33 sales over the past twelve months and prices appear to have been unofficially reduced a bit more since their official reductions of up to 27% in February as #508 which was originally asking $1,569,000 and then reduced to $1,319,000 was last advertising a sale price of $1,299,000 (and is now marked as sold).

And of course plugged-in people should know that 18 thousand is down to 8 for those who haven’t already applied.

∙ California $10,000 Tax Credit Pool For New Home Buyers Closed July 3 [SocketSite]
∙ Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts [SocketSite]
∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]

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

July 14, 2009

A Ringing Endorsement For A Liberty Belle (366 Liberty)

In the words of a plugged-in tipster with respect to 366 Liberty:

It's quite an amazing house, very understated (except the price). On a double lot so you have a very large living room and master bedroom off a huge deck that extends to the width of the house. Access to the house is through a very peaceful and private front yard. This is one case where the listing photos do not do justice to this house.

No, this tipster’s not the agent. And don't forget that view.

∙ Listing: 366 Liberty Street (3/2.5) - $2,850,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (22) | (email story)

July 6, 2009

The Bourn Foreclosure (2550 Webster)

Two months ago we profiled the Bourn Mansion at 2550 Webster, an unofficial San Francisco landmark with a rich history and a rather eccentric owner. And as a plugged-in reader reports today, "our fabled friend is on the foreclosure block. Set for public sale on 7/13 at 2:00 PM. Unpaid loan balance of $1.23m."

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (47) | (email story)

July 2, 2009

74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively

A plugged-in resident tipster reports on The Montgomery (74 New Montgomery):

I've noticed a lot more people in the lobby, elevators, halls etc. the last two weeks then saw [they’re now 80% sold]…so between their price adjustments and/or the aggressive commissions they've moved a lot of units in the last month or two.

Up from 50% sold in early April, so we’ll call it roughly 10 net new units sold (assuming all the contracts close) per month over the past three with roughly 25 condos to go.

∙ 74 New Montgomery: Half Sold (And Still Buying Some Agent Love) [SocketSite]
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (71) | (email story)

July 1, 2009

Are There Any Plugged-In Top Chef Aficionados In The House?

From the Craigslist post asking $12,500 per month:

NOW AVAILABLE…ONE OF A KIND MANSION…5 BEDROOMS AND 4 BATHROOMS…GOURMET KITCHEN…FAB LIVINGROOM WITH ORNATE FIREPLACE…ROOF GARDEN WITH FABULOUS VIEWS OF CITY. USED AS THE TOP CHEF SAN FRANCISCO HOME ON BRAVO TELEVISION.

Near Baker and Francisco but with no specific address given. Readers?

UPDATE: And in just under 21 minutes, we have a winner (and corroboration): 3159 Baker.

∙ Listing: $12500 / 5br - MARINA MED/MANSION (marina / cow hollow) [Craigslist]

Posted by socketadmin at 12:00 PM | Permalink | Comments (20) | (email story)

June 29, 2009

Plugged-In Perspective On Occupancy (And Incentives) At Avalon III

From the San Francisco Business Times last week with regard to Avalon at Mission Bay III:

…AvalonBay’s third Mission Bay building, which opened less than a month ago and held a grand opening party June 18, is 36 percent leased and 25 percent occupied, according to Meg Spriggs, who oversees Bay Area development for AvalonBay.

From a plugged-in reader yesterday:

With regards to [Avalon at Mission Bay III], they have something like 30 tenants and 80 units [on line] at the moment. Each month on the 15th another 20-30 units are [made available for occupancy].

So these stats they put out are meaningless. Their current incentive is first month free and $100 off the base rental price per month. But they also raised parking to $150/spot up from $100.

We'll call that 12 percent leased for the 260 units to be at Avalon at Mission Bay III.

∙ Strata And Avalon III Riding A Mission Bay Rental Wave [SocketSite]
∙ Avalon At Mission Bay III (240 Berry): Now Open And The Rents [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)

June 26, 2009

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

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

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

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

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

June 22, 2009

Perspective(s) On How Infinity Floor Plans Currently Stack Up

A plugged-in Mark Choey tackles the query of what’s made the Infinity realatively "hot" recently ("it has been confirmed that it is currently the fastest selling project in the West actually if not the country right now") and offers some perspective on the various stacks.

It's not the floor plan[s] per se that makes the building so "hot,” it is the price relative to what you are getting. If you are just looking at floor plans, [the "2B" floor plan] is not as attractive as other 2BR floor plans in the tower especially the "signature" curved floor plan (called the "2A" floor plan), and I agree the living/dining area is smaller than most would like, however most of the smaller 2BR floor plans stack face the water to the south or the city to the north if you get high enough to clear the mid-rise buildings of course (around the 12th floor and above).

And combining the view with the lower prices for the smaller 2BR relative to the signature curve plan (approx 12-15% smaller in fact and therefore cheaper), you have high demand for the "E" and the "A's."

Actually, this smaller 2BR floor plan is currently the most popular one in Tower 2! All of the other "stacks" have much more availability for various reasons. Other popular stacks and floors are the low floor "B" stack, the low "D" stack (below 10) and then the very high "B" stack from 27-30th floors. Anything under 1.0M sold very well and still is.

And of course, they're dealing. Cheers.

∙ Confidentially Speaking About The Infinity [SocketSite]
∙ Infinity Floor Plans: The 2A | The 2B [the-infinity.com]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (83) | (email story)

June 18, 2009

Confidentially Speaking About The Infinity

The re-sale of 301 Main Street #9E has fallen out of contract, its list price has been cut to $749,000 (asking just under $900,000 when the Infinity sales office first opened), and its listing now notes "Infinity's BEST 2BR VALUE."

According to a plugged-in tipster, however, at least one mid-rise Infinity two-bedroom, two-bath has been sold by the sales office for under $600,000. Unfortunately we can't officially confirm with details, and we’ll have to consider that nugget a "random rumor" for now, as apparently a confidentially agreement was attached to the sale.

That being said, we have no reason to doubt our tipster and based on what we’ve been hearing from other sources we have no reason to doubt that price.

UPDATE: Another plugged-in reader adds, "Not sure if this is the same unit, but I know someone who just closed on a 2 bedroom viewless unit for 605k with 2 years of Hoa dues included."

∙ Listing: 301 Main #9E (2/2) - $749,000 [MLS]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (116) | (email story)

June 17, 2009

Marcus & Millichap Changes Their San Francisco 2009 Rental Outlook

As we wrote in January:

The Marcus & Millichap rental outlook for 2009 in San Francisco: rents up 3.3% on 400 new units in professionally managed apartment buildings with at least 20 units.

Our comment (at the risking of stealing a bit of our own outlook thunder): we believe Marcus & Millichap is significantly underestimating both the number and impact of "shadow” market units for rent in San Francisco (which they deem to be "barely a factor") as well as the effective number of new units for rent that will hit the market in 2009.

A new report from Marcus & Millichap, however, now calls for a 8.9% drop in residential rents in San Francisco by the end of the year, a dramatic 12.2 point swing in their forecast over the past six months. Our outlook and original rebuttal haven't changed.

UPDATE: A plugged-in reader adds:

There have been more drastic decreases in SOMA. I wanted to move there last year but asking rents were north of 3500 for 2bd/2ba in most complexes (avalon, bayside, archstone). I just rented the same 2bd/2ba for 2700 (2800 with parking) with a better layout and more sq footage.

That's a 23% drop (and some good shopping) for "somaboy," and a tough trend in terms of (E)arnings for investors who paid a high (P)rice based on wildly different expectations.

∙ Marcus & Millichap San Francisco Rental Outlook (And Quick Rebuttal) [SocketSite]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (76) | (email story)

June 16, 2009

Laying The Foundation For An "Ultra-Green" 525 Golden Gate Avenue

Placed "on hold" a year ago due to rising costs and "lower than expected efficiencies," but now angling for some stimulus funds too, it’s a plugged-in tipster that catches the crews at work on 525 Golden Gate Avenue:

Crews from [Malcolm] Drilling are hard at work on the site. I asked one of them whether their being there meant the new building was proceeding and the answer was, "Yes, we are shoring for the foundation because the foundation for the new building is deeper than the old one." I could see what appeared to be a dewatering tank of the sort used to keep deep foundation excavations dry.

The earthquake-damaged and twenty-years vacant building that once stood on the site was recently razed (much to the chagrin of Trader Vic's next door), and as permitted a 12-story "ultra-green" San Francisco Public Utilities building is proposed to rise.

∙ When Being Green Costs Too Much: 525 Golden Gate Avenue On Hold [SocketSite]
∙ PUC site a 'poster child for stimulus package' [SFGate]
∙ Tiki lounge owners try to halt nearby demolition [SFGate]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

21 Buena Vista Avenue ("The Witches Hat") Returns…As A Rental

We first introduced you to 21 Buena Vista Avenue (a.k.a. The Witches Hat) in July of 2006, asking $4,950,000 at the time (down from $5,475,000 in May). And we last featured it in September of 2007 having been reduced to $3,900,000 (but failing to sell).

As a plugged-in SocketSite reader now reports, the Witches Hat has returned. As a rental:

We seriously considered buying this place, but we thought the neighborhood was a little too "edgy" for the price tag. Our Agent told us that the sellers at the time were willing to take $3.2MM (we were holding-out for $2.8MM, and given the recent market direction we would pay less now). The current owner...paid $3.875MM.

The current asking rent of $17,500 is roughly equal to the current level of interest payments on this place if he put 20% down and did a traditional 30y fixed.

Cheers. And as always, thank you for plugging in.

∙ 21 Buena Vista Avenue By The Numbers [SocketSite]
∙ 21 Buena Vista Returns With A Fifth (And Final?) Reduction [SocketSite]
∙ $17500 / 6br - Buena Vista, Lux Vict 6bd, 6bth, cmpl rmdld hs, 2car, amz vw [Craigslist]

Posted by socketadmin at 8:30 AM | Permalink | Comments (20) | (email story)

June 8, 2009

Putting Their Permits And Plans To Work On Pacific (2219 and 2223)

As we wrote this past December:

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."

Two months later the listing for 2219 Pacific Avenue was withdrawn from the market without a sale, asking $3,495,000 at the time. And as a plugged-in tipster notes, the finishing of 2219 Pacific appears to be underway (no word on whether speculatively or not).

Also noted: while not listed nor official inventory, a renovated 2223 Pacific is now on the market and asking $3,600,000.

∙ From “Beautifully Remodeled” to Gutted And Asking $755K Less In PH [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (4) | (email story)

June 5, 2009

The 1960-1998 Market Street Scoop: Unanimously Approved Design

A plugged-in tipster reports with respect to the proposed development at 1960-1998 Market Street which was unanimously approved by the Planning Commission last night:

The following describes the design changes that were have made to the project over the last several weeks in response to the comments that were received from the Planning Commission, SF Planning Department and the Duboce Triangle Neighborhood Association.

Bernardo Fort-Brescia and the team at Arquitectonica amazingly improved upon their original design while going through what almost turned into design by committee. These Architects were challenged to respond to community and incorporate changes while still maintaining the integrity of the building, which is a bold, iconic statement for such a prominent comer location.

Market Street: Additional vertical fins have been added to strengthen the vertical expression. The major horizontal mullions have been reconfigured in a staggered pattern, eliminating their alignment and further reducing the horizontal emphasis of the façade. A canopy has been introduced along Market Street to reinforce the pedestrian and retail environment.

Buchanan Street: The changes described above have been incorporated into the first bay along Buchanan Street. The second bay has been modified significantly, stepping up in height to relate to the change in street level. The vocabulary of the second bay now relates to the adjacent residential buildings by incorporating stone and a more regularized window arrangement.

Light well: A light well has been incorporated at the northwest corner of the building that corresponds to the neighbor’s exiting light well.

Rear yard setback: The northeast corner of the building has been pulled back to allow a greater separation between this building and the neighbors to the north.

Another tipster adds, "In a topsy-turvy hearing, the local neighbor associations supported the project, while the Building and Construction Trades Council was opposed to it."

UPDATE: A close-up on the corner (and how it looked before):

∙ Now THAT’s Not The Arquitectonica Design For Market At Buchanan [SocketSite]
∙ Now THAT’s The (An) Arquitectonica Design For Market At Buchanan [SocketSite]

Posted by socketadmin at 8:55 AM | Permalink | Comments (25) | (email story)

May 28, 2009

The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting

A plugged-in reader reports on the proposed 690 Stanyan Project:

The other half had a storewide meeting at Whole Foods last night. It was told to them that the Stanyan Project has been scaled back to be just like the Noe Valley project. No external construction - no condos, just a interior gutting of the old Cala foods and a small format Whole Foods going into it.

The mixed-use design as was proposed (and conditional use approved):

The 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit have been removed from our pipeline inventory watch list.

UPDATE: Confirmation this afternoon from the Business Times with regard to the project:

The developer of a Whole Foods and housing development approved for a vacant lot at Haight and Stanyon streets has decided to shelve the project, citing high city fees [of between $5 million and $6 million] and the economic downturn.

According to the developer, however, an agreement with Whole Foods on the scaled back plan has not been reached (but is being discussed).

∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Developer scraps S.F. Whole Foods project because of city fees [Business Times]

Posted by socketadmin at 9:00 AM | Permalink | Comments (40) | (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)

May 15, 2009

The Straight Scoop: Millennium To Offer Select Rentals

A plugged-in tipster reports The Millennium has started pitching a few rentals, in part to make the building "feel more alive" (our tipster's words, not theirs). The rentals don’t represent an official change in operations, however, but are being rolled out as part of a sales strategy to hook buyers on the building.

Less than 10% of the building is expected to be made available for rent, with target rents ranging from around $3,500 to $15,000 a month and the majority in the $10,000 to $15,000 range. According to our tipster, two-bedrooms will be starting in the sevens.

∙ Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (36) | (email story)

113 New Apartments at 430 Main/429 Beale Approved By Planning

A plugged-in tipster reports on last night's Planning Commission meeting:

Looks like 430 Main / 429 Beale was approved last night with a 6-1 vote. The one in opposition, of all people, was Commissioner Antonini, who was in full support of the project and merely opposed the condition that the project remain rental for at least 20 years before going to condos. (As he stated, he believes boxing a developer in can only be detrimental).

113 apartments sandwiched between the existing Baycrest condos and a Caltrans yard.

And with construction slated to begin early 2010.

UPDATE: A bit more detail from the San Francisco Business Times:

The eight-story building will consist of 60 percent 500 square-foot studios and 40 percent two-bedroom units that will average about 875 square feet. [Portland-Pacific President Chris Zupsic] called it “affordable by design” and said the units would be suitable for a down economy when many residents are wary of chic high-end housing.

“We knew this market was coming and that this was going to be the right kind of product for this market,” he said. “This is not a high amenities building. There is no concierge, no swimming pool, no workout room. It’s very straight forward.”

Portland-Pacific hopes to finance the building through Housing and Urban Development’s Section 220, a program in which the Federal Housing Administration insures construction loans for multifamily housing projects located in urban renewal area. Zupsic said they are already far along in the HUD Section 220 application process and that Wells Fargo would be providing the FHA-backed loan. The project was designed by AB Design Studios and will be constructed by BCCI Construction.

∙ Portland-Pacific condos OK'd in S.F. [San Francisco Business Times]
∙ AB Design Studio [aurellblumer.com]

Posted by socketadmin at 10:45 AM | Permalink | Comments (25) | (email story)

May 14, 2009

The Wrecking Ball Is Rolling Out In Visitacion Valley

An update on the former Schlage Lock Factory demolition and Visitacion Valley redevelopment by way of a plugged-in tipster:

The Board of Supervisors voted unanimously last month to support the creation of the [Visitacion Valley] Redevelopment Area, and the Mayor signed off on it as well (this area as you might recall includes two zones, the former Schlage Lock factory site, as well as the commercial corridors on Bayshore and Leland Avenues).

