CATEGORY ARCHIVE: SocketSite Readers Report

April 18, 2014

Cranespotting In Mission Bay: Kaiser Permanente's MOB To Rise

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With foundation work underway, the crane for Kaiser Permanente's modern nine-story medical office building to rise at 1600 Owens is now in place. Construction of the Mission Bay building is slated to be finished in late 2015 with Kaiser making their move in early 2016.

Posted by socketadmin at 11:30 AM | Permalink | Comments (2) | (email story)

April 8, 2014

The Bernal Heights "Blast Zone"

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From the "BERNAL PUBLIC SAFETY ALERT!" flyer making the rounds, with a "PROPOSED DEVELOPMENT PUTS LUXURY HOUSING AHEAD OF PUBLIC SAFETY" sub-header and the not so subtle graphic above, all emphasis as printed:

"If you live, walk, run, garden, ride your bike, push your stroller, or fly your kite around Bernal Heights, you may have entered the 600-foot Radius Blast/Fire Zone of a proposed Bernal southeast slope development of two luxury homes below the Community Garden. A 26-inch PG&E gas pipeline runs through it – the same type that blew up in San Bruno. Many residents think this development – which benefits from a questionable exemption of SF street safety grading codes – would recklessly endanger public safety."

The proposed development and plan will be presented at the East Slope Design Review Board meeting on Wednesday, April 9 at 7PM.

Posted by socketadmin at 7:00 AM | Permalink | Comments (22) | (email story)

March 21, 2014

Former Facebook Couple Design A 5,600-Foot Dolores Heights Home

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The purchase of the 950-square-foot Dolores Heights cottage at 323 Cumberland Street along with its adjacent undeveloped lot for $3,550,000 in November of 2012 raised an eyebrow or two. The property had been listed for $2,400,000.

Plans to raze the cottage, merge the lots and build a 5,600-square-foot home designed by architect John Maniscalo for a former Facebook couple, one of whom was Facebook's first female engineer, will be unveiled to the neighbors at the end of the month.

As proposed, the home would rise three stories over a garage with a building height of thirty-four and one-half feet, six inches below the permitted height for the lot. We'll let you know how the neighbors respond.

Posted by socketadmin at 11:30 AM | Permalink | Comments (36) | (email story)

March 18, 2014

Falun Gong Buys Boys & Girls Club Building On Page For $6.9M

1950 Page

According to a plugged-in tipster, members of the Falun Gong have just paid $6.9 million for the Boys & Girls Club building at 1950 Page Street. The 32,000 square foot recreation center is one block from Haight Street and a building away from Golden Gate Park.

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As we first reported last year, the property is zoned for residential development up to 40 feet in height, roughly 10 feet higher than the existing building, and exploratory drawings had been drafted for a four-story building with up to 59 condos to rise on the site.

No word on whether the Falun Gong has any plans to redevelop the site or will keep the gym, pool and clubhouse space in place as a center for members of the movement.

Posted by socketadmin at 10:00 AM | Permalink | Comments (5) | (email story)

March 3, 2014

The Plans To Raze A Hill And Build A Modern Mansion

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Much to the chagrin of a number of neighbors and fans of the modernist movement, permits to raze the 1,700-square-foot, Henry Hill designed house at 65 Villa Terrace and construct a contemporary 6,000-square-foot home on the Clarendon Heights lot have been triaged and are making their way through Planning.

65 Villa Terrace

Having traded for $1,620,000 in 2005, the property was purchased for $1,400,000 in 2010 by Alex Fisher of Fisher Development, the nephew of Donald Fisher. Donald was a real estate developer before co-founding the Gap.

Per the application for the building permit, the estimated cost of construction for the new home is $750,000, the basis off which the permit fees will be calculated and collected by the city. And in the words of a tipster a month ago: "Neighbors have tried to stop [the project] but somehow this one seems to be moving along with planning."

Posted by socketadmin at 12:00 AM | Permalink | Comments (15) | (email story)

February 28, 2014

Cathedral Hill Demolition Watch: No Rooms At The Inn, Offices Next

Our plugged-in photographer reports the old Jack Tar Hotel's event spaces, garage and hotel rooms have mostly been razed and the wrecking crew is staring to work on the remaining office section of the block (click photo to enlarge).

As the Cathedral Hill site looked last month and two months before that. And of course, the rendering for CPMC's Cathedral Hill Hospital that's going to rise on the site.

Posted by socketadmin at 12:15 PM | Permalink | Comments (1) | (email story)

February 18, 2014

They've Literally Struck Gold While Digging Downtown

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

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

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

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

February 7, 2014

Charming 6,000 Square Foot Noe Home Hits The Market For $6.75M

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It was five months ago that we first reported that the modern 6,000 square foot Noe home at 625 Duncan might soon hit the market.

As we reported at the time, the sale "would appear to have been planned prior to last week's ruling against the owners who had requested the Discretionary Review to block the building of 645 Duncan as proposed, characterizing their request as a fight to preserve "the character and charm" of the neighborhood."

Yesterday, the rather spec-tacular house at 625 Duncan was listed for $6,750,000. The property was purchased by the former COO of MobiTV for $5,818,000 in 2008.

∙ Listing: 625 Duncan Street (4/5.5) 5,933 sqft - $6,750,000 [Paragon]
Buyers Of 6,000 Foot Home Now Fight To Preserve "Noe's Charm" [SocketSite]
Request "To Preserve Noe Valley's Character And Charm" Rejected [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (20) | (email story)

January 30, 2014

Nob Hill Neighbors' Appeal Denied, Development Clear To Commence

First St. John's United Methodist Church at Larkin and Clay (Image Source: MapJack.com)

A plugged-in tipster reports that the Nob Hill Neighbors’ appeal to block the development of 1601 Larkin Street was denied by a vote of 4-0 last night, clearing the way for the demolition the dilapidated First St. John's United Methodist Church at the corner of Larkin and Clay and the construction of a five-floor building with 27 dwelling units on the site.

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

January 27, 2014

Remains Of Collapsed Home Hoisted, "Remodeling" To Recommence

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Having collapsed last month, what little remains of the original home at 125 Crown Terrace has been jacked, hoisted, and craned back up the hill a bit.

According to a plugged-in tipster, the remains will be surrounded by new construction and become part of the garage, a supposed city mandate to allow Mel Murphy, the well-connected local developer who once served as president of San Francisco's Building Inspection Commission and was denied a permit to demolish the original structure on the site in order to build an all-new home, to continue with his "remodeling" project.

Once "remodeled," the Twin Peaks home at 125 Crown Terrace will measure 5,139 square feet. As the then closer to 1,000-square-foot home looked a little before its collapse:

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Collapsed Home Was Being "Remodeled" By Prominent Developer [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (20) | (email story)

January 13, 2014

Site Prep For Redesigned 400-Foot Tower On Fremont Is Underway

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With the clock ticking and nine days to spare before their construction permit would have expired, UDR has started preparing the Rincon Hill parcel at 399 Fremont Street for the redesigned 400-foot residential tower to rise on the site with 452 units over parking for 238 cars and 150 bikes.

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A permit to erect the construction crane for the tower has been triaged and is pending.

The Clock Is Ticking For This 400-Foot Tower On Rincon Hill [SocketSite]
399 Fremont: Interim Plans Set To Bloom For The Californian Site [SocketSite]
399 Fremont Scoop: Redesigned And Pursuing Construction Permits [SocketSite]

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

January 7, 2014

Cathedral Hill Demolition Watch And Pictorial Progress Report

Having been chipping away at the back of the old Jack Tar/Cathedral Hill Hotel, bulldozing the interior, and stripping the facade from the southern portion of the building, a plugged-in tipster reports the demolition of the hotel has entered a new phase with the superstructure now being jack hammered away in order to make room for CPMC’s Cathedral Hill Medical Center to rise.

As the hotel looked two months ago (click any of the images to enlarge):

Posted by socketadmin at 11:00 AM | Permalink | Comments (7) | (email story)

December 30, 2013

Demo Approved But Permit To Build 40-Story Tower Suspended

As we reported in September, "with the one-year extension to start work on the 40-story residential building approved to rise at 340 Fremont Street set to expire in two months, the building permit for the 348-unit development has yet to be approved but it is making its way through Planning with the demolition permit to clear the site for construction awaiting a few signatures as well."

340 Fremont Site

Today, the demolition permit to clear the site for the 40-story tower to rise at 340 Fremont Street was approved and it would appear that they're getting ready to rubble. That being said, having been issued last month, the permit to actually build the tower has been appealed and suspended.

Posted by socketadmin at 3:15 PM | Permalink | Comments (8) | (email story)

December 26, 2013

Rolling Out The Rolls To Move A Mansion By The End Of The Year

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Positioned as "a glamorous and fun incentive" for agents to move the Herbst Manor over the next couple of weeks, a plugged-in tipster reports that a restored 1962 Rolls Royce Silver Cloud II valued at $50,000 will be included as part of the sale if you're in contract to buy the Pacific Heights mansion by December 31 and close escrow by January 15, 2014.

Posted by socketadmin at 12:00 PM | Permalink | Comments (0) | (email story)

December 17, 2013

A Game Of Remodeling Jenga: Before The Collapse

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It was yesterday morning that a plugged-in neighbor found himself looking up at the approved "remodeling" of 125 Crown Terrace underway and thinking, "that can't be stable." And it wasn't.

Collapsed Home Was Being "Remodeled" By Prominent Developer [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (51) | (email story)

December 12, 2013

Proposal To Immediately Revitalize San Francisco's Pier 38 Picked

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While it hasn't been announced, TMG's proposal for the redevelopment of San Francisco’s Pier 38 has beaten out the competing proposal from San Francisco Waterfront Partners according to a plugged-in tipster.

TMG's proposal emphasized the speed of redevelopment with a plan for the "immediate revitalization of the Pier 38 Bulkhead with a mix of public, office, and maritime uses." The Waterfront Partners' proposal included a tech co-working facility on the second floor of the building at the front of the pier and a beer garden facing the new Brannan Street Wharf.

The Pier 38 buildings have been red tagged as unsafe for occupancy since 2011 when serving as office space for a number of startups and a couple of venture capital firms. The Port's pick of a plan to quickly re-tenant the front part of the pier shouldn’t catch any plugged-in people by surprise.

Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)

November 19, 2013

Is The Identity Of The Castro Under Threat?

With thousands of units under development or already opening their doors along Market Street, and "the impossibly hip Hayes Valley, Mission, and Noe Valley encroaching on all sides," a reader wonders if the identity of the Castro as the center of the Bay Area's LGBTQ scene is "under threat."

A reader eloquently responds:

Cities are living organisms and grow and change and morph. When I came to SF in 1977 the gay hood was Polk Street. This is where the majority of gay bars were, where Halloween took place, etc. And prior to the gay neighborhood being on Polk Street, it was on Broadway near Columbus (which at one time was the Latino immigrant neighborhood, as well as the Basque neighborhood).
Castro became the gay neighborhood when it was filled with cheap run down houses and the Irish homeowners were selling and moving to the burbs, and there was a large influx of gay men with enough money to buy, and a proclivity to improve property. With the advent of AIDs, a lot of vacancies opened up in the Castro, and straight families began moving in.
And yes, young people are settling in Oakland today because that is where the real estate opportunity is. If Oakland were a borough of SF like Brooklyn is a borough of NYC, no one would think anything of it. It is just a reflection of when SF stopped annexing that Oakland is a different city. I am not threatened at all.

Posted by socketadmin at 11:00 AM | Permalink | Comments (41) | (email story)

November 12, 2013

The Destruction Of The Cathedral Hill Hotel

With the demolition of the old Jack Tar/Cathedral Hill Hotel underway in order to make room for CPMC’s Cathedral Hill Medical Center to rise, a plugged-in tipster delivers a few fantastic photos of the hotel's demise. The recreation deck is quickly disappearing, the clubhouse/ballroom is only a shell, and the hotel's swimming pool is history. Click either of the images to enlarge.

Posted by socketadmin at 3:30 PM | Permalink | Comments (5) | (email story)

November 6, 2013

The Fate Of The 8 Washington Street Site: What Happens Now?

Proposed 8 Washinton Site

With voters in San Francisco having overturned the approved plans and increased height for the development of the 8 Washington Street site above and some bad information making the rounds, a rather plugged-in reader summarizes, and editorializes, how we got here and what happens with the proposed development now:

It’s no done deal that the developer can just build an 84' project [on the site]. The project was entitled as designed. It would have to go thru years of redesign, a new [Environmental Impact Report], [and] hearings at every commission that previously approved the prior plan.
The project was initially designed as an 84' project. After 17 months of "community planning" workshops, the community and the Planning Department convinced the developer to step the height up in the back and down in the front. The same people who put [Measure] C on the ballot opposed the 84' project and would probably put that on the ballot, this time saying it should be 40'.
Whether the developer or their financial partners (Calsters) are up for [another battle] remains to be seen. And what other developer would walk into this now? We may have another 10 or 15 years of parking lot and fenced club.

The proposed design for the project back when it was 84 feet in height, note the 28,000-square-foot public park at the northern tip of the site:

8 Washington Rendering

Posted by socketadmin at 12:30 PM | Permalink | Comments (60) | (email story)

September 23, 2013

Request "To Preserve Noe Valley's Character And Charm" Rejected

San Francisco's Planning Commission has voted 7-0 to reject the requested Discretionary Review (DR) for the home to be built at 645 Duncan Street, approving the designs for the new 4,820 square foot Noe Valley home as proposed (click renderings to enlarge).

And while we'll have to consider it a rumor for now, if a plugged-in tipster is correct, the modern 6,000 square foot home next door at 625 Duncan might soon hit the market, a move which would appear to have been planned prior to last week's ruling against the owners who had requested the Discretionary Review to block the building of 645 Duncan as proposed, characterizing their request as a fight to preserve "the character and charm" of the neighborhood.

A Rather Ironic Noe Valley Fight Continues, Decision This Week [SocketSite]
Buyers Of 6,000 Foot Home Now Fight To Preserve "Noe's Charm" [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (39) | (email story)

September 10, 2013

Outer Parkside Block Back On Track For Big Development

Approved for the development of 56 new housing units, 23,000 square feet of commercial space, and an open-air market, the Outer Parkside block fronting Sloat Boulevard between 46th and 47th Avenues had fallen into foreclosure on $4,220,000 loan.

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As we first reported at the beginning of the year:

While the parcels upon which the Aqua Surf Shop, John's Ocean Beach Café and Robert's Motel currently sit between 46th and 47th Avenues were scheduled to hit the courthouse steps last week, a bankruptcy filing has postponed the auction until at least tomorrow and most likely for many more weeks, or months, to come.

And as a plugged-in reader notes, the entire debt has just been paid. We'll keep you plugged-in with respect to the development(s) for the block as rendered below:

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As Proposed To Start Rising At 2800 Sloat And Wawona By 2015 [SocketSite]
Major Outer Parkside Development Site On Sloat Now In Foreclosure [SocketSite]

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

September 5, 2013

Buyers Of 6,000 Foot Home Now Fight To Preserve "Noe's Charm"

625 Duncan Street (www.SocketSite.com)

As we first reported earlier this week, the approved plans for a staggered three-story over garage Noe Valley home to be built at 645 Duncan Street have been challenged by the "Noe Valley Neighbors" who have gathered support for their requested Discretionary Review to overturn the project's approval by characterizing it as "a precedent setting five story single family home in Noe Valley, potentially altering the character and charm of this neighborhood forever."

As we pointed out, the proposed "precedent setting" home would rise adjacent to 625 Duncan Street, the modern 6,000 square foot home above which was built in 2008 and is currently the second most expensive home in the neighborhood having been bought by the former COO of MobiTV for $5,818,000 in 2008.

And as a number of plugged-in readers correctly surmised, the "Noe Valley Neighbors" who filed the Discretionary Review and are campaigning for its support based on their concerns for the "the character and charm" of neighborhood are none other than the owners of 625 Duncan whose charming views to west would just so happen to be blocked by the new home.

A Threat To "The Character And Charm" Of Noe Valley? [SocketSite]
The Spec-tacular 625 Duncan Sells For $5,818,000 In Noe Valley [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (32) | (email story)

September 3, 2013

Growing Pains And Gouging For Electric Vehicles In Mission Bay

When Bosa built the Madrone down in Mission Bay, five electric vehicle (EV) charging stations with two plugs each were installed in the building’s garage for a total of ten potential parking spaces from which EV's, such as a Tesla, can be charged.

While the ten spaces for EV's were a selling point for Bosa’s sales team, they’re now a point of contention amongst some of those who bought. And while the charging stations were originally free to use they are no longer, and the cost of charging an electric vehicle in the building can now be more expensive than an equivalent tank of gas.

According to the Bureau of Labor Statistics, San Francisco households paid an average of $0.228 per kWh for electricity in July. Madrone’s charging stations have been set to charge $1.25 per kWh, around five times the going rate and a rate at which it cost one reader around $80 to fully charge, a cost which is greater than an equivalent amount of gas on a cost per mile basis.

At the same time, there's a battle brewing over even being able to access the building's well-located charging spots. While a number of the coveted spots were originally assigned to owners without electric vehicles, the building's bylaws specified that the spots could be reassigned to owners of electric vehicles as needed. Now that they're needed, however, a number of non-electric vehicle owners have threatened legal action should their coveted spaces be reassigned and their parking space moved.

Posted by socketadmin at 3:15 PM | Permalink | Comments (33) | (email story)

August 21, 2013

Going To The Dogs Over At The New Brannan Street Wharf?

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With the ribbon for San Francisco's Brannan Street Wharf project having been cut last month, has the new park gone to the dogs?

While the Wharf's 400-foot lawn was intended for "informal play," it’s perfect for running a pooch. And while it isn't a designated dog park, the use of it as such by some is keeping others off the grass and raises the question of whether the lawn can effectively serve as an informal play area for both kids and canines.

The count this afternoon: 1 person, 1 pooch and 2 new stations with free pet waste bags.

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

July 24, 2013

A Bit Of Local Love That's About To Be Lost

Recently commissioned to paint for a European pop star whom shall not be named, up and coming local artist Casey O'Connell’s mural The Space Between currently adorns the side of a Glen Park house on Lippard Avenue, a glimpse of which can be caught from the street.

According to a plugged-in tipster, while "Casey paints love," the owners of the home are preparing to paint over the piece. So if you'd love to pay your respects, now is the time.

Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)

July 15, 2013

Construction Watch: Digging Deep And Covering Up On Rincon Hill

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In the words of a camera toting tipster, "Just like in Mike Mulligan and His Steam Shovel, they've dug deep enough over at 45 Lansing that they'll now need a crane to remove the backhoes" from the basement of the 39-story Rincon Hill condo tower to rise.

Quickly rising in the background above, the façade for the 50-story second tower of One Rincon Hill has begun to be hung from its concrete frame:

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Posted by socketadmin at 6:45 AM | Permalink | Comments (10) | (email story)

July 8, 2013

Archeologists Descend On San Francisco Construction Site

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Two weeks ago the ground was first broken for the 655-unit LUMINA to be built at 201 Folsom Street, a joint development between Tishman Speyer and China Vanke.

This weekend, a plugged-in tipster captures the archeologists who have since descended upon the fenced-in parcel, once the site of a ship-dismantling yard run by Charles Hare in the 1850’s before the San Francisco shoreline was in-filled and expanded.

As some might recall, excavation for Tishman’s 650-unit Infinity development across the street was temporarily halted when the bones of the three-masted whaling bark Candace were unearthed back in 2005. There’s no official word on whether the team at 201 Folsom Street has unearthed anything of significance, but we’ll keep you posted and plugged-in.

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Ironically, while China Vanke is the majority equity partner in LUMINA having committed $175 million to its development, Hares' old shipyard only employed Chinese workers, "men on the margins of society at that time, workers who were excluded from most employment."

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

July 3, 2013

More Dirt On Madrone

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

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

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

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

June 19, 2013

Beware The Renderings Of Giants

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

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

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

June 18, 2013

Twin-Towered Folsom Street Development Is Underway

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The ground has been broken, another parking lot is being demised, and Tishman Speyer's twin-towered 201 Folsom Street development of nearly 700 new condos is officially underway.

Posted by socketadmin at 3:00 PM | Permalink | Comments (37) | (email story)

June 14, 2013

New Condos Coming Soon: Corner Of 19th And Valencia Unwrapped

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The newest condo building to rise in the Mission has been unwrapped at the corner of Valencia and 19th streets. As we first reported last year, all 17 units within the 3500 19th Street development will be market rate as the developers elected to fulfill the project’s affordable housing requirement by paying an in lieu fee rather than including BMR units onsite.

As plugged-in people know, the corner parcel upon which the 3500 19th Street development was built was purchased for $1,700,000 at the end of 2011 with firm plans to develop the site having been in the works since 2006.

The development includes 3,000 square feet for retail along the street and 15 parking spaces including two (2) for car share.

Posted by socketadmin at 11:00 AM | Permalink | Comments (47) | (email story)

June 10, 2013

The Unforgettable "Start-Ups: Silicon Valley" Villa

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

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

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

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

377%20Collingwood%20Pool.jpg

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

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

June 4, 2013

CVS's Intense Plans For An Empty Building On 19th Avenue

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Built as an auto showroom, the 32,000 square foot building at the corner of 1900 19th Avenue and Ortega Street has sat empty since 2009 when the US Postal Service vacated, having used the building for a sorting facility for twenty-five years.

For the past two years, CVS has been working on plans to remodel, repurpose and convert the building into a formula retail store (click designs to enlarge).

The building’s loading dock would be converted to retail space, replaced by an on-street loading area along Ortega. Atop the building, a primary parking area would provide 31 parking spaces. A parking lot across the street would be used for accessory parking.

This week, San Francisco's Planning Commission will decided the store’s fate with the Planning Department recommending against the project. A plugged-in reader reports:

The planning staff have recommended disapproval of the project, presumably due to complaints from parents at the school across 19th Ave.
Ironically, a primary reason the staff oppose the location is that Noriega St. "includes four other pharmacies that are located a few blocks away", contradicting their rationale for allowing the [Market] Street location.
It's worth noting that CVS has been doing outreach for the last 2 years and many neighbors are supportive of the project.