Demolition started on 4.20, and the combined demo, cleanup, and soil/groundwater remediation is going to take place over the next 30 months. After that--horizontal, and then vertical construction!

The first stage involved asbestos and lead paint abatement for all interiors, plus removal of mercury switches and other toxic components. There are four demolition permits that were issued, two were contested by a property owner adjacent to the site, and just last night that appeal was rejected at a Board of Appeals meeting--so it's full steam ahead and the plan is for all structures to be down within a three month window.

The project will be a LEED-ND (neighborhood design) pilot project. The old original office building at Bayshore and Blanken is going to be preserved and retrofit for community purposes (yet to be determined and a whole other planning process, to be sure).

We’ll keep you plugged-in.

∙ Visitacion Valley Redevelopment [renewvisvalley.com]
∙ San Francisco Planning Commission Green Lights Schlage Demo [SocketSite]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (1) | (email story)

May 7, 2009

Cubix (766 Harrison) Sales Office Currently Closed But Not Sold Out

From a plugged-in tipster with respect to Cubix (766 Harrison):

A contractor friend who worked on the project told me that the sales office was recently closed.

And closed it is but not because it's sold out.

According to our sources they hope to have the office re-opened within the next few weeks, but whether or not they continue down the condo versus rental route seems to be up in the air. And while not entirely out of the ordinary for a project of this size, we'd be remiss not to note a number of mechanics’ liens have recently been filed on the project.

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

∙ Cubix Sales Update: 32% “Sold” (And Now Offering "Lease-To-Own") [SocketSite]
∙ The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (18) | (email story)

May 6, 2009

A Plugged-In Reader's "Feel Good" Rental Story (And Shout Out)

A plugged-in reader reports:

A feel good story (for me, not my new landlord).

From reading a large majority of the posts and comments [on SocketSite] and just from walking around Cow Hollow/Marina it was pretty obvious there was a lot of rental supply. My wife and I had outgrown our place and needed either a 2BR or a 1BR w a dining room - we needed 3 rooms plus a kitchen. We figured there would be a lot out there and we would have our choice of solid places. We saw some good places but the one we liked the most was a bit more than we wanted to spend.

Then LMRiM posted something about how asking rents were just that - "asking."

The place we liked had been empty for 2 months. They were asking X. I called up and offered X minus 12%. They told me I wasn't in the ballpark but they would keep me in mind. The place languished, then I saw it on a broker site, so I figured there was room. Then they lowered the rent to X minus 6%. I called em up, put in an app and [we move in soon].

The only thing we'll add, "asking" isn't just for rents.

UPDATE: Another plugged-in reader adds:

Also got a great deal on a house - Noe, single family home w/ great yard for ~3600. The ad that we responded to asked $4000 - funny thing is broker also listed the same place for $5000!!...Apparently bought at 950k, tried to sell at [$1.25M] no takers for some reason.

We'll let you do the math.

Posted by socketadmin at 2:30 PM | Permalink | Comments (29) | (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)

April 30, 2009

The Bourn Boardinghouse (A Lesser Known Sequel)

As if the Bourn Mansion wasn’t intriguing enough, a plugged-in reader reports:

I met some guy in the park several weeks ago who just seemed bored and desperate for conversation. He told me he was renting a room from an eccentric older woman who lived in a gigantic house on Pacific Av. He told me he was not allowed to be in the home during the daytime and he was not allowed to hang in the immediate area of the home (hence, he was walking in Lafayette Park instead of Alta Plaza Park). And, yes, he said that there were quite a few boarders at the home. He was wondering why the woman was renting rooms in such a large Pacific Heights home.

And yes, it's safe to assume he wasn't referring to 2830.

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ 2830 Pacific: 2009 Decorator Showcase Opens Its Doors (And Kimono) [SocketSite]

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

April 29, 2009

Apples To Apples (To Un-Upgraded Apples) On Mallorca In The Marina

Down in the heart of the Marina in May 2000 a three-bedroom and two-bath condo at 228 Mallorca Way changed hands for $1,100,000. According to a plugged-in tipster, the owner then remodeled to the tune of around $200,000.

In May 2004 the upgraded condo with two parking spaces was sold for $1,225,000.

Returning to the market this January asking $1,395,000, the listing has been delisted, relisted, and reduced twice. Now asking $1,195,000. In the words of our tipster, is this the one "prime" condo the bull market forgot (or simply a nod to the new realty reality)?

∙ Listing: 228 Mallorca Way (3/2) - $1,195,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (55) | (email story)

April 27, 2009

Nice Gold Mine Hill Neighbor (And 1960's Design Lover) Seeks Same

Designed by Fisher-Friedman Associates and constructed up in Diamond Heights as part of an "urban renewal" project in 1967, “Gold Mine Hill" is a collection of fifty-three units in four different styles (a duplex, two single-family houses, and a townhouse).

Fom a plugged-in reader:

I am a fellow homeowner in an award-winning '60's development in Diamond Heights. I wanted to send this info in as 2 houses in it are for sale and it would be great if the people that bought the houses were lovers of '60's design.

They are actually great deals for the amount of space they have. 38 Topaz has a power retractable roof over an upstairs atrium. 43 Topaz is huge and has a sauna and hot tub.

These 2 houses are great and I'd love it if the people who bought them knew about their history. I've attached a pdf of some of the background of the neighborhood. We are nice neighbors!

Don't forget those invitations to the housewarming(s). And more importantly, don’t forget our invitations to the next neighborhood block party. We'll bring the hula hoops.

Editor’s Note: We'll have the aforementioned pdf online soon tomorrow.

∙ Listing: 38 Topaz Way (3/2.5) 1,792 sqft - $849,000 [MLS]
∙ Listing: 43 Topaz Way (5/4.5) 3,338 sqft - $1,688,000 [MLS]

Posted by socketadmin at 4:00 PM | Permalink | Comments (29) | (email story)

April 17, 2009

Appeal Of 1960-1998 Market Street Negative Declaration…Denied!

A plugged-in tipster provides the full scoop from last night’s Planning Commission meeting with respect to the proposed development of 1960-1998 Market Street. Keep in mind that a "Negative" Declaration is actually a positive thing when it comes to development.

The appeal of the Negative Declaration was denied, the project itself is continued to May 14th, and the parking ratio variance from the Market Octavia ratio of 0.5 will probably be denied, per Planning staff recommendation. The Commission did ask for the following:

(1) an increase in the minimum distance to the building behind from the proposed 12'6, (2) a matching light-well to the existing light-well on an adjacent building (I believe it is indeed legal), (3) less height on Buchanan, and (4) for the architect to solicit additional input from the Duboce Triangle Neighbors on the design of the building.

The Duboce Triangle Neighbors claim they appreciate modern architecture and they count several design professionals amongst them. The reveals shown in the latest renderings [SocketSite] posted were their idea.

The commissioners recognized the site is too tight for setbacks, so any redesign will probably be limited to refinement of the current design. And not a single person present asked for bay windows, stucco, Victorian or Spanish design. Indeed, everyone expressed support for the modern design.

Cheers!

∙ Now THAT’s The (An) Arquitectonica Design For Market At Buchanan [SocketSite]
∙ Movement On Up To 115 Housing Units At Market And Buchanan? [SocketSite]
∙ The Designs And Details For 1960-1998 Market (At Buchanan) [SocketSite]

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

April 16, 2009

Global Layoffs Leveling Off But Is It The Eye Of The Economic Storm?

A plugged-in reader’s comment with respect to the global economy that’s worth elevating:

Just heard a snippet of interesting data from law firm that helps companies with layoffs:

Q408: 1.0M layoffs helped with globally
Q109: 1.5M layoffs
Q209: on pace for 100k so far...

Maybe companies are beginning to figure out what normal looks like moving forward.

Either that or we're in the eye of the global economic storm. And in layoff news closer to home, it appears as though Yahoo will cut up to another 600.

∙ SocketSite's San Francisco Listed Housing Update: 4/13/09 [SocketSite]
∙ Yahoo plans to eliminate up to 600 jobs [SFGate]

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

April 14, 2009

118 Cervantes: From Architecture Watch To (Almost) On The Market

In the words of a reader with regard to 118 Cervantes Boulevard:

For all of you wondering how this design managed to be approved by the neighbors... it wasn't.

I live a couple houses away on the same side of the street and we received no notification. We're not pleased.

And FWIW... a sale sign went up this weekend.

Listing to be (and Sotheby’s sign out front) by Rebecca Schumacher.

No word on whether or not it’s only one of the units heading to market or the two.

Editor's Note: Another plugged-in reader adds:

According to the online database the project went out for Section 311 Neighborhood notification and was signed off by planning back in 2004.

∙ Architecture Watch: 118 Cervantes Boulevard Gone Green/Modern [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (57) | (email story)

An Infinity "N" Of One (Or Two) But Still Significant At $650 Per Square

A plugged-in tipster in the market reports:

The ball is in my court on whether to accept a 2 Bed / 2 Bath condo at The Infinity for $650/sf. No water view however, but a good view of the Bay Bridge. This shows how quickly pricing are coming down at The Infinity. The unit is 1,309sf.

And while the aforementioned is an "n" of one, and we can't point to an exactly 1,309 square foot floor plan (other than over at One Rincon Hill), we'll also note the Infinity Tower Two listing for 338 Spear Street #5A asking $780,000 or $659 per square foot.

Infinity Tower Two corner two-bedrooms as pictured above are, however, presented at 1,316 square feet with an asterisk. Let's go ahead and make that an "n" of two.

∙ Listing: 338 Spear Street #5A (2/2) 1,184 sqft - $780,000 [MLS]
∙ Infinity Tower Two Sales Update: 50 Contracts Total Since January 1 [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (77) | (email story)

Community Meeting Updates: Presidio Main Post And 55 Laguna

While the Presidio Trust’s last Main Post public meeting that was to be held this Thursday is being rescheduled (time and place TBD), a plugged-in tipster reports that AF Evans is scheduled to attend the next Hayes Valley Neighborhood Association meeting on April 23rd to discuss their bankruptcy in the context of its effects on the 55 Laguna development.

UPDATE: The time (Wednesday, April 22, 6:30 p.m.) and place (Golden Gate Club, 135 Fisher Loop) for the rescheduled Presidio public meeting has been determined and will focus on "transportation." From the Presidio Trust:

In response to public requests for a different meeting format, the Presidio Trust will replace the April 16 meeting with a meeting on April 22 that will provide an overview of the transportation issues being analyzed through the Main Post planning process. Staff will be on hand to answer questions about transportation issues.

∙ A Toned Down CAMP And Revised Main Post Plan For The Presido [SocketSite]
∙ Local Housing Developer AF Evans Files For Bankruptcy Protection [SocketSite]
∙ Openhouse Perspective On AF Evans And 55 Laguna: Minimal Impact? [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (1) | (email story)

April 7, 2009

It’s Three Weeks Later And They’re Still Asking Three Point Two

As a tipster notes, Matier & Ross have caught up to the Newsom news that a plugged-in reader reported last month, namely that the Mayor’s Bellaire Tower penthouse condo is on the market and asking $3,200,000. Purchased from Peter Getty for $2,350,000 in 2006.

One discrepancy from our report when the Mayor closed in 2006, it might just be a large one-bedroom rather than a two.

UPDATE: According to the PropertyShark report via a plugged-in reader: Peter Getty paid $900,000 for the pad in 1990; it's 1,693 square feet; and it has (or at least had) two bedrooms as we reported back in 2006.

∙ Will Garamendi run for Tauscher's seat? [SFGate]
∙ San Francisco Recorded Sales Activity In February: Down 36.9% YOY [SocketSite]
∙ The Mayor Is Moving On Up! [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (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 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)

April 1, 2009

A Plugged-In Perspective On The Local Economics Of Medicine

A plugged-in reader’s perspective on the local economics of medicine:

I wanted to comment on the economic decline and which groups are affected. Some sources talk about the medical field being unaffected, but this just isn't true. I'm finishing my specialty training in 2 months, and I can tell you that all of the specialty fellows, GI, Cardiology, Nephrology, Pulmonary, etc. are having trouble finding jobs.

The graduating residents are running into the same thing. The larger employers, like the University of California system and Kaiser, have implemented hiring freezes in a lot of their departments. This applies to support staff as well (nurses, resp therapists, etc), not just MD's. The smaller private groups seem to be doing the same, just not announced "official" freezes. A lot of the older docs are also not retiring to make up for all the money they've lost recently in their 401k's. This increased physician "supply" is also dampening the overall salaries as well.

The relevancy to local real estate? Earnings, wealth and perception. Okay, and a chance to get our Case-Shiller discussion back on track.

∙ January S&P/Case-Shiller: San Francisco MSA Decline Accelerates [SocketSite]
∙ JustQuotes: FIFO Not LIFO For The San Francisco Economy? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (124) | (email story)

Talking About TIC Activity Or The Lack Thereof: 3175 California Closes

A plugged-in reader reports on the sale of 3175 California, a two (plus) bedroom, two bath and 1,140 square foot TIC on the border between upper and Lower Pacific Heights:

3175 California Street (Pac Heights, near the JCC) closed today. It has been on the market since the first week of September [when listed for $739,000]. It opened at 699,000 in December with a new agent, and then was reduced to 649,000 in February. Closed [yesterday] for 610,000.

Top floor with leased parking in the building, closed for $535 per square foot.

∙ RandomRumors Via Trulia Voices: Fractional TIC Financing Drying Up? [SocketSite]
∙ 3175 California [Zillow]

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

March 26, 2009

More New Trees: A Reader’s Report (And Photo) From Mission Street

"Keeping in line with the post earlier this week about new trees on 3rd Street, I noticed these in front of the Millennium today on Mission."

∙ A Plugged-In Reader's Report: Third Street Sprouts Some Trees [SocketSite]
∙ Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (33) | (email story)

Selling The Rest Of Their Sold Out Inventory At 199 New Montgomery

In 2005 a bidding war left 199 New Montgomery "sold out." Today a plugged-in tipster reports that Pacific Union is helping the developer move "more than 12 units" in the building, only a few of which are currently listed as inventory.

∙ Reduced! At 199 New Montgomery [SocketSite]
∙ SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (12) | (email story)

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

Unable To Fund Loan(s) At The Beacon? Hmm...

From a tipster trying to close on a condo at The Beacon:

[L]ast week we were trying to move on a unit at The Beacon and found out some pretty bad news: Chase, BofA, and Wells won't fund loans on units at The Beacon due to some lawsuit related notes on the title reports.

I'm not sure if this applies only to some units or to all (since the lawsuits involve the HOA which presumably would mean all units), but we talked directly to someone at Chase and they said they last tried to run a loan on 3/19/09 and weren't able to do it.

Our first thought: Association Battle Over Unpaid Bills Brewing At The Beacon? Can a plugged-in person with access to said notes possibly shed some light?

∙ Association Battle Over Unpaid Bills Brewing At The Beacon? [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (40) | (email story)

March 23, 2009

A Plugged-In Reader's Report: Third Street Sprouts Some Trees

A plugged-in reader reports on the new palms (not The Palms) along Third:

I was walking to my office near the ballpark from my home in Dogpatch this morning, enjoying the sun. The 3rd street sidewalks continue to improve, much to my delight.

They’ve been planting palm trees (I know—not appropriate for SF, blah blah), alternated with strawberry trees along the sidewalks in the Mission Rock stretch of 3rd street. I was wondering how in the heck they got the palm trees into the planting wells in the sidewalk. This morning I got to see the process up close and personal. The trees were lying in the adjacent parking lot and the fork/crane thing picked them up by the tops and lifted them over the fence into the hole. Pretty easy process.

Little by little, Mission Bay is looking better.

Cheers for the report, the photo, and for walking to work. And of course for plugging in.

Posted by socketadmin at 4:00 PM | Permalink | Comments (40) | (email story)

March 20, 2009

A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison

A plugged-in reader's (slightly edited) 12 notes on Emerald Fund's proposal to develop 333 Harrison Street which has been approved by San Francisco’s Planning Commission:

1. The new building will be sandwiched between Bridgeview and One Rincon.
2. Some Bridgeview owners will be adversely affected. The lower level units will lose their views as the new building will be 40 feet away.
3. The building will house rental units.
4. Rents will be expensive: from $ 3,000 to $ 3,500 per month.
5. Approximately [7-stories] high.
6. The units are small, mostly one bedroom units averaging 500 square ft.
7. They will have a great public park, looks like a courtyard.

8. It will take approximately 2 years to complete.
9. One Rincon Hill is not at all affected.
10. The Metropolitan will not be affected.
11. Another nice perk: they will have a dog run (Park South below).
12. They have plans to convert them into condos within 15-20 years (that is what they told us). But, it is most likely much sooner than that time frame.

Design (and all images) by David Baker + Partners Architects.

UPDATE: A bit of clarification on those parks from another reader:

Emerald Fund is not building either park, especially not the dog run at Bryant/Beale. Caltrans is building that one on their own land. Caltrans would only agree to do that if they could sell their Fremont/Harrison parcel for a decent amount of dough, and they will use some of that money for Bryant/Beale.

Cheers.

∙ 685 Units Looking Beyond The Current San Francisco Downturn [SocketSite]
∙ 333 Harrison Street Design: Slide Show [dbarchitect.com]

Posted by socketadmin at 11:15 AM | Permalink | Comments (29) | (email story)

March 16, 2009

A Plugged-In Reader’s Phantom Inventory Analysis For San Francisco

A plugged-in reader provides some great "phantom inventory" analysis for San Francisco:

I took a look over the weekend at MLS records that went to Expired or Withdrawn status since 2007. To get a unique count by address, I didn't count multiple instances for the same address and then eliminated listings that sold or went Active (or Contingent or Pending) subsequent to the expired or withdrawal date. So the following counts show the number of expired or withdrawn listings since 2007 that have not subsequently been sold and are not currently active (or contingent or pending):

SFH: 1,327
Condo: 2,657
Total: 3,984

Compare these (or add them) to the Active count [shown below]:

SFH: 602 active
Condo: 1,046 active
Total: 1,648 active

This analysis indicates that for every current active listing there are more than two other properties that have been withdrawn from the market (and have not returned) in the past 2 years by discouraged sellers.

Of course listings have always been withdrawn for many reasons - but the total number since 2007 has been about 50% higher than the 2000 - 2006 period.

I agree…that there is a huge "phantom inventory" from discouraged [or] discretionary sellers in addition to those who haven't yet put their properties on the market. Pent-up supply must surely exceed pent-up demand - at least from qualified potential buyers. The 3,984 properties from my analysis would take 20 months to be absorbed at the current sales pace.

Keep in mind that neither our listed count nor our reader's "phantom" count includes unlisted developer inventory.

And at the risk of bringing up our Complete Inventory Index (we know, we know), add another 1500 to 2000 housing units of already constructed but as of yet unsold San Francisco inventory that also needs to be absorbed.

∙ SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (86) | (email story)

March 13, 2009

1650 Broadway (A.K.A. 1622-1662 Broadway) Approved

A plugged-in tipster reports that the development of 1650 Broadway (a.k.a. 1622-1662 Broadway) has been approved by the Planning Commission.

1650 Broadway will rise eight and one-half six and one-half stories into the air (a "23%percent reduction in building size from the original design" above) and will consist of 34 condos (1 1-bedroom, 25 2-bedroom, 8 3-bedroom; 4 below market rate) over 49 parking spaces.

Design by Forum Design with the Broadway façade set back four to ten feet from the property line (landscaping in the intervening area) with exterior finishes of stone cladding, cement plaster, and darkened zinc.

Construction is estimated at approximately 20 months from groundbreaking.

UPDATE: From a plugged-in reader:

This isn't the final design. I believe the top floor was considerably set back. Also one of the Commissioners, whose support was critical, asked for and obtained less glass on the facade.

You know where to send the renderings (and if you don't: tips at socketsite.com).

∙ The Designs (And Declaration) For 34 New Condos At 1650 Broadway [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (31) | (email story)

March 11, 2009

Movement On Up To 115 Housing Units At Market And Buchanan?

While we got some hints we’re still looking for the answer with regard to what’s in the works for the Chevron station at 2465 Van Ness (Bueller?). That being said, our piece unearthed a treasure trove of insight into shuttered gas stations across San Francisco.

One such nugget:

There may finally be some movement on the proposal for the 76 station at Market and Buchanan.

The Planning Commission will hear an application for conditional use authorization on March 26. After hearing about this possibility for more than 2 years it will be interesting to see details what is actually being proposed now that market conditions have changed. The CU application claims up to 115 residential units, ground floor commercial, and up to 91 parking spaces in an 85-X Height/Bulk district.

And with respect to the ex-station lot at Lombard and Pierce:

It is a completely contaminated site--Developer had it and walked away. No developer will touch that unless it is purchased contingent upon a total clean up.

UPDATE: Two unfortunate updates from plugged-in readers: 1. "I'll be shocked if the Buchanan/Market proposal goes to the commission on the 26th. It has a lot of design issues to be resolved, expect a significant delay."; and 2. "It will not likely fly with the neighborhood, the design screams "office building" even though it's not. It's out of compliance with the planning department's design guidelines in more ways than I can count."

UPDATE: The aforementioned design.

∙ A Reader Asks: What’s In The Works For 2465 Van Ness? [SocketSite]
∙ The Designs And Details For 1960-1998 Market (At Buchanan) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (46) | (email story)

March 10, 2009

700 Valencia Rising (A Plugged-In Reader's Perspectives)

While plugged-in people know what’s coming (and of course what was there), and it’s a plugged-in Brian Stokle that provides an update ("just starting 2nd floor") and a couple of early perspectives on the soon to be five-story 700 Valencia rising. Click either to enlarge.

∙ 700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]

Posted by socketadmin at 2:10 PM | Permalink | Comments (8) | (email story)

A Reader Asks: What’s In The Works For 2465 Van Ness?

A reader wonders what’s in the works for the recently shuttered Chevron station at the corner of Van Ness and Union (2465 Van Ness). Unfortunately we don’t know, so spill it if you do. And as always, bonus points for any renderings, related rumors or links.

Posted by socketadmin at 10:30 AM | Permalink | Comments (31) | (email story)

March 9, 2009

Asking $400 Per Square In 2008, Closed For $315 Per Square In 2009

Listed for just under $400 per square foot ($799,900) in 2008, according to a plugged-in reader the bank owned 456 Los Palmos Drive up in Miraloma Park closed escrow for $315 per square foot ($630,000) in 2009.

∙ Bank Owned In Miraloma Park And Asking Under Four Hundred A Foot [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (9) | (email story)

The Flip Side Of The 550 18th Street Design: The 3rd Street Facade

From one reader with respect to 550 18th Street:

Architecture actually looks ALOT more interesting (on the bay side) than most other condos that have hit the market over the last few years.

What they don't show is the union building this wraps around on the third street side. I'm curious to know how that turned out. Anyone have pictures?

And from our original tipster in response: "Here it is. Not all that pretty."

Agreed. And then some.

∙ 550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

March 4, 2009

550 18th Street Unwrapped (And 35 New Condos Now Renting)

A plugged-in tipster captures the recently unwrapped 550 18th Street.

That's thirty-five (35) new two and three bedroom Mission Bay condos ranging from 1,200 to 1,500 square feet, and currently seeking $3,500 to $5,500 per month in rent.

No word on the 7,000 square feet of ground floor commercial.

∙ 550 18th Street (35 Units) [550-18th.com]

Posted by socketadmin at 3:15 PM | Permalink | Comments (40) | (email story)

March 2, 2009

Early February Listed Sales Count For San Francisco: Down 35-40%

A plugged-in reader provides the early 2009 count and year-over-year six year history for February sales of single-family homes, condos and TICs in San Francisco.

Expect the final count for 2009 to increase by 15-25 units as records are updated (yielding total listed sales of between 189-199 units), but accounting for even an additional 25 closings it appears that sales volume in San Francisco has dropped at least 36% on a year-over-year basis (versus an 18% drop from 2007 to 2008), and that we'll close out this past February with sales volume down almost 50% from five years before.

At the same time, inventory of listed and available single-family homes, condos and TICs is up 24% on a year-over-year basis (versus a 42% increase from 2007 to 2008) and up 66% over the past three.

As we noted last month, January typically marks the seasonal low point for sales activity and sales counts should climb over the next five months at a faster pace than inventory.

∙ SocketSite's San Francisco Listed Housing Update: 3/02/09 [SocketSite]
∙ Early January Listed Sales Results For San Francisco: Down 34% [SocketSite]

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

February 26, 2009

A Reader Asks, Perhaps You'll Answer: Hotel Around Sixth And Jessie?

A reader asks:

I understand that a new 15-story hotel with ground floor retail is being planned in the vicinity of 6th and Jessie. Do you know any more about this? The rumor is also that the public is being invited to comment this month.

Unfortunately we can't answer (hey, it happens). It is, however, hard not to notice that big old surface area parking lot and adjoining empty lot. Readers?

UPDATE: Cheers to the plugged-in readers who nailed the answer: 942 Mission (between 5th and 6th). As proposed, a 13 (or 15 depending upon the source) story hotel with 7,840 (or 3,240) square feet of ground floor retail and 165 (or 172) rooms.

Posted by socketadmin at 5:45 AM | Permalink | Comments (29) | (email story)

February 25, 2009

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

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

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

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

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

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

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

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

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

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

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

February 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 18, 2009

The Slightly Altered Sign Of 161-165 Collingwood (And The Times)

A plugged-in tipster with camera in tow captures the slightly altered sign for 161-165 Collingwood (and of the times). Let's keep the candids coming (tips at socketsite.com).

∙ Perhaps It’s Time For The Hard Stuff: 161-165 Collingwood Cuts Again [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (21) | (email story)

February 13, 2009

Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns

From a plugged-in reader last June:

I know this house and [had] spoken with this owner decades ago. Since 1998 he has put it on the market 11 times, each time with a [high-end/profile] realtor at an improbable price.

Make that twelve. 830 El Camino Del Mar is back on the market asking $15,000,000. And while that's $3,000,000 less than eight months ago, it's also $6,000,000 more than was being asked in 2002.

Once again, two bedrooms and under 4,000 square feet, but "approved plans for a huge [penthouse] addition sure to be the world's most dynamic master" are included.

Our estimated cost to actually affect said addition on this particular home? Priceless...

UPDATE: With new photos added to the listing since we first posted and an "interactive brochure" now online (complete with soothing wave sounds), our piece on 830 El Camino Del Mar heads back to the top of the page.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $15,000,000 [seacliffsentinel.com] [MLS]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Secluded Sea Cliff home on the market for $9 million [SFGate]

Posted by socketadmin at 10:30 AM | Permalink | Comments (74) | (email story)

A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts

A plugged-in reader’s perspective on The Montgomery (74 New Montgomery) and its cuts:

I bought a 1-bedroom pre-opening in 2007…for over 100K more than the new pricing (although we did get about $35K in pre-paid HOA and upgrade credits plus the standard 3 yrs parking) ... oh well.

The building, by the way, is quite nice, and I love the location ... this is a second home for my wife and me so we plan to keep it long term but I'd hate to be someone who needs to re-sell right now.

The new starting prices from the sales office:

Studios starting from $383,000
Executive Studios starting from $462,000
One Bedrooms starting from $452,000
One Bedrooms with Den starting from $625,000
Two Bedrooms starting from $882,000
Two Bedrooms with Den starting from $1,350,000

And a few of their original price ranges from the first release in 2007:

Studios $379,000 to $540,000 (420-580 sqft)
Junior one bedrooms $598,000 to $655,000 (500-600 sqft)
One bedrooms $487,000 to $647,000 (600-750 sqft)
One bedrooms + den $745,000 to $850,000 (700-900 sqft)

And everybody’s favorite of which to be aware, “New 4.5% Broker Co-op" (for new contracts before 3/31/09).

∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (39) | (email story)

February 12, 2009

BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%)

According to the sales office over at BLŪ, the "starting price" cuts of 17 to 22% as reported by SF New Developments are in direct response to a fast approaching 25% pre-sale requirement (currently 10% of 108 units in contract), and aren't expected to last past their first round of closings in 60 or so days. As always, time, the market and SocketSite will tell.

The pre-sale starting price adjustments according to SFND:

“A” Plans: Originally from $925,000, currently from $743,000 (down 20%)
“B” Plans: Originally from $809,000, currently from $631,000 (down 22%)
“C” Plans: Originally from $799,000, currently from $622,000 (down 22%)
“D” Plans: Originally from $930,000, currently from $743,000 (down 20%)
“E” Plans: Originally from $739,000, currently from $575,000 (down 22%)
“F” Plans: Originally from $809,000, currently from $673,000 (down 17%)

And it's a plugged-in tipster that points out some specific unit price cuts of up to 26%:

631 Folsom #3B: Originally $749,000, now $630,000 (down 16%)
631 Folsom #6A: Originally $985,000, now $799,000 (down 19%)
631 Folsom #PHE: Originally $2,527,358, now $1,862,358 (down 26%)

UPDATE: The 25% pre-sale requirement insight was added for additional color (and accuracy). And yes, it's officially turned into one of those days.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post. They did, however, inform our update.

∙ Listing: 631 Folsom #3B (2/2) - $630,000 [MLS]
∙ Listing: 631 Folsom #6A (2/2) - $799,000 [MLS]
∙ Listing: 631 Folsom #PHE (3/3) - $1,862,358 [MLS]
∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]
∙ BLU Slashes Prices - now starting at $575,000! [SF New Developments]

Posted by socketadmin at 12:30 PM | Permalink | Comments (70) | (email story)

February 10, 2009

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

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

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

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

February 6, 2009

A Positive Report Of Some Negative News For Esprit Park Home Sales

A plugged-in reader reports:

I was in contract for a unit at Esprit Park and ended up backing out due to employment issues. I just settled escrow a week ago and I won't get into the details but I can honestly say that the result was very fair.

I checked on the Esprit Park website yesterday and found that they have updated the number of units "sold" which includes units both sold or in contract. They haven't always been on top of updating the site but it had previously been hovering around the 47 to 49 unit mark out of a total of 142 units. Right now the website indicates only 30 units (21%) sold one of which is the developer's unit which was briefly listed for sale in December I think. This seems like a potentially serious issue due to the more conservative rules that both Chase and Wells, the approved lenders, have regarding % of units sold prior to funding.

The 1/1.5 units have also been lowered on MLS to the lowest price yet of $552k [Editor's Note: now down to $538,938]. However, my contract from last April was lower than that so this development still has more to fall. Especially considering the reductions at Radiance you've posted today.

I was a real big supporter of this development and the developer and I still am. Obviously things have changed dramatically in the market since my contract in April 08 and these units will have to either go rental or sell real cheap but I think the design and the professionalism of the developer were great...

For the record, we're fans of the development and developer as well, but we're even greater fans of being plugged-in to what's really happening in the market sans a sales office or industry spin.

UPDATE: From a plugged-in reader with respect to lenders:

Note Chase has pulled their funding for Esprit Park (they wouldn't pre-approve us in Jan). Apparently they were too exposed to new units. Its now Wells and Patelco.