While the Planning Department also argues that the "intensity" of the proposed store is out of scale with the small neighborhood commercial district and would "foreclose any opportunity for locally owned neighborhood oriented uses to be developed in the district," the project sponsor notes a national retailer is likely the only type of business capable of financing the development of the "white elephant" building and the existing commercial district "provides virtually no service whatsoever to the neighborhood at large."

If the proposal happens to be approved, CVS plans to file for a building permit as soon as possible with hopes of opening the store by the Spring of 2014.

1900 19th Avenue: CVS Proposal And Conditional Use Hearing [sfplanning.org]
Planning For A CVS: The Designs For 2280 Market Street [SocketSite]

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

May 28, 2013

Full-Court Press Postpones Bay Commission's Opposition To Arena Bill

As proposed, Phil Ting’s Assembly Bill 1273 would revise the existing authorization to develop Pier 30-32 for use as a cruise ship terminal and authorize the Port to approve its development as a multipurpose venue (i.e., the proposed Warriors Arena) instead.

The bill which has already been passed by the Assembly’s Natural Resources, Local Government, and Appropriations committees would effectively bypass the Bay Conservation and Development Commission with respect to oversight of the development of the pier for an arena. As such, the commission's staff is opposed to the bill’s passage.

While the commission was slated to vote on its staff's recommendation to formally oppose Ting's bill, and the commission's meeting wasn't going too well for the Warriors, following a full-court press from the Mayor and local labor leaders, "the commission agreed to simply send a letter to legislators expressing their concerns about the attempted end run - and give the Warriors another month to try to work out their differences over the arena project with the commission's staff."

Pier 30-32 Revitalization Act Aims To Clear The Way For The Warriors [SocketSite]
Redesigned Warriors Arena Unveiled: A Peek Inside And Out [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (15) | (email story)

May 23, 2013

Miraloma Park Remodeled, Reviewed, And Record In The Works?

535%20Teresita%20Boulevard.jpg

Purchased for $890,000 six months ago having been listed as a fixer for $895,000 with four bedrooms and 2,332 square feet, the Miraloma Park home at 535 Teresita Boulevard has returned to the market as a renovated five-bedroom home with 3,184 square feet.

535%20Teresita%20Boulevard%20Side.jpg

A few pros, cons, and "eye catchers" for the property by way of a plugged-in Miraloma Park homeowner who has taken a tour and is keeping a close eye on the listing:

535%20Teresita%20Boulevard%20Kitchen.jpg

Pros: Newly renovated; 5 bedrooms, some en-suite; large family room; good for entertaining with easy access to level back yard; attractive landscaping; close to transportation – freeways and public transit; decent Bay and downtown views.
Cons: Relatively small kitchen, bedrooms, living room and dining room for a five-bedroom home; limited storage in the kitchen and one-car garage; questionable remodeling choices (vinyl windows, front steps, cable deck railing on a Tudor House); busy street.
Eye Catchers (flashy, but only an asset if they are what you are looking for): Pot filler over the stove; wet bar and "wine cellar."

535%20Teresita%20Boulevard%20Wet%20Bar.jpg

The most expensive Miraloma Park home sale to date is 321 Marietta Drive which sold for $1,488,000 in early 2009 with five bedrooms and 4,170 square feet. The asking price for the remodeled 535 Teresita Boulevard is $1,699,000.

And of course, as 535 Teresita looked before the remodel:

535%20Teresita%20Boulevard%20Befor.jpg

∙ Listing: 535 Teresita Boulevard (5/4.5) - $1,699,000 [535teresita.com]

Posted by socketadmin at 1:00 PM | Permalink | Comments (9) | (email story)

May 17, 2013

How A Noe Valley Trophy House And Neighborhood Median Grow

739%2027th%20Street%202013.jpg

Having sold for $1,252,000 in April of 2007, the 992 square foot pre-war Noe Valley home at 739 27th Street resold to a contractor for $1,150,000 this past August.

With approved plans to officially "remodel and expand" the Westlake modern style home (moving the garage, adding a story, and building into the rear yard), according to a plugged-in tipster, the demolition commences today.

Also according to our tipster, the plan for 739 27th Street includes new view suites, an elevator, a wine cellar, and a three car garage with the developer shooting for a sale price of over $4 million when the "trophy house with a view" is finished.

And that's exactly how a median price can grow despite an apples-to-apples decline.

San Francisco Home Sales Well Above Average In April [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (24) | (email story)

May 16, 2013

San Francisco's Dying Palms Problem Could Have Been Avoided

Embarcadero%20Palm%20Trees.jpg

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

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

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

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

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

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

May 13, 2013

Preparing For The Construction Of 201 Folsom Street

390%20Main%20Construction.jpg

While the building permits for 201 Folsom haven’t yet been issued, they’re getting closer. And as a tipster captures, they've begun demolition of the outdoor steps that provided sidewalk access to the old post office at 390 Main Street in order to install new access barriers, corridors and a ramp in preparation for the construction of 201 Folsom to begin.

201 Folsom Arquitectonica Design

Timing For Tishman’s 201 Folsom Street Towers: Imminent [SocketSite]
The Arquitectonica Redesigned 201 Folsom Street Rendering Scoop [SocketSite]

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

May 10, 2013

A Cool Noe Breeze Or Conscientious Repricing Strategy?

3961%2025th%202013.jpg

Purchased for $2,850,000 in June of 2009, the contemporary Noe Valley home "with a conscience" at 3961 25th Street returned to the market ten days ago listed for $3,299,000. In the words of a plugged-in Noe Valley resident at the time:

"I would very tentatively say that Noe is cooling off just a tad. It is still hot, just not hot, hot, hot."

Last night, the list price for 3961 25th Street was reduced by $400,000 (12 percent), now asking $2,899,000 or two percent over its 2009 sale price on an apples-to-apples basis.

The House With A Conscience Returns [SocketSite]

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

May 9, 2013

Starbucks' Market Street Plan Shot Down By Planning

2201%20Market%20Street%20Design%20x.gif

Following the Planning Department's recommendation and reasoning, San Francisco’s Planning Commission has voted 5 to 1 against Starbucks' proposal to take over the retail space at 2201 Market Street at the corner of Sanchez in the Castro.

The Designs For 2201 Market Street And Great Starbucks Divide [SocketSite]

Posted by socketadmin at 9:45 PM | Permalink | Comments (64) | (email story)

April 30, 2013

The House With A Conscience Returns

3961%2025th%202013.jpg

From the plugged-in reader who purchased the Noe Valley "house with a conscience" at 3961 25th Street for $2,850,000 back in June of 2009:

Fun to read all of your comments, I bought the house and am very happy.
For me it was the location (flat and close to 24th street, the gym/shopping) and the family friendly part that was the appeal. The Green part was nice but did not really register as all that significant.
I think the quality is beautiful and obviously love the lay out. Children can access the yard from the main floor of the house & that is very appealing. I have seen all of the houses mentioned on the blog but was really taken by this one.

The four-bedroom home has just returned to the market listed for $3,299,000.

3961%2025th%202013%20Living.jpg

We're still fans, especially of the indoor/outdoor living and deck action we noted before:

3961%2025th%202013%20Deck.jpg

∙ Listing: 3961 25th Street (4/3.5) - $3,299,000 [3961-25thstreet.com]
A Noe "House With A Conscience" (And Listing Lob): 3961 25th Street [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (13) | (email story)

April 18, 2013

The Brand New House Built Without A Legal Way To Reach It

1410%20Stanyan%204-13.jpg

Despite neighbors' objections, the construction of 1410 Stanyan Street was approved for development and finished last year, "pushed, squeezed [and] shoehorned into the space between two existing homes," one on Clarendon and the other on Mountain Spring Ave.

1410 Stanyan Site

The green space in front of the property is an undeveloped and currently unbuildable stretch of Stanyan Street and upon which the owner of 1410 Stanyan is now seeking his neighbors' support to build a driveway. For as it stands, there's currently no legal way to access the property which was on the market last year for $2.5 million, not even by foot.

A plugged-in tipster explains the situation and dishes on the heated community meetings regarding access to the house and parking around the neighborhood:

The owner of 1410 Stanyan wanted to construct a driveway to Clarendon Street when he was building the house, but in view of strong neighborhood opposition and a technicality whereby he apparently did not involve the right City departments, it never happened. Instead, it appears that the only approved access to the house is via a staircase up to Mountain Spring Avenue which some neighbors said the owner got by way of some kind of exchange with the neighbor above to limit his building height so as not to obstruct that person's views.
It appears, however, that the staircase to Mountain Spring, despite being approved, was never built. At the same time, many of the Mountain Spring neighbors have expressed opposition to building the staircase as they seem concerned with the prospect that UCSF people will catch onto its existence and start using Mountain Spring -- normally a quiet street -- for parking. Apparently the UCSF people already use Clarendon for parking, annoying many residents of Clarendon and the Stanyan Steps north of Clarendon.
Instead of the staircase to Mountain Spring, access to 1410 Stanyan is currently via a dirt footpath through that stretch of undeveloped Stanyan Street to the house. Many neighbors have contended at the meetings that the dirt path is illegal, which it may be. Some neighbors have also said the path is both dangerous and an eyesore.
Community meetings held by the owner of 1410 Stanyan, the first of which was thinly veiled as a proposal to build a "community garden," have been a spectacle. The neighbors have been extremely hostile toward the owner, yelling and calling him names like "scofflaw" and "liar" right to his face. Some of the neighbors have also been directing apparent anger toward each other, shouting things like "shut up" and "stop acting like children."

The path to the house does appear to have been built without the benefit of any permit and encroaches on the public right of way. As such, however, the Department of Building Inspection has passed the buck on a number of complaints as "any work performed on the public right of way is under the jurisdiction of the Department of Public Works."

1410 Stanyan Path

Amazing Infill: Pushed, Squeezed And Shoehorned Onto Stanyan [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (37) | (email story)

April 10, 2013

Bidding Is Back In Style On San Francisco’s Courthouse Steps

To the chagrin of those who had been colluding to rig the outcome of foreclosure auctions in San Francisco, actual bidding is back in style on the courthouse steps.

Purchased for $532,000 in June of 2000, the single-family Central Sunset home at 1879 23rd Avenue was foreclosed upon and hit the courthouse steps yesterday with an opening bid of $386,409. As a plugged-in tipster notes, the property sold for $632,700.

The San Francisco Foreclosure Rigging Four [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (3) | (email story)

April 3, 2013

45 Lansing Ready To Start Rising 39 Stories On Rincon Hill

45 Lansing Rendering 2011

As we first reported this past December with respect to the 39-story Rincon Hill tower set to rise at 45 Lansing Street:

According to a plugged-in source, Build Group has been selected as the general contractor for the construction of the 39-story tower to rise at 45 Lansing [and] with construction permits in hand…the butterflies will likely soon be evicted from the Lansing Street Pollinator Garden on the site.

The butterfly garden has been plowed over; a sign for long-term, reserved construction parking has been hung on the fence; and the heavy equipment is on the way.

45 Lansing: Site (www.SocketSite.com)

Butterflies Facing Eviction As 45 Lansing Lands A General Contractor [SocketSite]
45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]
Permit Issued For 39 Stories And 320 Condos At 45 Lansing To Rise [SocketSite]
‘∙ 45 Lansing: Busy As For The Bees As Another Extension Is Expected [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (10) | (email story)

March 21, 2013

Letting Go Of A Nostalgic Notion And Mixing It Up In San Francisco

344%20Fulton%20Rendering%20Fulton.jpg

Designed to be built with a black tile façade, the Planning Department requested the architects change the color scheme of the proposed building to rise at the corner of Fulton and Gough in order to win the Department's support and recommendation.

344%20Fulton%20Rendering%20Fulton%20White.jpg

Having gone ahead and presented both designs to the Planning Commission, architect David Baker reports on the outcome:

The San Francisco Planning Commission agreed with us on the darker corner and overruled the Planning Department. It should be clear that most of the building will be a light color: just this corner is darker, a variegated gloss glazed clay tile. The sunshades are anodized perforated aluminum. The gloss finish on the curve will produce a dynamic shifting highlight.
The notion that San Francisco is a city of white buildings is nostalgic, and might have been true at some time in the past. The actual condition is quite diverse with great variation in tonal value. Personally I like things mixed up a bit.

We couldn't agree more. In fact, we wouldn’t mind seeing the mixing of even more styles and truly modern design(s) throughout San Francisco.

344%20Fulton%20Rendering%20Gough.jpg

Black And White In Hayes Valley And In The Ayes Of Planning [SocketSite]
A New Hayes Valley Home For The Boys & Girls (And Adults) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (23) | (email story)

March 12, 2013

The Price Of For Being Evicted In Pacific Heights

Speaking of a potential Owner Move In (OMI) eviction, a reader reports and asks:

I’m being evicted for OMI in Pac Heights after 8 years in the building. Been offered $8k above statutory buyout amounts and will have to leave SF after 20 years. Anyone got any firsthand knowledge about what is a current market offer to accept under the circumstances?

For eviction notices served between 3/1/13 to 2/28/14, the statutory relocation amount due per evicted tenant in San Francisco is $5,207 with a maximum of $15,621 per unit plus $3,472 per elderly or disabled tenant or household with minor child(ren).

As they say, hate the game, not the players. And if you're going to play, play to the best of your abilities but do try to follow the rules.

Circa 2001 In The Sunset But With Tenants Currently In Place [SocketSite]
Relocation Payments for Evictions [sfrb.org]
Landlord or Owner Move In Evictions [sftu.org]

Posted by socketadmin at 2:15 PM | Permalink | Comments (96) | (email story)

March 1, 2013

The Rebuilt Façade Of 1436 Sanchez Street Today And Before

1436 Sanchez Facade (www.SocketSite.com)

With 83 photos on the marketing site for the rebuilt Victorian at 1436 Sanchez Street but nary a one of the façade, a plugged-in reader delivers a photo taken today "on a rare foggy morning in this part of Noe Valley." And as the facade looked before:

1436 Sanchez Before

UPDATE: In the words of another reader, "Now 86 images and #43 is the front."

1436 Sanchez Facade

Comments: Noe Valley Victorian Aims To Be SF's Eighth LEED Platinum Home [SocketSite]

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

February 26, 2013

Should Our Planning Commission Dictate Which Businesses Survive?

As we first reported, while San Francisco’s Planning Department backs the proposal to convert the Pacific Sales building at 975 Bryant into a Orchard Supply Hardware store, noting that the project "is desirable for, and compatible with the surrounding neighborhood," would "[improve] the pedestrian experience along Bryant Street" and "meets all applicable requirements of the Planning Code," following public testimony, San Francisco’s Planning Commission adopted a motion of Intent to Disapprove the project.

Who are the NIMBYs with which the Planning Commission is siding and for whom they intend to block the compatible project? A plugged-in reader reports:

The majority of comments were from various business owners (Cole Hardware, Builder Supply, Center Hardware, etc.) who expressed their usual concerns about how formula retail will put them out of business and change the face of San Francisco forever.
The owner of Cole Hardware claimed his business went down 25% after Lowes opened on Bayshore -- (in the middle of the recession). The owner of Center claims his Saturday business is still down 20%. Of course there's no way to check their numbers and Center has so little weekend business they don't even open on Sunday.
The best comment from a commissioner: "We're trying to save ourselves from ourselves" referring to people who say they want to support locally owned businesses but drive to Home Depot anyway.

Should it be the role of San Francisco’s Planning Commission to decide and dictate which businesses in San Francisco deserve protection from their competition and their customers as well?

Orchard Supply Hardware Coming To SoMa If Approved [SocketSite]
No Valentine’s Day Love For Orchard Supply Hardware In SF [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (13) | (email story)

February 15, 2013

An Eleven Million Dollar Mansion Is Under Wraps Above The Haight

181 Buena Vista Avenue East (www.SocketSite.com)

Former United States Ambassador James Hormel quietly sold his 8,000 square foot San Francisco mansion at 181 Buena Vista Avenue East for $7,200,000 early last year.

While Hormel extensively remodeled and expanded the Buena Vista mansion which sits on a massive 13,555 square foot lot in the late 1980’s, the home is now undergoing a complete interior transformation led by Butler Armsden Architects.

181 Buena Vista Avenue East Aerial

And while the cost of the renovation per the building permits totals $775,000, rumor has it that the budget for the project is actually closer to $4 million, a budget which might include the 24 hour security detail that has been trying to keep the renovation under wraps.

With respect to the new owner of 181 Buena Vista Avenue East, according to our sources that would be the co-founder of Pivotal Labs which was acquired by EMC in an all cash deal two months before the pad was purchased in an all cash deal as well.

Posted by socketadmin at 2:30 PM | Permalink | Comments (15) | (email story)

February 11, 2013

Café Cocomo's Dancing Days Are Numbered, Condos Coming Soon?

Cafe%20Cocomo%20-%20650%20Indiana.jpg

A plugged-in tipster first put the pieces together. And now, our sources confirm the proposal which suggests that Café Cocomo’s dancing days at 650 Indiana are numbered.

The Potrero Hill parcel upon which Café Cocomo sits and includes 630, 666, and 698 Indiana Street was purchased by 650 Indiana Investment, LLC last year. While members of the LLC are hidden, a business address associated with 650 Indiana Investment just so happens to be 315 Linden, the office of developer Build Inc.

While not yet permitted nor approved, according to our sources a proposal has quietly been pitched to San Francisco’s Planning Department with plans to build residential units on the site with ground floor retail and no mention of a replacement club. The site is currently zoned for development up to 58 feet in height.

Posted by socketadmin at 11:30 AM | Permalink | Comments (6) | (email story)

February 7, 2013

San Francisco's Condominium Conversion Lottery Results 2013

While San Francisco’s Land Use Committee couldn’t reach a decision and decided to delay their vote on the proposed condo conversion lottery bypass for another month in hopes of finding an undefined compromise that would satisfy both proponents and opponents of the proposed legislation, San Francisco’s Department of Public Works has drawn the lucky 200 winners and standby list for San Francisco’s 2013 Condominium Lottery.

We're still working on the official numbers, but according to our sources around 2,500 units entered the lottery this time around, including at least one belonging to a plugged-in reader who has entered eight years in a row, has yet to win, and remains stuck with a TIC loan he hasn't been able to refinance.

∙ San Francisco Condominium Lottery 2013 Results: Winner List | Standby List
A Clash Over Condo Conversions At City Hall [SocketSite] 
The Devilish Details For Bypassing SF's Condo Conversion Lottery [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (32) | (email story)

February 1, 2013

How To (Illegally) Turn A Powder Room Into A "Legal" Full Bath

From the comments regarding the right way to report unpermitted work in San Francisco:

"I've seen plenty of rehab projects that were dressed up for inspection, and converted after sign off from [the Department of Building Inspection] - for example, a "powder room" with a disallowed shower stall hidden behind a wall of sheet rock. Inspector signs off, contractor knocks down the sheet rock, and *voila* we have an illegal full bath, with the appearance of being permitted and approved by the city."

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

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

January 30, 2013

Is NoPa Being Wrongly Targeted With Reduced Parking/Traffic Lanes?

Citizen%20NoPa%20Flyer.jpg

Last night "Citizen NoPa" papered parked cars on the streets of NoPa in an attempt to rally new opposition to the proposed redesign of Masonic Avenue and loss of 167 on-street parking spaces, a redesign which was approved by the SFMTA last year and shouldn’t be catching any plugged-in people by surprise.

The flyer leads a NoPa resident who’s now starting to feel that her neighborhood is unfairly being targeted to wonder, "Is it right to reduce traffic lanes and parking and then also approve a new Target store in the same area?"

The construction work on said City Center CityTarget at the corner of Masonic and Geary has commenced and is currently slated for an October 2013 opening.

New Design For Masonic Avenue To Be Approved This Afternoon [SocketSite]
City Center CityTarget Officially Slated For October 2013 Opening [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (128) | (email story)

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

In our inbox this morning:

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

Readers?

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

January 29, 2013

72 Townsend Development Dusted Off And Set To Start Construction

72%20Townsend%20Existing.jpg

In 2009 the proposed developer of 74 approved units at 64/72 Townsend filed for bankruptcy. And in 2011, the existing office space at 72 Townsend was leased to Federated Media which was expected to delay any development by at least 5 years.

72 Townsend Rendering

The building permits to add seven stories and seventy-four units atop the existing 31-foot building were quietly reinstated at the end of last year. And if a plugged-in reader is correct, construction should commence in March and be completed by the end of 2014.

72 Townsend: So Close, But Yet So Far For 74 Approved Units [SocketSite]
178 Townsend Moves Forward While 72 Townsend Leases Instead [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (13) | (email story)

January 28, 2013

Apple Has Reportedly Set Their Sights On This Castro Street Site

400 Castro Street

The word on the street is a 50% jump in rent was to blame for effectively chasing Diesel from their 400 Castro Street location at the corner of Market. And if a plugged-in tipster is correct, Apple has their sights set on the space with plans to develop the old Bank of America building into an iconic Apple Store which would be the fourth in San Francisco.

As Apple hasn’t commented, we'll have to consider it a rumor for now.

UPDATE (1/30): Apple Rumor Busted But In Part Confirmed As Well.

Posted by socketadmin at 2:00 PM | Permalink | Comments (40) | (email story)

ACT(ing) Out: 970 Market Street Site Hits The Market Sans An Arts Use

970 Market Street Site

Over the past two years, the Tenderloin Economic Development Project (TEDP) has been advocating to secure the three Mid-Market parcels between 966 and 974 Market Street for the development of an "arts & education facility with retail, restaurant and residential uses" with the American Conservatory Theater (A.C.T.) as a partner.

Having been in negotiations with the Loan Star Fund, the Dallas based hedge fund which acquired the parcels out of distress a few years ago, and having seemingly secured a soft agreement to incorporate TEDP’s arts and education vision into any development, Lone Star suddenly went silent at the end of last year and quietly listed the parcels for sale as "970 Market Street" with bids due by February 15, 2013.

While not yet entitled for development, the offering memorandum for the 25,557 square foot site with over 100 feet of Market Street retail frontage notes "the potential for over 250 residential units or over 250,000 gross square feet of office and retail space."