∙ Listing: 900 Minnesota Street #S115 (1/1.5) - $538,938 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (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)

February 3, 2009

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

A whole host of plugged-in tipsters note that Infinity’s second tower officially opens to the public this weekend. 42 stories, 285 new condominiums, and as every tipster so far has pointed out: "starting from the mid $500,000s." Additional details soon.

∙ Infinity Tower Two Sales Announcement (And A Buyer’s Translation) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (47) | (email story)

The Scoop: Archstone-Smith Negotiating To Acquire Argenta (1 Polk)

The SocketSite scoop three months ago: the 179-unit Argenta (1 Polk) was on the market as an apartment building (constructed as condos). The scoop today: according to a plugged-in tipster, Archstone-Smith is in negotiations to acquire the building and begin renting it out.

From our tipster:

Archstone originally turned down [an] offer to buy The Argenta. The sellers of the property have gone back to Archstone-Smith now, with a lower offer…They are working on hammering out a deal.

Once Archstone closes on the building a leasing office will go in, and rentals will start "immediately" according to my source...

Hard numbers and confirmation when the sale closes (assuming it does).

∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (23) | (email story)

The Scoop On Strata At Mission Bay, Its Environs And Rents

A plugged-in reader reports on Strata at Mission Bay and its environs:

I did a hard hat tour of Strata SF this weekend. I think the building itself is ok. A little bland but I have seen worse. The interior halls look nice....well [lit] and a good color scheme. The views in the distance are nice, the views of the surrounding lots (aka lots of dirt and construction areas) not as nice. First move ins are scheduled for March 1st but they have a long way to go in 30 days to make this a reality. 4th street should be open to traffic in 6 months (says the sales center). Rents seemed high for this undeveloped neighborhood (1/1 650 sqft starting for around $2,300).

I will say looking back at north mission bay from the Strata I was impressed with the look of that neighborhood. The new avalon building and arterra behind the smaller developments closer to the canal really worked well together. At least from that vantage point I think they have done a superb job of building a nice looking community.

With respect to area rents, over on the other side of Mission Creek Edgewater Apartments is advertising a 535 square foot one-bedroom for $2,155 per month, Avalon at Mission Bay has a 700 square foot one-bedroom for $2,160 (previously from $2,200), and over at One Rincon Hill there’s a 710 square foot one-bedroom on the 19th floor asking $2,400.

UPDATE: A plugged-in reader catches the One Rincon Hill fine print ($2,400 is the three-month "teaser" rate, asking $2,650 thereafter), but we will note a few other One Rincon Hill one-bedrooms asking $2,600 and at least one that includes parking.

∙ Coming Soon: "Strata At Mission Bay" (A.K.A. 555 Mission Rock) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ More Mission Bay Stripping: Arterra And Mission Creek Sports Courts [SocketSite]
∙ Edgewater Apartments (355 Berry): An Overview And Pricing [SocketSite]
∙ $2400 / 1br - 1Ba Luxury Condo at One Rincon w/ Views [Craigslist]

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

January 29, 2009

A Reader Asks, We Respond, You Add The Scoop: 21 Lafayette

Your Question: What’s happening at corner of Layfayette and Minna (“I heard they are going to be rentals rather than for sale”)?

Our response: It’s a three unit building (21 Lafayette) that we believe was mapped as condos but could very well end up being rented out.

The Opportunity: To prove us wrong (or just add the inside scoop).

Posted by socketadmin at 12:15 PM | Permalink | Comments (10) | (email story)

January 23, 2009

Infinity Tower Two Sales Announcement (And A Buyer’s Translation)

Last week a plugged-in tipster and buyer in Tower One at The Infinity passed along the following announcement from the Sales Team with respect to Tower Two:

A new year brings fresh opportunities. The Infinity is excited to announce the launch of Tower II. As one of our homeowners or residents, we are pleased to offer you the first opportunity to view and purchase a home in Tower II.

Tishman Speyer and The Mark Company cordially invite you to an exclusive reception at the newly redesigned Infinity Sales & Design Center [on Thursday, January 29]. This will be an opportunity for you to speak with a Sales Associate about our homes, learn about the developers' vision, and make a priority appointment to write a contract.

Prior to the public release in February 2009, Tower II residences will be offered only to those on our Priority List. If you are interested in purchasing a home we encourage you to schedule a priority appointment in advance of the public release with one of our Sales Associates. Appointments are now being accepted.

And while we have a feeling we’re going to take some heat for this one, we’re also passing along our tipster’s translation which might speak to the mindset of more than one:

Dear Infinity Resident. Since you chose to overpay for a depreciating asset that is now worth at least 30% less than you paid, largely due to the builder authorized fire sale on tower I, we invite you to make the same mistake again. We are aware that you are predisposed to poor financial decisions and hope to have you once again focus your decision making prowess in our direction prior to the public release of prices that is likely to elicit scathing reviews and criticism. Please bring cash and an agent easily persuaded by the need to earn some sort of income in 2009.

It's tough love. And once again, written and passed along by a buyer in Tower One.

∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (103) | (email story)

An Apple In The "Heights" Of Our Tree: 3444 Washington Reduced

From a plugged-in Sleepiguy when the rather handsome 3444 Washington hit the market last May asking $17,500,000: “This property sold a couple of years ago for 16.5 million.”

From the MLS today: now asking $15,750,000 with an "official" one day on the market.

UPDATE: It appears as though sleepiguy (or his agent) might have been thrown by an asterisk. From a plugged-in FSBO:

MLS shows the 1/31/2006 sale price as $16.5M with an *. Current assessed value is $15.8M - so the actual sale price was probably about $15.2M or so...

Cheers. And something tells us we’ll see another one when this sells (asterisk that is).

∙ Listing: 3444 Washington Street (6/6.5) - $15,750,000 [MLS]
∙ It's Not Often A Listing Can Tout A Private Outdoor Amphitheater [SocketSite]

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

January 22, 2009

The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster)

According to their sales office The Hayes is holding a “72-Hour Sale” this weekend during which "twelve select homes at The Hayes will be offered at incredible prices-more than $2million in total price reductions."

According to a plugged-in tipster, think up to 20% off (but we don't know if that's on top of the reductions we previously reported in October). Regardless, we’re pretty sure this constitutes the "real" Hayes Valley (and San Francisco as far as we’re concerned).

UPDATE: A reader's comment we had to highlight: "Here's an idea: mount a rotating blue police light on a roller cart. Roll it into various units and announce that there is a special deal on that unit for a limited time only. Kart-MARkeTing."

∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (46) | (email story)

January 21, 2009

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week

A plugged-in tipster reports on Radiance at Mission Bay:

I received an email from the sales person at Radiance "pre-announcing" a sales cut that will go out to the broker community next week. Looks like things aren't moving. On a similar note, I saw on sfgate.com that unit 116 (1722 SF, east facing) sold for $960K. Original asking? $1.39M.

As we noted in August, “while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units).”

Yes, it's good to be plugged-in (and details on the "official" cuts when we have them).

∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)

January 20, 2009

Okay, So Maybe Not So Soon For The Corner Of Hayes And Franklin

A plugged-in reader’s update on the 32 condos and retail rising at the corner of Hayes and Franklin:

I spoke with the office for the Hayes and Franklin condo which is currently being framed. She told me that they currently don't have a name yet for the condo and won’t be marketing units until late 2009/early 2010. Apparently there will be no studios, just 1,2, and 3 bedroom units. There is no pricing available yet.

We'll keep you posted and plugged-in.

∙ 32 Condos Coming "Soon" To The Corner Of Hayes And Franklin [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (16) | (email story)

January 17, 2009

The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board

From a plugged-in tipster with a unit in escrow at San Francisco’s Millennium Tower:

I have a deposit down in a unit in the Millennium and just received a call informing me that prices have been cut 15% across the board, including those already in escrow. They still intend to maintain their "no negotiating" policy and claim that this will be the last (only) drop for a very long time.

A tip of the hat to the Millennium team for taking care of their early adopters. And of course to our tipster, let's not forget those invitations to the housewarming.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Tower Sales Watch: Rumors Of Day One Results [SocketSite]
∙ San Francisco Rising And A Fresh Perspective On Millennium Tower [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (207) | (email story)

January 15, 2009

2646 Chestnut: Quietly Coming Soon (And Seeking $2,700,000)

It’s been a slow start (and end) to the year for real estate in District 7, but according to a plugged-in tipster 2646 Chestnut on the edge of Cow Hollow is being prepped to hit the market at the end of the month with a whisper price of $2,700,000.

The house is roughly 3,650 square feet with good bones and views from the high floors, but outdated kitchen and baths (again, according to our tipster). Expect Coldwell Banker to have the listing (and plugged-in people to have any head-start).

And yes, while not officially on the MLS (or counted in industry inventory reports), the 2,320 square foot house next door (2652 Chestnut) remains on the market and is currently asking $1,900,000, down from $2,195,000 six months ago.

Posted by socketadmin at 10:45 AM | Permalink | Comments (26) | (email story)

January 6, 2009

Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Thrice.

A plugged-in tipster reports (and we edit):

I heard whispers but haven't seen it in the press yet that there was another fire in those treat avenue buildings over the weekend--there are three side-by-side buildings that are selling--the little birdie said it was the same one that was burned twice already. Word on the street is that they caught the arsonist and reports, albeit as of yet unconfirmed, are that it was one of the tenants who was fighting the ellis act eviction.

As always, we hope nobody got hurt and that's the last of the flames.

∙ A Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Twice. [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (38) | (email story)

483/497 Valley: We've Got The Details, Now Who's Got The Plans?

As plugged-in reader reports:

483 & 497 Valley Street were just listed @ $1.425 million for both [the cottage and lot]...with city-approved plans for a 4B/3.5 Bath, 2-car garage [on the lot]. The permit #200701101441 was filed in Jan/2007...[and] last sold in 9/2005 for $900,000. Nice appreciation if they get it. Would love to see the plans that were approved...

Of course it's not pure appreciation (on account of the approved plans), but so would we (like to see 'em). Tipsters?

∙ Listing: 483 Valley Street (2/1) + 497 Valley (lot) - $1,425,000 [MLS]

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

December 29, 2008

Drinking Might Be On The Rise, But Martini Park San Francisco Is Not

A plugged-in (and observant) reader reports:

There has been a sign at Rincon Center for the past 4-6 months saying that a Martini Park bar will be opening in late Fall 2008. Of recent, there is a "for lease" sign in one of the windows (Spear Street side). There is also no reference to a San Francisco location on the company's website. There was several months ago.

Curious if it has died a quite death as a result of the slowing economy. That was the line they gave for closing the location in Texas.

That's probably a good guess, and they wouldn't be alone, but we can't confirm. Readers?

Posted by socketadmin at 9:45 AM | Permalink | Comments (20) | (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)

December 10, 2008

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 8, 2008

Another Infinity Resale (#9E) Within Those "Restricted" Two Years

From a plugged-in tipster and Infinity resident late last week:

A second resale at the Infinity [#9E] is hitting this weekend…I looked at this one back when the sales office first opened and it was listed for just under $900k, if my memory serves me correctly. This resale business seams especially interesting in light of the clause, at least in the contract I signed, that restricts sales for the first two years.

Upgraded and currently asking $885,000. No mention of any relocation. And yes, a complete Infinity update is in the works for later today (or possibly tomorrow).

UPDATE: The listing for that "first" resale (301 Main #4B) was just withdrawn from the MLS.

∙ Listing: 301 Main #9E (2/2) - $885,000 [Climb]
∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (77) | (email story)

From Condos To Apartments And Signature To Hanover At Candlestick

From a plugged-in tipster with respect to development out at Candlestick Cove:

[Ashton Candlestick Cove] was originally part of the Signature Properties project. They sold the parcel and approved plans for the mid rise building to Hanover, a high end apartment developer out of Houston. This is their first foray into the San Francisco market. The units will be marketed as rentals.

It sounds like Signature might be a bit more than simply “cautious” with respect to the current condo market around Candlestick.

∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
∙ The Hanover Company: Portfolio [hanoverco.com]

Posted by socketadmin at 1:00 AM | Permalink | Comments (8) | (email story)

December 5, 2008

The Scoop: Wells Fargo Moves to 50% "Sold" In Order To Fund

The word on the street two months ago was that Wells Fargo was requiring 25% of the units in a new development be in contract or closed before they would fund the first loan. From a plugged-in tipster yesterday:

Wells Fargo had a guideline change this morning, they are now at 50% pre-sale [required].

Not quite a rumor, but yet to be officially confirmed.

UPDATE: Confirmed ("Wells Fargo has formally raised their new construction pre-sale requirement to 50% from 25% placing them on par with Chase and B of A") and effective December 15th.

∙ Developers In San Francisco Getting Squeezed From Both Sides [SocketSite]

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

December 4, 2008

The Public Health Service Hospital Through A Reader's Eyes And Lens

∙ From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]

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

December 3, 2008

Flora Grubb On Guerrero (1074) Is Gone, Nine New Homes Up Next

In the words of a plugged-in tipster two days ago, “The empty lot where Flora Grubb used to be on Guerrero at 23rd is being excavated as we speak!” (Or type.)

Three lots which were first developed in 1895 to house the Stewart Memorial Presbyterian United Church which was cowardly firebombed in 1973 following its conversion to the Metropolitan Community Church with a predominantly gay congregation.

Next up for 1074 Guerrero, nine new homes in all: three two-unit residences along Guerrero, three single-family homes along Ames behind, and courtyards in-between. Renderings should a plugged-in tipster pass them along (hint, hint).

Posted by socketadmin at 6:30 AM | Permalink | Comments (10) | (email story)

November 25, 2008

Early San Francisco Sales Numbers For November: Down Almost 50%

Last week we calculated a 38% single week decline in San Francisco listed sales volume with inventories up 28.4% year-over-year. And now according to a plugged-in reader, listed sales volume in San Francisco for the month of November is currently running 47% lower on a year-over-year basis based on early counts for the first three weeks of the month, while the median sales price has fallen 15% (now in line with 2004).

∙ SocketSite's San Francisco Listed Housing Update: 11/17/08 [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (20) | (email story)

Did We Mention How Much That Third Party Matters?

From the plugged-in listing agent for 835 Foerster:

We received an offer several months [ago] for $855,000. It took months to negotiate this sale price with the lenders (both a 1st and a 2nd), not to mention other costs such as back taxes, expenses, commissions, etc., etc...

The lenders unfortunately took too long to approve the payoff (and their losses), and the buyers just pulled out of the deal, citing personal and financing reasons. So yes, the lenders did approve the $855,000 price, but since the contract was submitted several months ago, we've experienced a big market shift.

We lowered to asking price to $788,000 [yesterday] and hope to take a new offer(s) to the lenders, and re-open negotiations.

As we said, while a seller and lender might agree, it's that third party (i.e., the buyer) that really matters. Once again, purchased with loans totaling $950,000 in July of 2006 up in Miraloma Park (District 4). And as always, thank you for plugging in.

∙ Listing: 835 Foerster (3/2.5) - $788,000 [MLS]
∙ While Those Two Agree, It’s A Third That Really Matters [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (13) | (email story)

November 20, 2008

The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales

From a reader's rumor last month, to a plugged-in tipster's confirmation today:

The developer of [The Artani] is temporarily suspending sales and will continue to offer these units as rentals. It will be public information soon enough but I'd appreciate it if you kept my name and email anonymous.

Done. And now who's next?

∙ Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next? [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (20) | (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)

Did Somebody Say Deflation?

From the New York Times today:

In another sign that the struggling economy continues to slow, consumer prices tumbled by a record amount in October, carried lower by skidding energy and transportation prices, raising the specter of deflation.

From a plugged-in reader's comment we promoted last year:

Thanks for the questions regarding how I can be predicting deflation when everyone else seems to be saying inflation (and some price measures are pointing that way). It does seem contradictory, but it's really pretty straightforward when you take it step by step...

It's good to be plugged-in.

∙ Consumer Price Decline Prompts Fear of Deflation [New York Times]
∙ Promoted From Comment To Post: Satchel Does Deflation [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (130) | (email story)

November 14, 2008

And Speaking Of Being Plugged-In To Bay Area Employment Trends…

"Of course, if this was limited to Sun, it probably would not have a huge impact on anything concerning this site. But Sun is obviously just one of many going through this. You can't believe how swamped our labor & employment group is right now with work managing large tech layoffs, most of which are still in the planning stage (the lawyers get involved early on)."

∙ From Underwater To Unemployed (And Sorry, But It’s Just Starting) [SocketSite]

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

November 13, 2008

A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich)

Excerpts from a plugged-in reader's comment on 1968 Greenwich (on which he is in contract):

I've gone apple picking in district 7 (1968 Greenwhich) and would like all of you interested parties to know that you're ALL wrong on your guesses. I've found this sites information very useful and many of you are right on with the correction that is happening.

This house is awesome. It's detached on the second floor and on the right side. It feels like a single family home. It has 11 foot high ceilings and celestial windows in every room...

As for the price, well....I think you'll see that I'm right on where the 'correction' is and that I'm paying what the place is worth. it's been renovated tastefully and is well maintained and turnkey. Frankly, I'm very excited.

The pro's in this house vastly out weigh the cons. The pictures tell you the pros...my only cons are there is no bathroom in the master upstairs. I don't care as a single guy, but for resale in the future it may turn some off. The other, is the size of the living room.

If I wanted, I could add a bathroom in the Master (on the deck off the master)...and in the living room, knock out that back wall of glass and push it back 10 feet (where the current deck is) and build a new deck on top of that section for the master, and put the old deck back off the living room....I'd loose about 10 - 15 feet of the back yard, but there is plenty to spare. There is also permits already to put on a roof deck on top of the master...I could have stairs off the master deck going up to the roof....I haven't seen it up there yet, but I'm assuming I could get some bay and bridge views....of course, all of this is just in my mind right now, but very possible. I think this stuff could be done for less than $200k...and I still wont be at the price they paid in '05.

I'll be curious to hear any comments about my purchase next week. This will be done by Friday. Until then....keep up the good work.... How do you like them apples?

Tasty, keep us posted, and let's not forget those invitations to the housewarming. We'll buy you a drink down at Balboa after. Or better yet, The Brazen Head.

∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (73) | (email story)

November 7, 2008

From A Comment A Year Ago To The Market Today: 3299 Gough

It’s been a while since we’ve talked about 1307 Bay Street. From a plugged-in reader with respect to the building a year ago:

Which unit is the penthouse? I think I know the guy that bought that last, a developer, and gutted it to make it his own private pimp pad.

And from the MLS today:

Full floor Penthouse on the top of a 4 unit building…new doors and windows trimmed in African and Honduran mahogany wood...new Linn high fidelity, integrated sound system in every room and the terrace which provides TV/Video from any of 7 sources (radio, satellite radio, I-Tunes, Satellite TV, CD, DVD), and Cat 5 wiring.

Oh, and a “temperature controlled 'Wine Wall' holding 580 bottles displaying the wine labels to create a unique dining ambiance.” So yes, we're guessing that's the one.

And it is all pretty pimpy. In a damn good way.

∙ Listing: 3299 Gough (3/2.5) - $2,595,000 [MLS]
∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

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

The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009?

From a plugged-in tipster with respect to Turnberry's development at 45 Lansing:

They just sold a 50% stake in the project to another group led by Mike Zoi. Expected to start construction early 2009.

Once again, cater-corner to One Rincon Hill, 45 Lansing is slated to become a 40-story tower consisting of around 300 217 uberluxury condominiums (“the most upscale development the new neighborhood has seen, with “exotic” marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems, and 12-foot penthouse ceilings”).

UPDATE: Additional details via GlobeSt.com:

While the financial details of the partnership were not immediately available, GlobeSt.com has learned that...$275-million represents the total development cost of the project, versus a gross sell-out value of approximately $350 million. Turnberry president Bruce Weiner tells GlobeSt.com that all the necessary entitlements and approvals have been finalized, permits have been pulled and impact fees paid and that excavation for the subterranean garage should begin in the first quarter of 2009 and that the entire project should take 30 months to complete.

Due to turmoil in the credit markets, Weiner says final construction financing has been delayed. “That said, the major banking participants are fully committed and the consortium is being assembled,” he adds.

∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]
∙ Turnberry Sells 50% Stake in Condo Project [GlobeSt.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (38) | (email story)

It’s Official: McGuire Real Estate Acquires Urban Bay Properties

Yesterday's scoop via a plugged-in Charlie Moore (CEO of McGuire):

I wanted to personally give you the official word that McGuire and Urban Bay are merging. The companies have been in discussion for well over a year, and both felt there were strong benefits to joining forces: McGuire has strong traditions and is well-established in north of Market neighborhoods, while the Urban Bay brings more of a "hip" brand to the South of Market neighborhoods. What's more, McGuire has offices in Burlingame and Mill Valley, and Urban Bay has a presence in Oakland's Jack London Square.

And via an “Insider”:

For now UBP will retain current branding but will change color schemes to match the new McGuire coloring. Tom Brown becomes COO of McGuire. No news on closing of the McGuire Davis Street office or the UPB Bluxome street office.

Cheers. And as always, thank you for plugging in.

∙ RandomRumors: McGuire Real Estate/Urban Bay Properties In Talks [SocketSite]

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

November 4, 2008

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)

November 3, 2008

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)

The One Rincon Hill Design(s) For The 60th Floor Of Tower One

It was a month ago readers were plugged in to the scoop that all four One Rincon Hill 60th floor penthouses were back on the market. And while individually they might have priced out at just under a collective $13,000,000, according to plugged-in tipster the full 5,900 square foot floor is now being offered by the sales office for $14,000,000 with one potential floor plan above (click to enlarge).

Shaking your head at the back to back second and third bedrooms? Think you could do better? Feel free to send your designs our way. Credit (or anonymity) guaranteed.

∙ The SocketSite Scoop: Four ORH Penthouses Back On The Market [SocketSite]

Posted by socketadmin at 7:50 AM | Permalink | Comments (32) | (email story)

October 31, 2008

The Plugged-In Scoop On The Corner Of 3rd and 19th Streets

A reader asks, a reader (or two) answer, and we once again bow down to Wayne (in a we’re not worthy kind of way):

Here is the real story. This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers. And as always, thank you for plugging in.

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

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

October 30, 2008

Homes On Esprit Park Receives First Certificate Of Occupancy

According to a plugged-in tipster, the first wave of homes at Esprit Park have received thier temporary certificate of occupancy (TCO) and the development will be "moving to close [their] first units imminently." Also noted:

No word on how many new contracts written recently, but several people who have been in contract for a while have been told that the price reductions and refundable deposits announced during October do NOT apply to anyone in contract before October, so if you are in contract for more than they are selling the unit next to yours today, you are SOL.

"First floor of the Minnesota building this week, and supposedly second floor next" (with regard to the TCO). And SOL being another industry acronym of course.

∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (41) | (email story)

The Corner Of 3rd And 19th Streets: A Reader Asks (And So Do We)

“Speaking of blights...does anyone have any information on the development at the corner of third street and 19th street in the central waterfront? Development started years ago (taking a very long time to get framed etc.) and stopped over a year ago. (note - I'm not referring to the nicer development still being developed at 3rd and 18th)."

UPDATE: A plugged-in reader reports: "This building is a complete disaster. The latest is that they have to not only remove all the insulation but all the plumbing, electrical, sheetrock - and - strip off all the stucco and re-do it all."

UPDATE: And the full scoop:

This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers Wayne. And as always, thank you for plugging in.

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (13) | (email story)

October 25, 2008

Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)

Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:

∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)

Once again, currently around 55% sold. And with The Hayes cutting prices by up to 21%, the race for buyers in San Francisco is on. And it's plugged-in people that will win.

∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (68) | (email story)

October 24, 2008

The 690 Stanyan Project Update: Conditional Use Approved 6-0

"Last night, the Planning Commission voted 6-0 to approve the Conditional Use for the 690 Stanyan project, the mixed-use proposal with Whole Foods as the anchor tenant."

∙ Comments: The 690 Stanyan Project: Public Venting Vetting Tomorrow [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]

Posted by socketadmin at 3:04 PM | Permalink | Comments (25) | (email story)

Less Money For Nothing From Wells Fargo?

From a plugged-in reader:

Just got a letter and a call from Wells Fargo offering a 1/2 point reduction in our 30 year fixed jumbo-conforming loan ($720K) through October 29th. Our rate would go from 6.375 to 5.875 at no cost to us - no points, no fees, no nothing. Seems odd to me and I can't figure out why or how Wells Fargo is offering this.

Our cynical side calls into question the great recourse versus non-recourse debate for refi's in California. Our less cynical side wonders if they've held the paper, you're performing, and they don't want to take the risk you'll walk away.

And our wisdom is to let others chime in.

UPDATE: From a plugged-in Wells Fargo Loan officer:

Sorry to say folks that this offer is being made to only a very very few select loans on Wells Fargo's books. The reason is that there is some reason in the loan file that makes these particular loans unable to be sold. This can be for such reasons as a missing signature on a loan document, or some other clerical type issue.

The fix is to offer these folks an offer that really is too good to be true, but is. Talk about bank error in your favor! Especially since current rates for the same loan today are over 6.5% with the client paying all the closing costs.

So if you've gotten a phone call or a letter, consider yourself one of the lucky ones and grab it! If you haven't received a letter or call, don't bother trying as this program cannot be offered to you.

And props to a plugged-in "diemos" for being pretty close.

Posted by socketadmin at 7:00 AM | Permalink | Comments (37) | (email story)

October 23, 2008

A Plugged-In Reader Reports (Rather Effusively): Go See 141 Ames

It's not yet listed, but its website just went live. And while we haven’t yet been inside 141 Ames (aka Betty May's School of Tap), a plugged-in reader reports (rather effusively):

I am a neighbor with an interest in design, and this is maybe the finest renovation I have ever seen in San Francisco. It is utterly orginal. An massive rectangular chimney covered with slivers of reclaimed fir thrusts up through a skylight in the center of the space, creating a striking visual impression and dividing the living from the sleeping area.

The bedroom opens onto a lightwell/patio with an irrigated "living wall" designed by Flora Grubb and a custom concrete soaking tub. The kitchen is functional and elegant. The floors are old hardwood, dinged and pock-marked by 40 years of dancing classes. The bathroom skylight doubles as a fixed, transparent table on the roof deck.

I doubt that the entire space is more than 800-900 square feet, but the space is used brilliantly. Asking price is [$695,00]. It sits on its own lot, so technically it's a single family home. (It used to be on the same lot as the 3-unit building that Flora owns adjacent to her old nursery on Guerrero between 22nd and 23rd, but apparently she got permission from the city to do a lot split.)

I know I sound like a promoter but I have no financial or personal interest in this at all. (I live two blocks away and I sometimes buy plants from Flora Grubb--that's the extent of my interest.)

Good eye all around (it's 840 square feet per the architect), and cheers. And for the record, it's a tipster we trust (but we're not about to start naming names).

∙ Listing: 141 Ames (0/1) - $695,000 [141ames.com]

Posted by socketadmin at 2:15 PM | Permalink | Comments (50) | (email story)

October 22, 2008

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building

A plugged-in reader pings us with a question and then offers an answer before we even have a chance to respond: Argenta (One Polk) has been listed with Cushman & Wakefield to be sold as an apartment building.

And while we don’t yet have the number, according to another source the list price will be a challenge to pencil out considering the potential rents for the location. Keep in mind that the listing doesn’t necessarily rule out the possibility of moving forward with the sale of individual units. And as always, details when we (or you) have them.

∙ Argenta (1 Polk) Update: Now Coming First Quarter 2009 [SocketSite]
∙ Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped [SocketSite]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (20) | (email story)

October 16, 2008

Jumbo-Conforming Loans Going, Going, And Almost Gone

A good reminder from Julian Hebron at Residential Pacific Mortgage:

Be advised that super-conforming loans up to $729k will be gone as of December 31. Those loans have to fund, clear all lenders’ books, and be in the hands of Fannie or Freddie by December 31, so many lenders are not accepting these loans past the end of October, but there are some players that will go a bit longer. Anyone looking for these loan amounts needs to consider their timing.

Get them while you can. And keep in mind that once the Economic Stimulus Act of 2008 and it's $729,750 conforming loan limit for San Francisco expires, it's the conforming loan maximum of $625,500 or Jumbo market to which we'll have to turn.

∙ Will San Francisco Suffer From Premature Loan Limit Reduction? No. [SocketSite]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (26) | (email story)

October 6, 2008

Noe Bagel's Days Might Be Numbered. Now About Next Door...

As a plugged-in reader notes, a notice has been hung on 3931-3933 24th Street (the Noe Bagel building). From our reader:

They are planning a 8,000 sqft 4 story mixed use building, near the indefinitely closed [“for renovation”] real food company store. Don't think Noe Bagel will survive this project.

And from the permit application:

Vertical and horizontal addition to existing building. Add 1 additional unit, 2 offices. Reconfigure and remodel alll e (sic) units. Top units to include 2 floors, 2 bedrooms, study, 2 full bath, 1 half bath. Lower unit: 1 bedroom, 1 bath. 1 office 2nd fl. Gr floor 1 office, 1 retail space.

Plans - or the inside scoop on the Real Food site - anyone?

Posted by socketadmin at 2:30 AM | Permalink | Comments (17) | (email story)

October 1, 2008

The SocketSite Scoop: Four ORH Penthouses Back On The Market

From a plugged-in tipster:

As of [yesterday] afternoon, the last contract holder of one of the 4 [penthouses] on the 60th Floor at [One Rincon Hill] canceled on their 2006 Reservation.

ALL 4 Penthouses are now back on the market, and the whole floor prices out just under $13MM. ALL 4 of these PH's were reserved on the sales offices opening night of 2006.

We haven't yet been able to confirm, so for now we'll just have to consider it a "random rumor" (but we do trust this tipster). And yes, it might be time to get those "One Gincons" flowing again in the sales office. Of course that's assuming they aren't already...

UPDATE: Confirmed.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (40) | (email story)

An A+ For Ingenuity (And Openness): Infinity Closings Update

From a plugged-in reader and owner in The Infinity:

I walked through the tower last night and counted units that had not yet closed. You can do this by noting which ones are keyed for the master key. It was 63. That is a lot of units to not be closed and I know they are not delaying any closings. The people I know were virtually begged and asked to close asap for the last few months.

Total units in Infinity’s first phase of tower 1 (301 Main) and two mid-rises (333 Main and 318 Spear): 365.

∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (51) | (email story)

September 26, 2008

San Francisco Rising And A Fresh Perspective On Millennium Tower

A plugged-in tipster passes along a few shots of San Francisco rising (with room to grow). And a fresh perspective on Millennium Tower (real not rendered).

∙ Four Views From Atop San Francisco’s Topped-Off Millennium Tower [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (16) | (email story)

September 25, 2008

The Development Of 1301 Divisadero: A Plugged-In Reader Reports

A plugged-in tipster reports that the development of 1301 Divisadero (corner of Ellis) “seems to have started construction.” From our tipster:

On Sept 11, 2008 they received permits (#200805051285) to demolish the [Union 76 station]. No other permits have been issued for this site though. I’m going to assume that 76 just did a cleanup right now and they are waiting for clean Phase 1 until they start building.