970 Market Street Rendering

From the Tenderloin Economic Development Project’s Executive Director, Elvin Padilla:

In response to TEDP’s confronting the hedge fund over bad faith negotiation practices the mayor [has] decided to host a breakfast with developers that may be interested in the site to impress upon them the importance of and the city’s support for arts & culture.

The breakfast meeting is scheduled for this Wednesday.

Posted by socketadmin at 11:45 AM | Permalink | Comments (1) | (email story)

January 2, 2013

Welcome Back To Bernal Flipper Fixer Heights

15 Nebraska

As we first reported in October:

We don’t consider development projects like 455 Prentiss to be flips. The quick resale of 15 Nebraska, however, fits the flipping bill. In the words of a plugged-in tipster with respect to the Bernal property which sold for $660,000 this past July (i.e., three months ago): ”Sellers stayed in the home for a month or two after closing. Sellers finally moved out maybe 2 or 3 weeks ago and all the buyer did was repair floors, install some windows, very inexpensively update kitchen and a bath, and paint…”
The 1,610 square foot home at 15 Nebraska with an unwarranted cottage out back has just been listed for $799,000 with "offers to be reviewed on 10/30 by 5pm" and no recent permits for any substantive work online.

Having closed escrow with a reported contract price of $792,500 on December 27, a permit to replace the foundation of 15 Nebraska was issued on December 28 and there’s now "a stack of lumber in the driveway and…work being done in the garage level" according to a tipster.

Filed today, an anonymous complaint citing "significant work being done at [15 Nebraska] without a permit." As always, we’ll keep you posted and plugged-in.

Welcome back to Bernal Flipper Heights [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (20) | (email story)

December 24, 2012

From David Sacks With Respect To 2845 Broadway (And SocketSite)

Straight from David Sacks with respect to the sale of 2845 Broadway which we first reported having sold for $20,000,000 last month but Trulia just reported having sold for $34,500,000 with "a portion of the sale...recorded as alternative personal property for tax reasons" according to their "in-the-know" sources:

There's no "tax tomfoolery". You correctly reported the sale price of 2845 Broadway when you checked the public records. Trulia didn't bother to. It's just sloppy reporting on their part. As the publication that appears to do actual research and fact-checking, rather than just quoting unnamed sources, you should have stuck to your guns and stood by your original story.
That said, I remain a fan of your blog.

Cheers and agreed, but we've always stood by our due dilligence and story. As we wrote yesterday, "we have reviewed the public records which pegs the recorded sale price at $20,000,000...which begs the question, if the "in-the-know" sale price Truila is reporting is correct...," a question that is now moot.

More Yammerings And Apparent Tax Tomfoolery [SocketSite]
The Massive 2845 Broadway Misses The Mark And Record Books [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (7) | (email story)

December 20, 2012

Pincus Plans To Go Underground In Pacific Heights

2950 Pacific

What do you do when your Pacific Heights house is listed as a historic resource but you really want to expand and remodel? If you’re Mark Pincus, apparently you plan to go underground, quite literally (and perhaps a bit figuratively as well).

Having purchased the seven bedroom Pacific Heights property that’s perched on the south side of the 2800 block of Broadway but with a Pacific Avenue address earlier this year, Pincus has drawn up plans to renovate the property. And according to a plugged-in tipster, the plans "include a significant new multilevel concrete structure below the existing house."

Zynga's Business Is Now Worth Less Than Its Building [SocketSite]
While Zynga Trades Down, Pincus Trades Up [SocketSite]

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

December 18, 2012

Butterflies Facing Eviction As 45 Lansing Lands A General Contractor

45 Lansing: Site (www.SocketSite.com)

According to a plugged-in source, Build Group has been selected as the general contractor for the construction of the 39-story tower to rise at 45 Lansing.

45 Lansing Rendering 2011

With construction permits in hand, as we first reported last month, the butterflies will likely soon be evicted from the Lansing Street Pollinator Garden on the site.

45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]
Permit Issued For 39 Stories And 320 Condos At 45 Lansing To Rise [SocketSite]
‘∙ 45 Lansing: Busy As For The Bees As Another Extension Is Expected [SocketSite]

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

December 17, 2012

Putting Lipstick On The Red-Tagged Pig Of Pier 38?

Pier 38

Bids to rehabilitate the Pier 38 bulkhead structure and a portion of the Pier 38 shed, the pier from which a whole host of startups and two venture capital firms were evicted last year, are now being sought with a deadline of February 22, 2013 to respond.

From a plugged-in tipster who attended the pre-bid conference last week and questions the Ports direction and approach:

The Port Commission directed the Port staff to get the front part of the pier (the "bulkhead building") re-tenanted as soon as possible. If the Port had recovered from the previous tenant debacle and resolved two issues - litigation over an outstanding loan against the previous lessee and the removal of three boats parked illegally at Pier 38 - they could conceivably move forward with developing the whole pier.
As it stands, it’s kind of half-baked (at the direction of the Port) because respondents are being asked to develop the front of something while kind of ignoring the back half. Oh, and the respondents can "optionally" submit qualifications for developing the whole pier.

In the opinion of our tipster, the Port "should seek resolution on the outstanding issues so Port staff can create a complete development package, rather than put lipstick on a pig through a large tenant improvement." Feel free to proffer an opinion of your own.

Pier 38 Bulkhead Rehabilitation Project RFP [sfgov.org]

Posted by socketadmin at 7:45 AM | Permalink | Comments (2) | (email story)

November 14, 2012

Year-Over-Year For A Corona Heights Condo

219 States Street

As we originally wrote last month with respect to the apples-to-apples sale of 219 States Street in the works:

Condo converted in early 2011, the upper level two-bedroom condo at 219 States Street hit the market a year ago listed for $1,129,000 and sold for $1,025,000 this past December.
While the red oak floors might have been refinished, the condition of the Corona Heights condo is otherwise the same as ten months ago and it's back on the market and listed for $1,049,000, Gangnam apples-to-apples style. Calling all Psy-chics to predict the close...

On the record with a prediction of roughly $1,194,786, a plugged-in "sunset guy" dances away with bragging rights as the sale of 219 States Street closed escrow today with a reported contract price of $1,175,000 ($695 per square foot), up 15 percent over the past eleven months and within two percent of our guy’s prediction.

Calling All Psy-chics: Apples-To-Apples On States [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (0) | (email story)

November 2, 2012

Family And Contractor Friendly In Noe Valley The Castro

257 Collingwood

The 2,900 square foot house at 257 Collingwood was purchased for $1,650,000 in 2007. Four months ago, plans to remodel, raise the house, expand to 4,100 square feet and add a missing garage were approved with an estimated project cost of $660,000.

In the words and opinion of a tipster:

It’s a great big, gracious house, really beautiful place. But it’s awkward for the market [in its current state and] a 5BR family friendly house in the Castro, if that even matters anymore (in the old days I always used to find these kind of houses labeled "Noe Valley" in the newspaper ads, just to lure in the right demographic).

Also noted by our tipster, the owner is actually a contractor who is now selling the place as-is and asking $2,170,000. And yes, despite 32 listing photos, there isn’t a single picture of the current kitchen (see paragraph above with respect to the plans to remodel).

∙ Listing: 257 Collingwood (5/3) 2,931 sqft - $2,170,000 [257collingwood.com]

Posted by socketadmin at 9:15 AM | Permalink | Comments (30) | (email story)

October 31, 2012

Trinity Place Phase Two: Timing And Reality Check

Trinity Place Phase 2: 10/2012 (www.SocketSite.com)

As originally designed, approved, and rendered, the 22-story second phase of Trinity Place rising at 1190 Mission Street was to feature a glass and aluminum curtain wall wrapping around its base on the corner of 8th Street with a precast concrete exterior above.

Trinity Phase Two Rendering: Original

As a number of plugged-in readers have noticed, however, the design was quietly revised and the glass and aluminum curtain wall that was to grace the corner of 8th Street and the first few floors of the building appears to have been "value engineered" away.

The revised rendering for Phase Two of Trinity Place that we uncovered but hasn't been published by either Arquitectonica or the developer:

Trinity Phase Two: Revised Rendering

While the revised corner finish might seem like a minor detail, it calls into question whether or not the two "holes" along 8th Street have been value engineered away as well.

Trinity Place Phases 2010

The construction along 8th doesn't appear to support Arquitectonica's holey design.

Trinity%20Place%20Phase%202%20-%208th%20Street.jpg

Regardless, the 418 residential units in Phase Two of Trinity Place, mostly one-bedrooms, are currently scheduled to be completed and ready for occupany in the summer of 2013.

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

Trinity Place Opens Up Under Cloudy Skies But Sunny Dispositions [SocketSite]
Trinity Plaza: Just One Signature (And Around Three Years) To Go [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (52) | (email story)

October 17, 2012

It's 2001 Era Technology (But Not Prices) Over At Madrone

Madrone Rendering

Last night’s celebratory meeting for buyers of condos over at Madrone in South Mission Bay took a turn for the worse when the topic of technology was raised. From a plugged-in attendee of the meeting hosted by Bosa Development:

During the question & answer portion of the meeting, it became apparent to the homeowners that Bosa did not wire the complex for satellite TV. It also did not wire the complex for webpass / ethernet internet. The meeting was supposed to have a celebratory feeling, but it quickly turned cantankerous.
Homeowners were dumbfounded as to why in 2012, this complex wouldn't have been wired for this day and age, especially since all other high rises in the area have these technology options....even the Beacon. The Bosa San Francisco Vice President responded that the reason for this was because the Madrone was actually designed in 2001 and those technologies weren't available in 2001. Of course, this just angered the audience all the more.

One homeowner in the audience suggested that since they bought a 2001 design, perhaps they should be paying 2001 prices, a suggestion to which Bosa didn't take too kindly.

Madrone: T-Minus Two Months To Official Grand Opening [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (33) | (email story)

October 12, 2012

The Most Expensive Home Ever Sold In San Francisco Is...

2845 Broadway

While the listing for 2845 Broadway at $38,500,000 was quietly removed from the MLS without a reported sale last week, as a tipster notes, the unfinished Gold Coast property which is currently owned by the Sperlings is actually under contract to be sold.

As plugged-in people know, the site upon which 2845 Broadway was built was purchased for $32 million in 2002, the cost of construction for the 17,500 square foot main home and 6,000 square foot guest house has already reached roughly $20 million, and the "buzz among brokers" is that it will cost another $8-16 million to finish the build.

2845 Broadway: Interior

Originally listed for $65,000,000 in 2006, if the sale of 2845 Broadway closes within 14 percent of its most recent list price it will be the most expensive home ever sold in San Francisco, relegating 2840 Broadway to the penultimate position at $33,000,000.

In terms of the buyer, we haven't yet been able to confirm, but as always, we'll keep you posted and plugged-in.

The $65,000,000 House [SocketSite]
Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway [SocketSite]
Behind The Sperling’s Shocking "Sale" Of 2323 Hyde For $9,000,000 [SocketSite]
The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (24) | (email story)

October 9, 2012

A Penthouse Monopoly And Moving On Up From Pacific Heights

1170 Sacramento #19B View

As a plugged-in reader wrote when we first reported that 1170 Sacramento #19B was in contract having been listed for $6 million or $3,000 per square foot:

No doubt the new owner is the same First Republic Bank exec that swooped up PH A and C. Both within the last year. Now he can build out a full floor penthouse mecca. Who else would have paid the over-the-top asking price? Only someone that had to have it.