It’s zoned NC2 and is sitting on a 12,891sf lot. If they haven’t petitioned for a height and density ordinance change, we’re looking at a 40ft building with up to 16 units.

PS: About 12 Chevron Shell stations are for sale in SF. 19th and Lincoln, Lombard and Laguna, California and Pierce and two on 3rd st. So there should be stuff popping up there soon, too.

As far as we know a variance was indeed in the works for 1301 Divisadero, 33 condominiums are on the way, and designs have been distributed (although we haven't seen them). Readers?

Posted by socketadmin at 6:45 AM | Permalink | Comments (15) | (email story)

September 19, 2008

AIA Tour (And Architect’s) Home Hitting The Market: 398 Eureka

From a plugged-in reader with a good eye (and memory):

Vanguard is listing the home of Phil Matthews, AIA. It says "call for price." I am not sure the exact address but it is at the NW corner of 21st and Eureka.

Nothing on Vanguard's website that I could find yet, but it’s a great house. It was on the AIA house tour 3 or 4 years ago.

In terms of the address, that would be 398 Eureka. In terms of the tour, that would have been 2003. And in terms of the design, we found a few more shots (and background) online.

From the architect:

This is my own house, where I currently work and live with my partner, Ed Graziani, who contributed many ideas to the design of the house. We did an initial deconstructive design back in 1992, which was subject to criticisms by some neighbors. We then went on to build 700 Noe Street, in 1995-96. We then re-designed and built this project. A 180 degree turn from the mindless complexities of deconstruction to the simple, bold strength of Louis Sullivan’s Charnley House in Chicago, the so-called ‘first modern house,’ was part of the inspiration for the 1998 re-design.

The price? Let us know when you make the call.

UPDATE (9/26): Officially priced ($2,450,000) and added to the MLS as inventory.

∙ AIA Profile: Philip Mathews Architect [aiasf.org]
∙ Philip Mathews Portfolio: 398 Eureka [mathewsarchitect.com]
∙ Listing: 398 Eureka (3/4) - $2,450,000 [MLS]

Posted by socketadmin at 10:50 AM | Permalink | Comments (11) | (email story)

September 16, 2008

The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports

A plugged-in reader provides the scoop on, and a few shots from atop and within, The Artani (818 Van Ness):

The roof deck is really fantastic. It invites a gathering and party, and you have great views easterly of the skyline (new against old San Francisco, a really great juxtaposition).

Unit pricing seems to be more high right now than competitive. Options are very limited, so what you see, for the most part, is what you get. Several units on each floor are available for checking out. 3rd floor is where a variety of staged units are, and where the office is.

HOA's are all in the $500 range (whether you're wanting a 1bed (1bath), 1bed +den (2bath), or 2bed (2bath)). 1Bed/1Bath have a wild range in pricing ($599k-yes lower floor to $899k-yes higher up with views).

1Bed/+Den/2Bath ranges from $699k to $799k, generally logical pricing with the den units. 2Bed/2Bath really get wild, with pricing from $799k to $989k - and then a heavy jump on the 6th floor to $1.399M (2 bedroom units seem to range from 991 to 1181 square feet).

The $1.399M unit is only about 180 extra square feet bigger than it's $989K sister unit, and perhaps the views make the justification - but it's quite a reach - especially with just a romeo ledge posing as an outdoor space.

The Van Ness corridor is arriving, especially if they can get these prices. If they can't...perhaps arrival is going to be delayed.

Obviously part fact part opinion, but wholly (and as always) appreciated.

∙ The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
∙ 818 Van Ness: Building Still Wrapped, Name Unveiled (“The Artani”) [SocketSite]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (49) | (email story)

September 5, 2008

A Reader's Query: Any Downside To Individual TIC Assessments?

A plugged-in reader seeks an answer we can't definitively provide. And if you own (or plan to own) a TIC, it might be a question you'll one day ponder as well:

I own a TIC unit and recently received with my property tax assessment a "Request for Notification of Individual Assessed Value for TIC units." One who elects the "individual assessed value" option must provide the Assessor with property-attribute information about the individual units in his or her building (size, # of bedrooms and bathrooms, etc.).

As other [plugged-in readers] have noted, the movement toward "individual assessment" of TIC units has had the support of Plan C, a generally sensible organization. I wonder, though, whether the assessor may have something devious up his sleeve. The FAQ sheet which was provided with the Request for Notification says this in response to the question, "Will my assessment change?":

"Generally NO. Your assessment is based upon the fair market value of your unit at the time of transfer or sale, plus any annual inflationary adjustments mandated by law. In rare instances, due to lack of information past TIC assessments may have been incorrectly calculated. The assessor will only correct the assessment prospectively."

I'm quite curious about the "rare instances" contemplated by the Assessor. One can imagine the Assessor trying to use this information to catch insider deals where property is sold to an acquaintance or family member for below market value (perhaps with fraudulent side payments). But if that's the goal, the mechanism is not well designed, because TIC owners are under no obligation to provide the Assessor with the information requested in the "indivualized assessment" form.

For honest TIC owners, is there any downside to providing the requested information? (There is not much upside: Under the regime of "individualized assessments," each TIC partner will receive a tax bill specific to his or her unit, though the TIC partnership as an entity will continue to be on the hook for each partner's assessment in the event of default.)

We don't see it (the downside to providing the information that is), but we'll welcome the thoughts of any readers who can answer definitively or otherwise.

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

Four New Condos, Two Different Tipsters: 660 Natoma Street

In the words of a plugged-in tipster and resident on nearby Minna who’s had an eye on 660 Natoma for quite some time (and first tipped us a while back):

[Four new residences] in the “up-and-coming” area bounded by 7th, 8th, Mission, and Howard. They seem to want a premium for this property, almost $800/sq ft if I’m reading the website right. It’s cute as a button and has some interesting “green” features (plugs for the cars in the garage?!), but the (my) neighborhood might not command that kind of a price.

And in the words of another just yesterday:

I was looking at Soma Grand when I stumbled upon a great new green building project on Natoma. The project, 660 Natoma, is parallel to SOMA grand and hails very low HOA dues, parking deeded to units, fantastic roof decks deeded to three of the four units overlooking great views of the city. Better yet, the project is Green and Solar ready.

Now on the market for just over two months with two of the four condos actively listed (and three of the four likely available).

∙ 660 Natoma [660Natoma.com]
∙ Listing: 660 Natoma Street #2 (1/1) - $549,000 [MLS]
∙ Listing: 660 Natoma Street #4 (2/2.5) - $839,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (14) | (email story)

September 3, 2008

Live Like Fat Mike (And We Mean That With All Due Respect)

According to a plugged-in tipster, punk rocker Fat Mike of NOFX fame is making the move from his “don’t judge a book by its cover” (or rather don't judge a front man by the exterior of his digs) manse at the gateway to St. Francis Wood.

From our tipster: “CRAZY interior design, with an attempt to downplay it with staging.” No word on how the exquisite gardens and cherub fountain affected Fat Mike's street cred.

∙ Listing: 1601 Monterey Boulevard (5/6) - $5,400,000 [MLS]

Posted by socketadmin at 4:30 AM | Permalink | Comments (20) | (email story)

August 27, 2008

Surviving The Bad (And Other Peoples’ Foreclosures) In San Francisco

First and foremost, the proper perspective from a plugged-in reader in San Francisco:

Life is about enjoying the good, but it’s also about surviving the bad. I'm sure there will be things I don’t want to hear, but my skin is pretty thick and gotten thicker going through all of this.

And now for the background and request:

I am an avid reader/watcher of the site and it has certainly become something that gives me a bit of a pulse on what’s going on in the City and not just real estate values. In any case I built my home in the Bayview in 2005, completed in 2006 at which time and upon completion I received an appraisal of $810,000 (via the bank).

In January 2008, facing a divorce the house was again re-appraised at $860,000. Despite some additional work done on the house I too was shocked to see a higher appraised value as I expected lower and really knew it to be lower based on market conditions but was still happy to see that higher number and one that clearly gave me the equity to refinance. Well now truly facing the realities of divorce and trying to re-finance as part of adjusting to one income I recently had another appraisal (bank appointed) and it came back to say that the appraised value was $600,000...

$600,000 for a 2,800 sq ft. 3br/2.5ba!! 1.5 yrs old, quality finishes, etc etc. This appraisal has completely thrown me into a tailspin as it jeopardizes my ability to even re-finance, and in looking at the report every property used as a comp was a either a foreclosure or a bank owned property sale and all of which bear no real comparable quality to my home, yet this is what I am up against.

I know that townhomes have been up for sale over at Candlestick Cove and in having wandered around to take a look I know that they are truly the closest "real" comparable to my home with regard to finish even though my home on average has 700-800 more sq. ft. The problem I am discovering in trying to dispute the appraisal is that because sales of the Candlestick Cove townhomes are not being listed on MLS and being sold through the developer that there seems to be no easily attainable record of the units sold or of the final prices of those units. Can you please tell me if there is a way I can find out what units have sold for? Sites like Zillow, Property Shark and Trulia have not been helpful in the least and utterly useless (especially considering 1.5 years after completion my property still doesn’t even appear on Zillow). I have spoken to the Candlestick Cove office on the phone and been told that they will not hand out that information, even though I am not looking for owners names, and simply seek just property sizes and final sale prices.

I don’t want to lose my house, one I spent time designing, seeing through the horrible permit process and 10 months of construction and one I expect to be in for quite a while, but given this horrible appraisal it may be all I can do but to sell it and eat my losses, while handing over a steal to the next owner. Thank you very much for any help or guidance you might be able to give.

Let’s hear it. And as always, add value or go home.

Posted by socketadmin at 8:40 AM | Permalink | Comments (31) | (email story)

August 25, 2008

Let’s Do The Time Warp Again (In Glen Park): 461 Chenery

It’s a plugged-in tipster with a good memory that notes another price cut for the bank owned 461 Chenery in Glen Park. The property was first noted by a SocketSite reader in May soon after it was bought back by the bank on 5/12/08 for $601,343 and subsequently listed on 5/19/08 for $669,900.

After a month on the market the list price was reduced to $629,900, after another month to $599,900, and after another month (five days ago) to $539,900. As best we can tell, the pre-bank owner had purchased the property for $485,000 in January of 2003 (and had pre-spent a bit of that “appreciation”).

From our tipster (and prior to anyone wrongly screaming “schadenfreude!”):

Interesting to see what it goes for given that it is very much walking distance to BART.

Huge fan of the site and bought a house in the Glen Park area 13 months ago. Jealous of this listing price for sure but let’s see where the sale price comes in because it is still well above 2 bedroom rent for cash flow.

Oh, and the current Zillow “Zestimate”: $776,500 (with a “low” of $628,965).

∙ Listing: 461 Chenery (2/1) - $539,900 [MLS]
∙ March S&P/Case-Shiller: San Francisco MSA Declines, Top Tier Flat [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

August 22, 2008

A Plugged-In Reader Reports: Timing For Esprit Park (900 Minnesota)

"The developers have...sent out letters to buyers at [Esprit Park] saying delivery on the majority of the south court units will be 6 to 8 weeks from now. Original delivery was intended to be July though so who knows. North court won't be until December probably but could be 09."

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

Posted by socketadmin at 5:15 AM | Permalink | Comments (2) | (email story)

August 12, 2008

The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos

A plugged-in tipster delivers the scoop on 1840 Washington, currently commercial one-story-plus-mezzanine but soon to be nine stories with 26 condos, subterranean parking, commercial on the ground floor, and a roof deck (all despite the fact that they're still not building any more land in Pacific Heights).

Demolition of the current building is tentatively scheduled to begin August 18th, is expected to last three weeks, and “no wrecking ball or explosives” will be used (good to know and by far our favorite line of the tip).

The new building will look similar to Pacific Place (the building to the right), construction is expected to last 18 months, and they'll be working Monday through Friday from 7:30am to 4:30pm (don't shoot the messenger). Renderings when we have them, tipsters?

UPDATE: It came with a couple of caveats ("This is not a very big or great rendering and I don't know if it is current but here ya go...."), but for now it's the best we can do:

Let's keep 'em coming (please).

Posted by socketadmin at 9:30 AM | Permalink | Comments (36) | (email story)

August 11, 2008

Putting A Price On Tenant Buyouts (And On The Market): 1890 Clay

The 74 unit Clay Park Tower at 1890 Clay has been on the market for around a month (asking $39,950,000). And it’s a plugged-in tipster that provides some insight into what the Lembi brothers had been offering tenants in their building to move out:

[CitiApartments bought the building two to three years ago] and did extensive renovations to the exterior and vacant units, which hadn’t been touched since the building was built in 1963. There was also tons of deferred maintenance – roof, plumbing, you name it. (The previous owners just used it like a cash cow until it was dry.) Citi then offered “incentives” to buyers to move out, which ranged from $7K-$75K+. They offered us [around $50K] late last year but we stupidly didn’t take it (mostly due to the taxes, because it would be taxed like income). Admittedly, I was holding out for [around $100K] because we have a large floor plan and I thought we could get more.

If people took the buyouts, Citi then would gut the unit, and rent it furnished as short term housing. Looks pretty from far away (hardwood, granite, stainless steel), but as to be expected the workmanship is really shoddy. I don’t really living in the building now because I feel like I’m in a hotel – new people coming and going all the time. Maybe after summer is over it will slow down.

The comment about workmanship is obviously opinion, the figures on buyouts are fact.

∙ Listing: Clay Park Towers (1890 Clay Street) - $39,950,000 [LoopNet]

Posted by socketadmin at 11:15 AM | Permalink | Comments (117) | (email story)

Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing

A plugged-in reader takes a tour of Cubix Yerba Buena (766 Harrison) and reports back:

Toured Cubix this weekend. Like the architecture a lot, feels solid, natural light is great, finishes are so-so, bathroom doors look nice but are less than soundproof which is a mistake in such a small space. Roof deck A+.

First release of 12 units on lower floors but got the feeling you could write on an upper floor unit if you asked. Occupancy in 45-60 days. HOA’s around $300. Value B-/C+.

Current pricing on the twelve studio condos in the first release:

∙ 766 Harrison #202 (0/1) - $279,000
∙ 766 Harrison #206 (0/1) - $279,000
∙ 766 Harrison #212 (0/1) - $289,000
∙ 766 Harrison #305 (0/1) - $305,000
∙ 766 Harrison #308 (0/1) - $305,000
∙ 766 Harrison #314 (0/1) - $309,000
∙ 766 Harrison #404 (0/1) - $309,000
∙ 766 Harrison #410 (0/1) - $314,000
∙ 766 Harrison #413 (0/1) - $319,000
∙ 766 Harrison #503 (0/1) - $333,000
∙ 766 Harrison #509 (0/1) - $328,000
∙ 766 Harrison #511 (0/1) - $323,000

∙ SocketSite Readers Report: The Square Footage Scoop On Cubix [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]

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

August 4, 2008

It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th)

It appears that a notice a default (NOD) has been filed for 3027-3029 25th Street, otherwise know as the 2007 Sunset Idea House (or “La Casa Verde”). The filing notes a loan balance of $2,974,006.35 and that the “Beneficiary hereby elects to conduct a unified foreclosure sale and to include in the foreclosure personal property & fixtures.”

From a plugged-in tipster:

If most of the stuff was donated or at cost, how could [the developer] have ended up with a $3mil mortgage loan? Unless [the developer] put the house up as collateral on other projects....[And the] reference to fixtures and personal property is unusual. I'm guessing the bank doesn't want all of the vendors who donated products to think they can take them back.

That's probably a good guess. And say what you will, we're digging the green(ery).

∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ An Early Peek Inside “La Casa Verde” (a.k.a. The Future Idea House) [SocketSite]
∙ 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 1:45 AM | Permalink | Comments (17) | (email story)

August 1, 2008

SocketSite Readers Report: The Square Footage Scoop On Cubix

A plugged-in reader tours Cubix Yerba Buena and clarifies:

[T]he largest studio in this building is less than 350 sf and there are only 8 that large. I viewed the units this past week; most are under 300sf. The prices start about 275K up to the low 300's. Not sure when they are going to open. When I stopped by it looked still under construction.

Comments on our original floor plan post.

∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]

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

July 29, 2008

When Life Gives Us Apples, We Make Apple Pie: 88 Hoff Street #206

While purchased two years ago for $637,500, it’s a plugged-in reader that notes 88 Hoff Street #206 in the Mission closed escrow earlier this month with a reported contract price of $580,000. That represents average annual depreciation of 4.8% over the past two years.

And while we never explicitly featured the listing, it was at the center of an interesting discussion and expectations debate.

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

Posted by socketadmin at 8:15 AM | Permalink | Comments (29) | (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 23, 2008

Across The Bay But A Plugged-In Reader Recommends: 1824 Magellan

It’s across the bay. And we can’t vouch for it. But a plugged-in tipster recommended it, and there’s a chance you might like, so we’re rolling the dice. In our reader’s words:

My friend has a house up for sale in Montclair that is open this Sunday. I've worked with the same Architect before that remodeled the space for our house which won some awards. This house in Montclair is very well done and worth a look.

Visually the rest of the house is similar to the main living space. Each room has been updated with new electrical, hardware, [hardwood] floors refinished, new exterior paint, new fixtures throughout…and new interior paint in the style of the main remodel.

The 2 bathrooms are currently still period retro from the 30's/40's and are clean and painted, but not remodeled. The owner has designs for the master bath to be remodeled that are included in the sale.

If you happen to take a look, let us know if we should continue to trust this tipster (we do keep track). And yes, while it’s entirely possible that our tipster and his “friend” (or architect) are one and the same, as long as our reader's benefit we really don't care.

∙ Listing: 1824 Magellan Drive, Montclair (2/2) - $818,000 [Berkeley Hills Realty]

Posted by socketadmin at 2:30 PM | Permalink | Comments (63) | (email story)

July 21, 2008

The Heights At Candlestick “On Hold” According To The Sales Center

It was six weeks ago that a plugged-in tipster correctly called the construction hold on 5800 3rd Street and The Heights at Candlestick, and three weeks later that another plugged-in reader added:

The real info on this project as well as the other Bayview project on Jamestown (The Heights at Candlestick) that Noteware Development had completed the first phase of and was ready to start selling, is that their equity partner, Goldman Sachs from New York, panicked over the sub-prime crash and GS' internal projection that the foreclosure market in California as a whole would be extending to S.F., so GS decided to take over the projects from Noteware (any R.E. experience on the Goldman Sachs team? Not a whit!), hence the work stoppages on both projects...

And from a plugged-in tipster today:

Last week, I called the Candlestick Heights Sales Center to inquire about pricing, availability, etc. The agent responded via email: "I'm responding to your request the other day...The update is this new development has been put "on hold". No units are being sold at this time. Unfortunately that's all I can tell you at this time. If you'd like, contact me again in a few weeks....I should know more by then."

We'll keep you posted (and plugged-in).

∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ The Heights At Candlestick [theheightssf.com] [Floor Plans]

Posted by socketadmin at 12:30 PM | Permalink | Comments (5) | (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 14, 2008

Countrywide Requiring 25% Down For All Bay Area Jumbo Loans

From a plugged-in tipster late last week:

Just got an email from my mortgage broker...countrywide is now requiring 25% down payments on jumbo mortgages in the bay area.

No word on whether or not that’s both wholesale and retail. Can anybody confirm?

UPDATE: We'll consider it confirmed. And in a related reader report:

I spoke to a reputable agent at length over the weekend about the mortgage market. He said the main players left still writing San Francisco mortgages were the big money center banks (citi, BofA, etc). He said most are requiring 20% down these days. He spoke of one client who did a 10/10, but the second 10% was guaranteed by the guy's employer (~1.2m purchase price). It is pretty amazing that someone "in the market" for 1m+ home can barely scrape together $100K.

He also said the total debt/income ratio was going down from a previous 65% (wow!) to something like 45-50%. He said the bank tightening really only kicked in heavily in the last week or two which implies the market probably is not reflecting this yet.

Posted by socketadmin at 9:30 AM | Permalink | Comments (59) | (email story)

July 11, 2008

Calling All Contractors Or Other Plugged-In People: Cost To Renovate?

A plugged-in reader went to the head of the site fifteen months ago for a must read comment concerning the actual cost of building a home in San Francisco. Our post on 235 Broderick sparked some excellent conversation over the past few days concerning the cost to renovate. And from the listing for the 2,417 square foot 50 Santa Ana Ave today:

Well designed Colonial style home in St. Francis Wood priced for a quick sale to a contractor or knowledgable (sic) buyer prepared to have renovations done. Appears to be structurally sound but needs roof, gutters, paint, kitchen and other cosmetics.

Now we’re not so naïve as to expect any responses from those who might be interested in this particular property, but we’d welcome any back of the envelope calculations, insight or debate from the rest.

∙ The Actual Cost Of Building In San Francisco [SocketSite]
∙ Permits And Plans In Place (For The House, Not The Buyers Sellers) [SocketSite]
∙ Listing: 50 Santa Ana Avenue (3/2.25) - $1,350,000 [MLS] [Map]

Posted by socketadmin at 11:30 AM | Permalink | Comments (44) | (email story)

July 9, 2008

1081 Church Street Closes Escrow And A Reader Wants To Know…

The headline question last month with respect to 1081 Church Street which sold in late March for $1,400,000 and then quickly returned to the market for $1,450,000: “Will A Winner's Curse (And Subsequent Relocation) Be Your Reward?”

From a plugged-in reader today: “1081 church sold for $1.325mm. Who was the closest? and who was the blowhard?”

We've got the answer to our question (yes), but we'll let you make the call on those last two.

∙ Will A Winner's Curse (And Subsequent Relocation) Be Your Reward? [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (46) | (email story)

July 2, 2008

The SocketSite (Reader's) Scoop: Daly's Two-Unit TIC Legislation DOA

We've fielded more than our fair share of questions and concerns over the past month regarding Supervisor Daly's proposal to require two-unit buildings to participate in San Francisco's condo-conversion lottery.

And just as we were about to publish a summary, a plugged-in tipster comes through with the scoop via the office of Supervisor Michela Alioto-Pier:

Thank you for your letter concerning draft ordinance #080820. This ordinance would require that 2 unit buildings go into the condo conversion lottery. You will be glad to know that I spoke with Supervisor Daly's office yesterday and this legislation is not moving forward.

Again, Supervisor Daly's proposed ordinance to require two-unit buildings to enter San Francisco's condominium conversion lottery will not be on the November ballot.

∙ Potential November Ballot Measures: Condo Lottery For Two-Units? [SocketSite]

Posted by socketadmin at 1:08 PM | Permalink | Comments (20) | (email story)

July 1, 2008

One Ecker Place Update: The Condos Rentals Condos Get Unwrapped

The protective wrapper is on its way down over at One Ecker Place (as captured by a plugged-in tipster). And yes, after a brief 180 that quickly turned into a totally radical 360, the sales office for those 51 condos should be re-opening soon.

∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (20) | (email story)

Listed Sales Activity In San Francisco: Down 25-30% In June (YOY)

As you know, San Francisco’s inventory of listed single-family homes, condos, and TICs is currently running 34% higher on a year-over-year basis. As you might not know, on a year-over-year basis sales activity of said homes is running 25-30% lower. From another plugged-in reader:

Total MLS sales for June stand at 381 (at this moment) with an overall median price of $799K. June 2007 had 545 sales at a median of $830K. Jun06 - 617 sales @ $799K, Jun05 - 656 sales @ $800K, Jun04 - 708 sales @ $717K.

The official sales count for June will increase as listings for end of the month transactions are updated (hence our 25-30% range), but the significant downward trend over the past four years will hold true (the rate of which has been increasing rather than decreasing).

∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/30/08 [SocketSite]

Posted by socketadmin at 10:51 AM | Permalink | Comments (48) | (email story)

A Plugged-In Reader Reports: 72 Townsend Not “Coming Soon?”

From a plugged-in tipster nine months ago:

The existing ground floor windows [of 72 Townsend] got a good wash yesterday and are now adorned with the news that [74] Luxury Homes are coming soon starting from the $600s. Development is by Thompson Development, hoping that that plans approved last year is what actually gets built.

And from a plugged-in reader today:

This development could be off again... all the marketing window material has been removed, so we are either getting some new temp retail (no details [visible]) or the building could be back on the market.

Anybody?

UPDATE: And the answer: "the development is on hold. the space will be leased out in the meantime. the condo construction isn't expected for another 3-5 years now." So close, but yet so far.

∙ A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon" [SocketSite]
∙ JustQuotes: 72 Townsend To Become 74 New Condos In San Francisco [SocketSite]

Posted by socketadmin at 8:40 AM | Permalink | Comments (8) | (email story)

June 23, 2008

Our Ritz-Carlton Residences Monday Morning Redux: The Update

From a trusted plugged-in tipster on the heels of this mornings post:

I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit.

∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

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

You’ll Have To Pardon Us If We Avoid Swapping Any Spit (125 Mono)

While we had been waiting for the website for 125 Mono to go live, a plugged-in reader simply reports:

Just went to the open house on Sunday and it is truly one of the best modern "dwell-like" houses in San Francisco with stunning views and very well appointed.

And while so far we've only seen the pictures, we are digging the view from the bed, a few of those fixtures (and features), and most definitely that master bath.

∙ Listing: 125 Mono (3/4) - $2,179,000 [125mono.com] [MLS]

Posted by socketadmin at 1:53 PM | Permalink | Comments (14) | (email story)

When Friia Ruled San Francisco Real Estate (A Reader’s Recollection)

Our piece on 1001 California resurrected the name Vincent Friia, a flamboyant fixture of a bygone era in San Francisco (and its real estate). A reader recollects (slightly edited for republication):

Whatever happened to Vincent Friia?

Indeed! For those who have lived in this city for less than ten years, you cannot imagine what a different place used to be. Vincent Friia's parties and other "activities" are part of what was a city you would not recognize.

Melvin Belli running naked from his mansion (outer Broadway) firing a pistol at his wife who hosted a real estate show for the highest priced properties on television, Noe Valley was an affordable neighborhood that a school teacher could buy a home in. The Castro and Soma were actually neighborhoods that had REAL nightlife with clubs staying open till 7am, not places where homes could be flipped and condos could have an "edge".

What I miss most is that it was a city that wanted to have fun, instead of a city that produces another IPO or Dwell Victorians. I am 43 years old, but am really feeling nostalgic for a city that I cannot even describe to people who move here now. Thank goodness I bought my home when this city was affordable (and it WAS!).

And speaking of affordable San Francisco real estate, from a 1995 Herb Caen column (in which Friia is referenced earlier in the piece):

At 1 a.m. Sunday, Beth (Mrs. Jim) Dunbar handed $3 to a Gate Bridge tollkeeper, who let out a noisy yawn. "Am I keeping you up?" inquired Beth. "No," said the guardian of the gate, "but my mortgage is."

And in terms of actually answering the question of whatever happened to Vincent Friia, unfortunately we don't have the scoop (but perhaps a plugged-in reader or two might).

∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ San Franciscaena [SFGate]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

June 19, 2008

Neighbor(hood) Perspective: Happily Ensconced In Visitacion Valley

From a plugged-in reader happily ensconced in San Francisco's Visitacion Valley:

Nine safe years in my 1907 Victorian across 101 on Goettingen Street. Bay Views, Mountain View, ten minute walk to McLaren Park, one of the city's most under-appreciated amazing parks.

The demographic of [Visitacion] Valley, which is just over the highway from 101, is diverse in a way you find in few SF neighborhoods. And so much change is afoot in this neighborhood. Yes, we are lacking the services I'd like to see, but it's remarkable how the dark and scary attitude about southeast SF is shared by folks, generally living north of Cesar Chavez, that have never bothered to explore the area.

The city is only about 160 years old, and change is coming--what Cortland avenue on Bernal was 15 years ago will be Leland Street in Vis Valley in not too many years.

∙ New Twist: The First Resale Short Sale At Candlestick Point - The Cove [SocketSite]
∙ Welcome to John McLaren Park [jennalex.com]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (25) | (email story)

June 18, 2008

From Relative Value To Recently Renovated, 1083 Hollister Returns

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).

∙ Listing: 1083 Hollister (7/4) - $688,000 [MLS]
∙ Relative Value From Top To Bottom [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (12) | (email story)

June 17, 2008

535 Mission Update: Parking Lot Closed And About To Break Ground?

From a plugged-in reader:

I was reading the forum over at skyscraperpage.com and it seems that 535 Mission is preparing to break ground. The parking lot is now closed and a few workers were on site. Can anyone confirm? Photo is courtesey of Downtown Dave at Skyscraperpage.com....

In other words, is it about to get even louder inside Salt House at lunch?

UPDATE (6/18): From a seriously plugged-in reader: "The workers onsite are surveyors starting to put up the "grid lines" Should see dirt moving real soon."

∙ Approved For Residential, But Building Commercial (535 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (11) | (email story)

June 16, 2008

Homebuilder Confidence Falls: From The Fringes To San Francisco?

A plugged-in reader reports (and posits):

I was on a conference call today with the National Association of Home Builders (NAHB) CEO Jerry Howard and Chief Economist David Seiders where they were presenting the June Housing Market Index (HMI).

It was pretty bad. They were basically pleading with all news organizations and others to put pressure on the federal government to bail out the housing meltdown.

Jerry even went so far as to say that it is effecting senior citizens and it is just not right that they are losing their equity.

The NAHB reported that the index is at an all time record low of 18. Down from 19 in May. (a rating of 50 is neutral, greater than 50 means a majority of positive responses. less than 50 means a majority of negative)

David did say that he expects further declines since the current index does not reflect the recent rise in interest rates.

I really wish I could describe in words the sense of desperation that came from the call.

It seems easy to look at particular neighborhoods and say that a major downturn is not coming but I would have to agree with those whom have studied bubble and mass movement mentality. The drastic movement starts at the fringes and moves in over time.

Stockton -> Contra Costa -> Specific Districts in SF -> Top of Russian Hill

If we look back in 5 years I will be very surprised if those prime districts have not followed suit.

∙ Homebuilder Confidence Index Unexpectedly Fell to 18 [Bloomberg]
∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/16/08 [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (34) | (email story)

June 13, 2008

The New And Improved (And Approved) Design For 300 Grant Avenue

From a seriously plugged-in tipster:

Per your request...the approved project elevations [for 300 Grant]. I am sure there will be much discussion about the changes! With all the back and forth on the design, and with neighbor opposition, the developers went back to the drawing board numerous times. Parking is accessed by driving into car elevators off of Harlan and then driving to your space. Interesting idea. In between stackers and a normal garage."

We hereby call dibs on a penthouse. And we once again bow down to plugged-in readers everywhere. You're the best.

∙ The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (35) | (email story)

Unlocking The Potential Of Visitacion Valley: The Former Schlage Site

From a plugged-in tipster last week:

One project that might be interesting to keep your eye on is the former Schlage Lock Factory site in [Visitacion] Valley. For the last two years this has been a survey area, and a Citizen's Advisory Committee (on which I sit) was formed to explore creating a redevelopment district (which includes not only the old lock factory and a piece of former Southern Pacific rail yards, but also a portion of the commercial district on Leland Avenue, which is the neighborhood's main commercial street).