As we reported after the deed was recorded and the sale very quietly closed escrow at $5,565,500 (a record $2,784 per square foot), the buyer was, in fact, the aforementioned First Republic Bank Chairman and CEO that had to have it and now owns the entire floor.

And as a plugged-in reader presciently commented eight months ago:

I wouldn't be surprised if [a top agent] ends up with a nice view listing on Vallejo in a year or so. I don't know the family well, but 10 years ago I ended up at a Christmas sing along party at the Vallejo house and didn't spend much time singing in the front room with the piano since the view at the back of the home was just amazing...

While not yet listed, the CEO's home at 2636 Vallejo is now on the market and asking $11,500,000 for the 7,050 square foot house with big bay views out the back.

2636%20Vallejo%20View.jpg

∙ Listing: 2636 Vallejo (7/5.5) 7,050 sqft - $11,500,000 [2636vallejo.com]
Scoop: A Record $3,000 Per Square Foot In San Francisco Within Sight [SocketSite]
Shooting For A Record $3,000 Per Square In San Francisco [SocketSite]
The Shell Of The Northern Penthouse Atop 1170 Sacramento Sells [SocketSite]
A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned [SocketSite]

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

October 3, 2012

Sweat Equity In Action For A 630 Square Foot Single-Family Home

169 Yukon: Before And After

The resale of 169 Yukon Street isn’t going to be "apples-to-apples" but rather sweat equity in action as the property’s parking pad has been extended, fifty-five feet of new foundation has been poured, and the interior has been reconfigured and remodeled since the little Eureka Valley cottage was purchased for $519,000 in need of work last year.

169 Yukon Kitchen 2012

As a reader who had the cottage in contract notes, the sale of the 630 square foot single-family home is pending having been listed for $699,000. As the kitchen looked before:

169 Yukon Kitchen 2011

Into Contract After Four One Month On The Market For 169 Yukon? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (4) | (email story)

September 28, 2012

Five Stories And Nineteen Studios Ready To Rise At 246 Ritch Street

246 Ritch Street Rendering

Approved for development in 2009, a plugged-in reader reports the 4,130 square foot lot at 246 Ritch Street has been excavated. As plugged-in people know, it’s a five-story, 50-foot tall building with 19 residential units averaging 350 square feet a piece that's going to rise on the site with a garage for four cars and ten bikes on the ground floor:

246%20Ritch%20Cross%20Section.jpg

At 350 square feet per unit, that's a luxurious sixty percent larger than the minimum legal living space in San Francisco as proposed.

246 Ritch Street Third Floor Plan

The Designs For 246 Ritch Street: From SLI To SRO As Proposed [SocketSite]
A Big Vote For Micro-Units In San Francisco [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (0) | (email story)

480 Potrero Avenue: Designs for 84 Condos, But No Commercial Space

480 Potrero Rendering Revised

While the proposed number of residential units to rise at 480 Potrero Avenue is 84, as a plugged-in reader correctly reports, the developer has scratched plans for 13,000 square feet of commercial space on the ground floor and the design has been tweaked.

Comments: Designs For 84 Condos At The Corner Of Potrero And Mariposa [SocketSite]

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

September 19, 2012

Oh Thank Heaven For The Renovation Of 220 Battery

220 Battery

The little building at 220 Battery Street is owned by the Japanese company Kokubu Kensetsu Kogyo. And in the words of a plugged-in tipster, the building has been more or less "used as a public toilet since FedEx moved out."

Currently under renovation, it’s not a new tech company that’s moving in. In fact, they’re converting the space from office to retail. And if our tipster is correct, it’s a 7-Eleven that will fill the space and pump out copious amounts of snacks, sugar and caffeine.

There are over 1,700 7-Elevens in Tokyo and more stores in Japan (roughly 13,000) than in any other country. We counted fourteen in San Francisco.

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

September 14, 2012

Airbnb: A Hit List For San Francisco Landlords Too

As we first noted in April, according to San Francisco Administrative Code Chapter 41A, it is "unlawful for any owner to offer an apartment unit for rent for tourist or transient use," defined as "occupancy for less than a 30-day term of tenancy."

From a renting reader yesterday who had used airbnb to sublet her apartment for transient use: "I've just got [an] eviction notice from my landlord citing Chapter41A!"

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Clarifying, And Perhaps Even Enforcing, Existing Rental Laws In SF [SocketSite]

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

September 13, 2012

A History Of Property Tax Appeals In SF And Tip To Save $30

From 1999 to 2009, the number appeals filed for reductions in assessed value for properties in San Francisco averaged 1,500, hitting 2,257 in 2003 and peaking at 2,476 in 2009. Over the last three years, the number of appeals has averaged 6,357 with 6,399 appeals filed for the 2011-2012 fiscal year.

There is currently a backlog of 7,729 cases yet to be closed with a total of 5,563 cases processed last year.

While down from a 24.5 percent increase in 2010, and a 16.4 percent increase in 2011, the average value of a one-year reduction in assessed value increased 3 percent in 2012 according to the Assessor-Recorder’s office.

A plugged-in reader with a history of successfully appealing offers some guidance and a little known tip to save another thirty bucks. Once again, the deadline for filing an appeal is this Monday.

Deadline For Appealing Assessed Values In San Francisco Nears [SocketSite]

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

September 12, 2012

The New Mission: Don’t Fear The Multiplex (Or Change)

Under the framework of the plans for the New Mission Theater, we promote a plugged-in reader’s comment to an editorial on "The New Mission," not only in terms of the theater, but also the neighborhood's change:

This is terrific news. Nobody should worry and fear the word multiplex. I've lived in the Mission for 29 years, BUT I have had to live/work in Austin on and off for the past two years. I hate Austin, frankly, and miss the Mish, but the one bright point has been that Austin is a killer film town. Mostly due to the Alamo Drafthouse...
The Austin theaters really do cinema very well. The Alamo Drafthouse is a great place to watch films. Great bar, great food, you can relax and watch the film, eat, get waited on, and they take cinema seriously. They show great old classics, plus all the best independents.
This is a dream come true for that theater on Mission, and for Mission Street, which keeps getting better and better. Folks in our area have been dreaming to rescue that place for years. The Sundance Cinema tried to do something like this business model over at the Kabuki, but the results haven't been as great. They don't have good taste. The Alamo people have good taste.
There's another place in Austin btw that's even better, the Violet Crown. I hope the new Alamo Mission is at that level. It's a restaurant that's worth going to alone, regardless of the movie. Handcrafted cocktails, really great vibe. The New Mission will have to place at that level to do well.
I hardly recognize my Mission District from almost 30 years ago, but frankly, that is a good thing. I roll my eyes when people complain. The bad stuff used to be really really bad. Now, I just adore what it's turning into. But I should, because way back then, I bought my big ole house on a great block in 1991, so I can hardly be a hater. I can also hardly imagine how hard it is for a 22 year old to move here and try to get a foot hold. You can't. You gotta go elsewhere.
But for us early adopters, and for all the old families in the neighborhood, this is really going to be great. All they need is a good film programmer, and we're all going to be going to the New Mission.

We're already there.

New Mission Theater Plans Moving Forward, Targeting 2013 Opening [SocketSite]
New Life, Food, And Beer For The New Mission Theater As Proposed [SocketSite]

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

September 11, 2012

Renderings For UCSF’s Latest Mission Bay Building: Block 25A

A plugged-in tipster delivers WRNS Studio's renderings for UCSF’s proposed Academic Building to rise at Fourth and Sixteenth Streets on Mission Bay Block 25A, with a plaza on the corner and a garden courtyard along Sixteenth (click renderings to enlarge):

The design will be publicly presented to the Citizens Advisory Committee this Thursday, September 13 at the Mission Creek Senior Community Building (225 Berry Street) at 5pm.

Mission Bay Neighborhood Block And Construction Watch [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (12) | (email story)

September 10, 2012

Fighting To Save Their Lower Potrero Hill Neighborhood (And Views)

Walden Development Mission Bay Parcels

Kaiser Permanente’s proposed development of an 84-foot tall medical office building fronting 16th Street west of Mississippi in Lower Potrero Hill, "LoPo" if you will, has a group of Potrero Hill residents and business owners fighting "to preserve the unique quality of [their] neighborhood for the benefit of all."

LoPo Pre-Kaiser

And yes, they're fighting to preserve their unprotected views as well.

LoPo Post-Kaiser

In the words of Save Lower Potrero Hill which created the rendered view above:

The proposed Kaiser Permanente development will destroy the character of lower Potrero Hill, a San Francisco neighborhood with a colorful mix of small businesses, single family homes, warehouses, design studios and apartment buildings. The Kaiser development will obliterate treasured city views available to all neighborhood visitors, will greatly worsen already growing traffic and parking congestion, will diminish air quality, increase noise pollution and create a dangerous precedent for future corporate development in our neighborhood.
We want Kaiser to put their new building where it belongs: in Mission Bay, or appropriate areas of Third Street or Bayview—zones more uniquely suited to developments of this type. Potrero Hill is a particularly bad fit for this kind of development.

Again, those are their words, not ours.

UPDATE: Designs For Kaiser Permanente's Potrero Hill Medical Services Building on 16th.

Residents As Proposed On 17th (And Perhaps A Few On 16th As Well) [SocketSite]
Save Lower Potrero Hill [savelowerpotrerohill.com]

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

September 7, 2012

340 Fremont Scoop: Building Permit Filed For 400-Foot Tower

340 Fremont Rendering circa 2006

Granted a twelve-month extension to commence construction late last year, as a plugged-in reader alludes, the building permit has been filed to build a 40-story, 400-foot tower over an 85-foot podium with 345 condo mapped units and parking spaces at 340 Fremont:

340%20Fremont%20Tower%202012.jpg

At least 40 percent of the units will either be two or three-bedrooms. And yes, it's one-to-one parking as the project was first approved in 2006. Expect a permit to demo the existing buildings at 340 and 350 Fremont between Folsom and Harrison to soon follow.

340 Fremont Site

340 Fremont Seeks 12 More Months As Housing Recession Remains [SocketSite]
New Developments: 340 – 350 Fremont [SocketSite]

Posted by socketadmin at 3:20 PM | Permalink | Comments (31) | (email story)

1050 Valencia Approved With Yet Another Take On What's Appropriate

1050 Valencia Street 2012 Rendering

A plugged-in reader reports with respect to the proposed five-story development at 1050 Valencia Street which the Liberty Hill Neighborhood Association opposed, the Planning Department supported, and San Francisco’s Planning Commission has now approved with their own list of suggested revisions for the building's design:

project approved 8-0 last night with some tedious revisions suggested by the Commission, they liked the original square bay version (with bays that didn’t comply with the Planning Code - too close together or something) and they want the project sponsor to consider re-submitting their original request for a rear yard variance to fill in the building at the rear and step the building down at the top, something the architect proposed from day one and everyone shot down...

The square version from which the rounded design above evolved:

1050%20Valencia%20Square.jpg

No word on whether or not the Commission is busy working on a rendering of their own.

The Seven Issues And Three Sides To 1050 Valencia's Five Stories [SocketSite]
1050 Valencia Street Scoop: The Design (And Liberty Hill's Opposition) [SocketSite]
Don’t Put A Fork In Spork Quite Yet (The Appeal Of 1050 Valencia) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (18) | (email story)

August 29, 2012

1050 Valencia Street Scoop: The Design (And Liberty Hill's Opposition)

1050 Valencia Street 2012 Rendering

A plugged-in tipster delivers the latest renderings and an update on the five-story building that’s slated to rise on the site of Sugoi Sushi (the old Spork) at 1050/8 Valencia Street.

1050/8 Valencia

Current development plans call for the existing twelve-foot building at 1050 Valencia Street to be razed and a five-story building with 12 dwelling units over a ground floor restaurant; one off-street loading space on Hill for the restaurant; 24 bicycle parking spaces for residents; and 8 bicycle parking spaces with showers and lockers for employees to rise.

1050%20Valencia%20from%20Hill%202012.jpg

While originally slated to be rentals, according to our source they're now likely to be marketed and sold as condos, ten of which will be market rate with a mix of eight two-bedrooms and the rest ones. The only thing currently standing in the development's way: the Liberty Hill Neighborhood Association which has filed for a Discretionary Review (DR).

Apparently the Liberty Hill Neighborhood Association doesn’t want the project to rise over three stories, would like to limit the development to six units, and wants the development to include off-street automobile parking for residents.

The Association has even rendered their vision of what should be allowed to rise:

1050%20Valencia%20Opposition%20Rendering.jpg

The project’s Discretionary Review is currently slated to be heard by San Francisco's Planning Commission on September 6. As always, we’ll keep you posted and plugged-in.

Don’t Put A Fork In Spork Quite Yet (The Appeal Of 1050 Valencia) [SocketSite]
Time To Stick A Spork In 1050/8 Valencia? (Figuratively This Time) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (48) | (email story)

August 27, 2012

The Tale Of Armistead Maupin's "37 Percent Over Asking" Sale

27 Belmont Avenue (www.SocketSite.com)

Last month we first reported Armistead Maupin's 1,606 square foot home was about to hit the market at 27 Belmont Avenue. As we noted at the time, the property had been priced by Bernie "Fifty Offer" Katzmann at $1,198,000, under $750 per square foot for the Parnassus Heights property with views.

As a plugged-in reader noted soon thereafter:

Around this neighborhood the lore is that nice houses go for $1000/square foot. This one counts as nice -- not only views, but green outlooks in multiple directions. Plus, the house has gotten a lot of love from somebody with taste. So yeah, there are comps for a 1.6M price.

The sale of 27 Belmont closed escrow last week with a reported contract price of $1,640,000 ($1,021 per square foot). Yes, that’s 37 percent "over asking" yet more or less right at market having simply been priced well below.

Keep an eye out for the press release and postcards, perhaps even an article in the paper!

Armistead Maupin's Storied San Francisco Home Hitting The Market [SocketSite]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]
It's Not This Mid-Century Modern Noe Valley Home That Was Flawed [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (20) | (email story)

August 23, 2012

See How 38 Harriet's 23 Prefab Studio Units Are Stacking Up In SF

38 Harriet: 8/23/12 (www.SocketSite.com)

The 23 prefab units which will become the four-story SoMa Studios development started being stacked upon their 3,750 square foot lot at 38 Harriet this week.

Originally expecting to sell the 310 to 340 square foot studio units for $200,000 to $275,000 when first proposed back in 2010, the development is now slated to be rentals.

SoMa Studio Unit Renderings

If a reader is correct, the units should be online by Novemeber and seeking rents of around $6 per square foot. And yes, the studios were rendered with one and two beds.

UPDATE: The Business Times is reporting target rents of about $1,500, closer to $5 per square foot. We'll keep you posted and plugged-in.

UPDATE: Another interior rendering in response to a reader's quesiton about the kitchen:

Soma Studio Interior

Small Can Be Beautiful But...Will "SmartSpace" Sell In San Francisco? [SocketSite]
42 Harriet: From Surface Area Parking Lot To 23 Units As Proposed [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (14) | (email story)

August 22, 2012

Hey Buddy, Where'd That Building Come From?

696 Chenery Before

A tipster delivers another perspective on the newly "remodeled" 15 Surrey. Above, the view from down on Chenery in Glen Park Village before; below, the composite view after:

15 Surrey Rear After Adjusted

According to our tipster, "this is also a more accurate representation of the color" of the remodeled building compared to its listing photos.

UPDATE: A plugged-in reader with mad Photoshop skills has attempted to adjust for the differences in angles and focal lengths in the the before and after photos we had to work with, since updated above.

The untouched "after" photo for additional color on 15 Surrey's new rear facade:

15 Surrey rear facade from Glen Park Village

UPDATE: From another plugged-in reader who, for the record, likes the house: "As its slow work day for me, and I needed a burrito, I went and took these pictures."

15 Surrey From Afar (www.SocketSite.com)

A "Remodeled" 15 Surrey Street Returns Five Times As Large [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

August 20, 2012

A Step Forward For 300 Units (And Retail) At Tennessee And Third

1201-1225 Tennessee Street Site

As we first reported in June:

The early paperwork has been filed to raze the existing structure, fuel station and surface area parking lot stretching from 1201-1225 Tennessee to 2650-2690 Third Streets and construct a six-story mixed-use building with 300 dwelling units over 255 parking spaces and up to 5,500 square feet of retail on the site.

According to a plugged-in source, the development has taken a step forward as AGI Capital has since gone non-refundable on their contract to purchase the site.

Third Street Scoop: Three Hundred New Units In The Works [SocketSite]

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

August 17, 2012

99,750 Reasons Your Agent Might Now Be Bullish On One Rincon Hill

If your agent has suddenly become bullish on One Rincon Hill unit #2904, a plugged-in tipster notes there might be more than one reason why:

One Rincon Hill #2904 Sales Office Email

According to an email sent to agents yesterday, the One Rincon Hill sales office is now offering a 5 percent commission to the "buyer’s agent" who sells the 1,947 square foot three-bedroom unit. Now priced at $1,995,000, to quote the email titled "Five Percent + This Home= One Huge Payday!": Sell this home and earn $99,750 in one deal!

The same sized unit one floor above, 425 1st Street #3004, resold for $1,700,000 in March 2011 having originally sold for $2,019,000 in September 2008, down 15.8 percent.

As plugged-in people know and knew, back in 2009 the One Rincon Hill sales office was offering 20 percent discounts on unsold units and a 4 percent commission to agents.

Non-Secret At One Rincon Hill: "Over 20% Off" And 4% Commissions [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (20) | (email story)

August 14, 2012

1355 Market Square Scoop: Three New Restaurants And A Grocery

1355 Market Street Rendering: Coffee Shop

As we first reported in June with respect to Shorenstein’s makeover of the Western Furniture Exchange & Merchandise Mart at 1355 Market Street, the 11-story Mid-Market building they're rebranding along with 875 Stevenson Street as "Market Square," the buildings will include nearly 100,000 square feet of retail.

A plugged-in tipster now delivers the latest floor plan for the first floor of 1355 Market Street and notes three new restaurant spaces, a coffee shop and a potential 18,265 square foot grocery planned for the corner of Market and 10th (click floor plan to enlarge).

The Tweet Reincarnation Of 1355 Market Street [SocketSite]
Market Square's Mid-Market Retail Revolution [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (18) | (email story)

August 13, 2012

Parklet Or Piglet?

Dancing Pig Parklet

While many complain of Planning being too heavy-handed with respect to architecture and design in San Francisco, the parklet outside The Dancing Pig at 544 Castro has at least one reader wishing for some design standards that were stricter, "This is San Francisco after all, not Guerneville!" (Not that there's anything wrong with being in Guerneville.)

And playing devil's advocate with respect to restricting parking and cars in San Francisco, "...it take[s] two parking spots away in the Castro where they need more parking not less - to attract people from other hoods to come shop…eat and drink."

Damn All Those Untalented Architects To Hell! Oh, Wait A Minute… [SocketSite]
Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
San Francisco Parklets Present And Proposed [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (64) | (email story)

August 7, 2012

CPMC's Pre-Construction Teams Sent Packing

With San Francisco's Board of Supervisors having voted to delay their vote to either affirm or overturn Planning's approval of CPMC's long-range development plans until November, a plugged-in tipster confirms CPMC has sent their pre-construction teams packing.

While likely a cost cutting move, along with a bit of political positioning, as our tipster notes, "Despite all the previous delays, this has never happened before."

Supervisors Affirm Commitment To St. Luke's, Delay On Cathedral Hill [SocketSite]
Planning's Approval Of CPMC's Plans Being Appealed This Afternoon [SocketSite]
CPMC’s Long Range Development Plan Renderings And Draft EIR [SocketSite]
The Billion Dollar Game Of Chicken Between The City And CPMC [SocketSite]
Cathedral Hill Hotel Demolition Paperwork Filed, Poised To Fall [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (23) | (email story)

August 3, 2012

The Friends' Freaky Ransom Note And A Neighbor's Perspective

226 Edgewood Aerial

A plugged-in neighbor offers another perspective on the proposed 226 Edgewood project that has incited Friends of Parnassus Heights:

We are neighbors who received one of the self-addressed stamped envelopes from the project's opponents -- like everyone else did in our area. To be honest, the photocopied, handwritten letter that came in the package looked a bit like a freaky ransom note. But in any event, it all went straight into the recycle.
I mean, give me a break. Nobody has said this project requires a variance; nobody has said this project would block their views; nobody has said this project would encroach upon their houses; nobody has said this project will be out of character for the neighborhood. And this isn't even a spec developer who will be in and out -- it's someone who wants to live there and be your neighbor. I say let it go.

As another plugged-in reader reports, it’s Lundberg Design that has been engaged for the proposed project. All comments on our original post.

Disguised Buyers Who Incite Friends of Parnassus Heights Revealed [SocketSite]

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

August 1, 2012

Amazing Infill: Pushed, Squeezed And Shoehorned Onto Stanyan

1410 Stanyan Site Aerial.jpg

First approved for infill development in 2005 despite its neighbors' objections, including one referring to the proposed project as "a source of oppression," the construction of 1410 Stanyan commenced at the end of 2010 and is nearing completion.

While the site is clearly visible in the pre-construction aerial view above, as a plugged-in reader writes, like the neighbors, you probably didn't see this one coming:

1410 Stanyan Street

The new two-story home was "pushed, squeezed [and] shoehorned into the space between two existing homes," one fronting on Clarendon and the other on Mt. Spring Avenue. With respect to any oppression, at least they didn't build a three-story home as proposed.

The big green space in the aerial which you probably thought was the site? That's actually an undeveloped, and currently unbuildable, stretch of Stanyan Street.

1410 Stanyan Site

Zillow Is A Lot Catchier [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (16) | (email story)

July 31, 2012

Disguised Buyers Who Incite Friends of Parnassus Heights Revealed

226 Edgewood Avenue

As a plugged-in reader wrote about 226 Edgewood after touring the property back in 2010:

Original portion by Louis Christian Mullgardt, 1911...and addition by Eden and Eden, 1970s, according to listing agent.
Original portion a fine Arts and Crafts house, and addition strongly influenced by Frank Lloyd Wright's Taliesin East - long cantilevers, corner windows sans mullions, pierced roof openings over balcony, piano hinges on doors, very fine redwood woodwork.