If all goes to plan, in the not too distant future demolition and cleanup of the site might commence, with a view of increasing the number of dwelling units from the current estimated 200 in the project area, to approximately 1800, along with the neighborhood serving retail and new open space. Our efforts are in hope that the project will create jobs in the community, create new transit-oriented neighborhoods, and establish a model of green development in what has traditionally been an overlooked and underappreciated corner of the city. We also hope we will help set the tone for additional developments that may follow in the Baylands to the south, owned by the city of Brisbane.

The CAC meets second Tuesday of each month from 6-8PM, and our meetings generally take place at 401 Tunnel Avenue (at SF Recycling, aka "the dump").

From James Temple today:

The owner of Visitacion Valley's Schlage Lock Co. factory has settled a decade-old contamination lawsuit and transferred the property, clearing one of the biggest obstacles blocking a community-blessed plan to convert the boarded-up site into housing, parks, offices and stores.

And from J.K. Dineen:

The agreement comes a week after the San Francisco Redevelopment Agency published an environmental impact report on the Schlage site. The plan for the site includes 100,000 square feet of retail in addition to the 1,200 homes. It also includes a large park and the restoration of the historic Schlage Lock headquarters. The cleanup [which is slated to last 30 months] will start as soon as the city approves the EIR, [Paragon General Manager Steven Hanson] said.

∙ San Francisco Redevelopment Agency: Visitacion Valley Survey Area [SFGov]
∙ Draft Visitacion Valley Redevelopment Plan (PDF) [SFGov]
∙ Old Schlage Lock factory in S.F. finally sold [SFGate]
∙ Deal struck on S.F. site for 1,200 homes [Business Times]

Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)

June 6, 2008

The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison

It’s a plugged-in tipster that first notes that the ninety-eight (98) studios of 766 Harrison aren’t going the rental route but are rather about to hit the market as condominiums. Additional details when we have them.

∙ From Rendering To Reality (Although Not Quite Finality): 766 Harrison [SocketSite]
∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

June 4, 2008

The Early MLS Count For May: Listed Sales Down 18% Year-Over-Year

According to a plugged-in reader the early count for listed sales volume of single-family homes, condos, and TICs in San Francisco last month is currently running 18% under that of May 2007 (29% under May 2004). Expect a slight bump for late reportings.

Keep in mind that listed sales volume was down 13% on a year-over-year basis the month prior (April) while recorded sales volume was up 6.5% (think new construction closings). And listed inventory is currently up 45% year-over-year.

∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/2/08 [SocketSite]
∙ San Francisco Recorded Sales Activity In April: Up 6.5% YOY [SocketSite]

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RandomRumors: Construction Comes To A Halt On 5800 3rd Street?

Six months ago construction was well underway on 338 condominiums and San Francisco's first Fresh & Easy market at 5800 3rd Street in Bayview. According to a plugged-in tipster, however, it appears as though construction has come to a complete stop:

You might want to check into the apparent work stoppages at the 2 residential projects being done by Noteware Development w/ financing from Goldman Sachs. The sites are the former Coke plant at 5800 3rd St (including the Fresh and Easy grocery tenant) and a smaller project on Jamestown St above Candlestick. There have been some fairly large liens published in the [San Francisco Business Times] in recent weeks. There is no activity at either site during working hours.

We'll do some checking. In the meantime, can any other plugged-in readers confirm?

∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)

A Reader Wonders: What’s Happening At Van Ness And Washington?

From a reader:

I couldn't help but notice the surface parking lot (operated by Liberty Park Management, Inc.) is now fenced off. The Location: 1800 Block of Van Ness at Washington (It is the South and East Corner). Any news on this one?

That is was 1898 Van Ness (will be 1868 Van Ness). And while we don’t have any news (but can note what appears to be an eight-story building lingering in the background of a rendering for what was to be Sunrise’s “Sterling of San Francisco” on the corner of Clay and Van Ness), perhaps another plugged-in reader might.

And as always, big bonus points for renderings and photographs (tips@socketsite.com).

UPDATE: A plugged-in reader responds: "It's approved for an 80 ft. building with 35 units. 3,000 SF of ground floor retail & 35 below grade parking spots." Now about those renderings...

UPDATE: While the address of the former corner gas station was 1898 Van Ness, a plugged-in reader correctly notes the address of the new development will be 1868 Van Ness (which we probably should have figured out and explains a/the lot).

∙ Serving Up The Seniors (Rather Than The Copies) At 1754 Clay Street [SocketSite]

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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]

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May 23, 2008

The Sun Sets Over San Francisco (And This Week At SocketSite HQ)

The sun sets over San Francisco as seen from the 23rd floor of One Rincon Hill. Have a great Memorial Day weekend. And safe travels if you are (traveling that is).

∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]

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May 22, 2008

Proposition 98: An Interesting Perspective And Opportunity For "Play"

As we wrote two months ago: Proposition 98 would prohibit the use of eminent domain for private development and phase out rent control, while the competing Proposition 99 would simply prohibit the use of eminent domain on single-family homes and condominiums.

As a reader writes today (or rather yesterday):

i'm a little mystified that prop 98 is not getting more play in SF. prop 98 is the state-wide initiative on the june 3 [ballot] that limits eminent domain, and importantly for SF, phases out rent control.

given the huge significance of this, i am amazed that the realtor community is not heavily pushing this. but more peculiar, i am only seeing limited involvement from SF apartment advocates, and the larger apartment holders in the city (i.e. citiapartments, etc.) it's clear that prop 98 will not pass within SF proper, but that does not matter as it's the massive outlying suburbia that will have the voting power to push it through. still, i'd think that cities like SF would want to make a lot of noise about it, so the rest of the state can see how significant it is.

so now i am of two thoughts about it: 1) the collective SF real estate community is basically acting like wimps, in case 98 fails. this would hedge the 'antagonist' quotient with the myriad socialist renter advocacy groups and a largely insane board of supervisors. but why does this matter? if it fails, it fails. if it passes, it is certain that the aforementioned groups will literally go ape shit challenging it in court.

2) in a perverse sense, i think many SF apartment owners are ambivalent or silently against prop 98. on the surface, it seems obvious that phasing our rent control would benefit them. but that would make the SF apartment market like any other city. with RC, SF apartment owners get to play in an exclusive fiefdom, which many out of area investors are just too scared to touch. RC also causes a large dynamic in rents between long term tenants and recently vacated ones. savvy apartment owners quietly go about effecting tenant turnover, and add huge rental gains in one fell swoop.

An interesting perspective (especially with regard to the second point). And while we're anti-rent control (as it currently exists) we're not necessarily anti-eminent domain (think the Hugo Hotel).

∙ A Few June Ballot Measures Guaranteed To Raise Some Ire [SocketSite]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]

Posted by socketadmin at 5:45 AM | Permalink | Comments (62) | (email story)

May 21, 2008

The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo

While we can’t verify the given reason for the latest 180 (and now a complete 360), according to a plugged-in tipster One Ecker Place is back to being a condo project and the sales office should reopen soon. From our tipster:

I had one of the condos at "One Ecker" under contract.. As you know those condos were switching to rentals.. well a couple days ago I was contacted by a sales rep. he said that the condos are once again going on the market. He said that the reason behind the change of mind was because it looked like they were going to get a high rise permit approved. So they were going to lease Ecker for a few years, then start construction on a tower. Well I guess that didn't fly/ get approved so they are going to stick to the original plan of selling them. They said they are doing showings for their model unit next week by appointment only...

Perhaps a reader or two would be kind enough to shed some light on the aforementioned permit, tower and now ex-plan. Regardless, and as always, thank you for plugging in (and for the tips).

UPDATE: From another plugged-in reader: "I too was in escrow at One Ecker. I told them to get lost after the 360. What a waste of my time. He can't get a tower permit. That's silly to even think about. Besides, the Fleishacker family sold the transferable development rights over 10 years ago, and the property is under the same historic restriction as any other 1906 building."

∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)

May 20, 2008

ReadersReport: First Twelve Floors Of Fox Plaza On The Market?

From a plugged-in tipster:

I have it on by a good source that the Archstone Fox Plaza is on the market again. The new owner evidently does not want the Fox Plaza in its portfolio.

The main lobby has been recently remodeled. The Ruth Asawa fountain sculpture was ripped out and redecorated with black river rock; the oxnyx columns covered with dark wood; a retro 1950s carpet.

The “new owner” reference leads us to believe it’s only the first twelve floors of the 29-story building that’s being shopped (i.e., office not residential), unfortunately no update on the 250 condos on the corner (tipsters?), and we’ll now observe a moment of silence for the Asawa (and note the second reference in as many weeks).

UPDATE: Forget the first twelve floors, according to a plugged-in reader: "the whole building is being quietly offered by archstone-smith. 150M."

∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)

May 15, 2008

A Reader Reports: Apples To Apples On Potrero Hill (1304 De Haro)

From a plugged-in reader with respect to the listing for 1304 De Haro:

My wife and I were bidding on this exact condo a year ago and did not counter to the multiple bid. It is interesting to see it back on the market with no improvements or changes. Beautiful flat but I will say that it is concerning to see it on the market after exactly 1 year.

And if PropertyShark is correct: last changed hands on 6/11/2007 for $775,000.

∙ Listing: 1304 De Haro (3/2) - $749,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (35) | (email story)

May 12, 2008

Not Only Appliances, But A Shower Door And Some Light Fixtures Too

A plugged-in tipster reports back on the bank owned condo in the Beacon that we pointed out ten days ago (260 King #957).

...3 offers...the [foreclosed upon] seller had stripped everything out of it before leaving...even the shower glass door, light fixtures, power cover outlets, all appliances!

No word on the accepted contract price but we’ll let you know as soon as it closes (as you might recall, it was listed at $644,900 despite having previously sold for around $860,000). And if a plugged-in reader happens to be the buyer, let's not forget those invitations to the housewarming.

∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]

Posted by socketadmin at 6:49 AM | Permalink | Comments (22) | (email story)

May 8, 2008

Not Exactly Cheap, But A Bit Below Their Initial Great Expectations

Granted, it was officially listed at just over 4,000 square feet (but according to one appraiser, is closer to 5,000); and it does offer an in-law unit, six parking spaces, and some fine woodwork (all in a package fit for Miss Havisham).

But the initial list price of $3,000,000 for 2645 Lincoln Way in Parkway Terrace (central Sunset) still managed to shock quite a few (and likely sent the neighbors into a frenzy). And while the asking price on the home was subsequently reduced down to $2,375,000, according to a plugged-in tipster it just closed (or is about to close) escrow for $1,900,000.

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

May 5, 2008

Reader’s Reports: Homes On Esprit Park Now Starting From $549,000

A plugged-in reader in the market for a home at Homes on Esprit Park receives an email from the sales office alluding to some new pricing (“can't release the pricing via email”) with a request to call.

I just spoke with them, and found that some 855 SqF units have just been released for $549k, well under the $600k they were asking for similars across the courtyard just a few weeks ago when I went on a hard hat tour of the site.

Interested parties (and price guarantee holders) take note (or action).

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (email story)

May 2, 2008

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]

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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 30, 2008

A Plugged-In Reader's Report: Crime Starts Hitting Closer To Home

A plugged-in reader reports:

I was in Baretta restaurant on 23rd and Valencia last night while it was robbed at gunpoint. The gunman had us all lie on the floor and look down. He proceeded to rob the till. Very scary stuff. I know of a recent home invasion on North Potrero. A friend of mine had his wife's laptop stolen while he was in the shower in his own home in Noe Valley. Then there's the rash of muggings in Bernal and Glen Park. I saw a guy roll up on another guy and then get shot at by the driver of the car he meant to himself assail two weeks ago on the corner of Cesar Chavez and South Van Ness. They sped off down Cesar Chavez street at 100 mph. One of the kids who was killed by that asshole over pizza in the Sunset lived in a friend of mine's building. He was shot in the face. The killer remains at large because his girlfriend wouldn't i.d. him. That was the best they could come up with. San Francisco needs to step up the policing. It's getting ridiculous.

And ads: "[T]hat octopus risotto [at Baretta] is awesome."

UPDATE (5/2): "My neighbor in Ashbury Heights was mugged at gun point last night at 10:00, half a block from her house. We're all very shaken."

∙ High Crime Rates Are One Thing, Random Muggings Quite Another [SocketSite]

Posted by socketadmin at 1:58 PM | Permalink | Comments (105) | (email story)

April 28, 2008

The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental

From a plugged-in tipster:

One Ecker is going the route of Apartments. After pre-selling 10 of 51 units, the building refunded deposits and is going to rent instead of sell.

No word on the proposed rents nor whether or not the official explanation will be unexpected strength in the rental market (versus unexpected weakness in demand for the condos).

∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 9:31 AM | Permalink | Comments (28) | (email story)

April 21, 2008

A Plugged-In Reader Reports: Mission Valencia Reduction/Impression

Initially priced at $659,000 as part of “Valencia Triangle” (subsequently reduced to $585,000), and then initially priced at $599,000 as part of “Mission Valencia,” a plugged-in reader notes that 3184 Mission Street #302 is now on the market for $549,000 and offers some thoughts and impressions.

I wanted to post my recent impressions of Mission Valencia since some of the only info I could find about the place came [from this site]. I saw several of the units at an open house last week and was most interested in #302, which is currently on the market for $549K (reduced price) with 2 yrs paid HOA. This is one of the smaller, cheaper units.

The unit was very nice and new with a great kitchen and living room. However, the bedrooms were tiny and the bathroom layout seemed odd with the washer/ dryer taking up a lot of the space. The unit also overlooks busy Mission St. and the BART grates, and when the trains went by (which is very often) it was quite loud. There was almost no storage space in the unit, just small closets in the bedrooms. I did not see evidence of the pigeon problem that I had read about [here], but there was a fake owl on the balcony. The balcony was really small and not very usable--I would've rather had storage space.

You have to make your own decision about the neighborhood and how safe you feel there, so I won't go into that. The parking is secured and overall the building seemed secure. You can walk to 24th St. BART and there is bus service on Mission right outside the building. But other than the bars and restaurants in the immediate vicinity of the building, I don't think you'd be able to walk to very many fun places (Noe Valley, Bernal Heights) very easily. But they would be a short drive/trip away.

Overall, the building is nice and new, but the unit still seemed overpriced for what you get even with the incentives and price reductions. However, if you are looking in this price range, it is one of the nicer things I have seen for below 600K. If the price comes down another 50K, I think it would be a great buy. Hopefully, this will help someone out there.

UPDATE: And from another: "Word is that they are really willing to negotiate on these prices. For those interested in 2BR 2BA 1Pkg, it's probably difficult to find a better deal. I think you could get most of the units for 10% less than the listed price, which is already reduced. And don't be bamboozled by the realtor telling you only a few are for sale- they're all for sale. I think only the 2BMR units closed and one unit is in contract. This project has been a financial disaster for the builder as a result of having the condo approvals pulled in spring 2006."

∙ Listing: 3184 Mission #302 (2/1.5) - $549,000 [MLS]
∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]

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SWL 351 And The Proposed 8 Washington Street Project: Port Hearing

An update from Frederick Allardyce (President of the Barbary Coast Neighborhood Association) on the proposed development of Seawall Lot 351 (and by extension, the proposed 8 Washington Street Project):

This lot probably is the most valuable parcel (individually or by $ per square foot) not only in the Ports portfolio, but perhaps in the entire city. The success of the Port’s development of this parcel, may lead the Port into successfully developing the other [seawall] lots north of Market Street, which still have State Lands Use Zoning (which does not allow residential use). This parcel has been proposed as the central portion of a 170 unit luxury condominium project, of which many of the proposed units would sell for higher than any of the units at the Millennium ($2,000 to $3,000 per sq ft).

The Ports first hearing on this project was Monday, April 14th at which several hundred inte