Also noted by our reader: "In beautiful shape on a large...lot, and views to die for."

226 Edgewood Living

Asking $3,500,000 at the time, the property ended up selling for $2,900,000 in January 2011, purchased by "Memsland LLC" which is now proposing to demolish the house and build a modern "green" home on the lot.

Over 300 residents of District 5 have written to the Planning Department to oppose the demolition of 226 Edgewood, the only Louis Christian Mullgardt designed home in San Francisco and a property the Planning Department had previously identified as a potential historic resource.

From Friends of Parnassus Heights:

A complete teardown of such a home would be a precedent for our extended neighborhood and would set the stage for numerous future demolitions that will alter the character of our beloved S.F. neighborhoods.
Edgewood Avenue is a brick-lined street that features a large number of Arts and Craft homes from the early 1900s. 226 Edgewood Avenue clearly contributes in a significant way to the beauty of this unique street and its history.

Who is behind the secretive Memsland LLC and the proposed demolition of 226 Edgewood? As a plugged-in tipster notes, that would be Twitter co-founder Evan Williams and his wife, the active corporate officers of Memsland LLC. Live by the tweet...

Louis Christian Mullgardt Meets Eden and Eden At 226 Edgewood [SocketSite]
While A Bird Tweets, A Shark Sings [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (66) | (email story)

July 25, 2012

Full Disclosure Or Poisoning The Well?

The two-unit building at 446-448 Missouri Street is on the market in Potrero and asking $1,199,000 for the whole shebang. According to the listing, however, while "both units enjoy classic details," it's only the upper unit that "enjoy[s] panoramic City views!"

Unfortunately, while the lower two-bedroom unit is vacant, the upper two-bedroom is currently tenant occupied at a rent of $2,119 per month. And as a plugged-in tipster captures, the tenants have recently made their intentions clear.

446-448 Missouri Street Sign

∙ Listing: 446-448 Missouri (2/1 + 2/1) sqft - $1,199,000 [zephyrsf.com]
Rent Control In San Francisco: The Real Rules [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (149) | (email story)

July 20, 2012

Unpermitted Work? Pshaw! What’s The Worst That Could Happen?

2207 25th Street Circa 2003

In 2003, the "rustic Potrero Hill cottage" at 2207 25th Street was purchased for $400,000.

Six years later, an anonymous complaint noted new rooms were being added to the cottage without a permit, a few months after which plans were filed to "repair and replace [the] rear end of [the] house as necessary" and a permit for the work was issued.

Soon thereafter, another complaint reported "building a unit at the rear of the house without a permit" and then "major excavation…exceeding [the scope of the permit]."

A plugged-in tipster takes it from there:

After investigation by a building inspector as a result of [the complaints], the City became aware of the work being performed outside the limitations of the permits the owner had pulled and froze all buildings through the issuance of two red tags.
Majority of previous building was demolished…outside of permit scope, although the front facing façade was left for the most part intact. Two retaining walls had been added by the current owner before the red tags were issued.

2207 25th Street 2012

The plans to "repair and replace" the original rustic cottage were reinstated last month. And this week, the red-tagged 2207 25th Street returned to the market listed for $525,000 with "approved plans" for a single-family residence, but do see our previous sentence.

If you ever hear, "who really cares?" or "what’s the worst that could happen?" when presented with unpermitted or unwarranted work, well, now you know.

∙ Listing: 2207 25th Street - $525,000 [Redfin]

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

July 19, 2012

Affordable Housing Headwinds And TNDC's New Tack In San Francisco

168-186 Eddy Rendering

From Don Falk, Executive Director at Tenderloin Neighborhood Development Corporation (TNDC), with respect to the challenges of financing affordable housing development in San Francisco and the development of 168-186 Eddy Street at the corner of Taylor:

In a short time, we have seen dramatic changes in the world of affordable housing financing. The elimination of Redevelopment Agencies stripped $50 million of annual subsidy from San Francisco, and combined with State budget problems and long-term Federal deficit reduction, nonprofits’ ability to develop affordable housing faces more constraints now than any other time in the past 30 years. At the same time, the main sources of income for our senior and disabled residents—social security and disability—have been reduced multiple times.
Against this backdrop, San Francisco has become the most expensive rental market in the nation. While the economy is improving, this has not trickled down to affordable housing financing. The private real estate market cannot build for low income people profitably, so for San Francisco to remain a city for all – families and workers, not just the privileged – we cannot look to market rate developers to fulfill the need.
As a result of shrinking public resources, TNDC is thinking differently about how to finance affordable housing, and we are working on mixed-income developments at four different sites. Having shopped the site at the corner of Eddy and Taylor to multiple market-rate developers as potential joint venture partners, however, we know that new construction market-rate housing is not yet financially feasible there…though it’s a lot closer than it was a year ago, and we think we will ultimately succeed. Sites South of Market are significantly more viable than in the Tenderloin from a market-rate development standpoint.
"Affordable housing" is typically defined as rents of 30% of the area median income for people earning no more than 60% of the area median income, adjusted for household size. In real-life terms, that means maximums of about $42,000 for an individual and $62,000 for a 4-person household.

Also noted by Mr. Falk, "TNDC has never opened a pot club in the ground floor of an SRO; perhaps someone is getting us mixed up with another organization" (as was intimated by another).

Fresh Groceries In The Tenderloin Stymied By Poor Fiscal Conditions [SocketSite]
California Supreme Court Rules Against Redevelopment Agencies [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

July 11, 2012

The Godfather Of Oracle Has Set His Sights On The Marina

According to a plugged-in source, Larry Ellison's "people" have put out feelers to a few San Francisco realtors, seeking a short-list of San Francisco homes down in the Marina which aren't on the market but for which their owners might be willing to accept an offer they can’t refuse, much like the Bebo founders’ acquisition of 37 Raycliff Terrace back in 2008.

The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]
Amended America's Cup Host Agreement Approved [SocketSite]

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

July 5, 2012

No Comment From Ms. Brady (Nor Save Our Richmond Environment)

As a plugged-in reader reports, when you have a development project in San Francisco’s Richmond neighborhood that requires City Planning review, you need to hold a pre-application meeting to notify both neighbors and neighborhood associations about the project the planning department receives your application.

Atop the Planning Department’s current list of people who need to be notified, Margaret Brady who founded Save Our Richmond Environment.

In the words of our reader, "It's not clear how much Ms. Brady has been involved in shaping projects in the past 10 years, but she has been dead since 2004." The house in which Ms. Brady resided, and to which Save Our Richmond Environment notifications must be sent, was sold in 2005.

Outer Richmond Neighborhood Association Notification List [sf-planning.org]
Margaret Brady -- mom of 9 in noted Democrat family [SFGate]

Posted by socketadmin at 12:15 PM | Permalink | Comments (6) | (email story)

July 3, 2012

While Zynga Trades Down, Pincus Trades Up

2950 Pacific

Having sold his Cole Valley home earlier this year, and a Presidio Heights property into which he never moved (but Zynga spent $1,169,896 to purchase, install and maintain a home security system), according to a plugged-in tipster, Mark Pincus is in contract to purchase the 8,850 square foot Albert Farr designed mansion at 2950 Pacific Avenue.

Perched on the south side of the 2800 block of Broadway up on San Francisco’s Gold Coast, but "set back from Pacific Avenue for privacy," the seven bedroom Pacific Heights property was listed for sale at $16,000,000 in May. According to our tipster, however, the sale will close "in the 12 million range" with confidentiality agreements in place.

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

Ba-Zynga! [SocketSite]
PincusVille [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (55) | (email story)

June 28, 2012

Fear, Uncertainty, Doubt And An Eviction

With respect to whether or not a potential crackdown on illegal short-term rentals as facilitated by services such as Airbnb is simply FUD ("fear, uncertainty, and doubt") or waiting in the wings, a plugged-in reader reports:

There has been a case won by [CitiApartments in San Francisco] to oust a long-term tenant, on the implicit basis that the city of SF was an implicit 'interested party'. Got an eviction based on 'use of premises for illegal purposes' with only evidence of [an Airbnb listing and feedback].

As we first reported, Supervisor Chiu is working on legislation which would make it easier to institute proceedings for injunctive and monetary relief against anyone renting an apartment, or room therein, for less than a 30-day term of tenancy in San Francisco.

Airbnb: A Potential Civil And Criminal Penalty Hit List? [SocketSite]
Clarifying, And Perhaps Even Enforcing, Existing Rental Laws In SF [SocketSite]
CitiApartments Is No More! Well, Sort Of… [SocketSite]
Airbnb Hit List Take Two (Months Later) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (37) | (email story)

June 26, 2012

The Price Was Right, The Readers Too Bullish

Listed for $2,195,000 in 2008 and $1,895,000 in 2010, the remodeled Noe home at 1430 Diamond returned to the market last month listed for $1,795,000.

While priced at $619 per square foot and in contract within two weeks, the sale of the 2,900 square foot single-family home closed escrow yesterday with a reported contract price of $1,775,000 ($612 per square).

Playing by The Price is Right rules, unfortunately we have no points to award as readers' estimates ranged from $1,895,000 to $2,175,000.

Comments: Bonus Points For Number Of Offers In Addition To Price [SocketSite]

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

A (Four) Million Dollar View And Yard

333 Belvedere Avenue Aerial

As we first reported six months ago:

Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.
Reduced to $9,950,000 in December 2009, to $8,950,000 in 2010, and then withdrawn from the market five months ago last asking $7,500,000, the one-time Blanding Estate Carriage House which was "beautifully transformed into one of Belvedere's most prominent view-oriented residences" (according to its Sotheby's listing) sold on the courthouse steps for $4,175,000 last week. But wait, there’s more.
While we can't currently confirm, and perhaps a bit of bravado is in play, if a plugged-in reader's source is correct, the multi-million dollar property "was bought by a neighbor with the intent of demolishing it to clear the view."

The demolition of 333 Belvedere Avenue is underway with the four million dollar view and new yard coming along nicely. Don't doubt the sources of those who are plugged-in.

From A $7 Million View Home To A $4 Million View? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)

June 22, 2012

The Circle Of Life And 521 Liberty

521 Liberty Exterior

Purchased for $1,161,500 in 2006 then gutted, rehabbed, and returned to the market asking and selling for $1,950,000 in 2007; the owner of 521 Liberty passed away and the home is back on the market and listed for $1,795,000.

In the words of a plugged-in ex-neighbor who notes the owner did some landscaping and minor work in the basement, but nothing that should really change the value:

I’m not sure what to think of the price. I thought [$1,950,000] was a crazy peak at the time in 2007. But it is a fantastic street, and with what’s been happening recently, could this actually be underpriced? I’m just not sure anymore.

If you think you know Eureka Valley, now's the time to tell.

∙ Listing: 521 Liberty (3/2) 1,608 sqft - $1,795,000 [Redfin]
Life, Liberty, And The Pursuit Of Profit A New Home [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (17) | (email story)

June 20, 2012

Pier 29 On Fire: Teams Racing To Save The America's Cup Site

Pier 29 In Flames

A tipster delivers a photo of the four alarm fire in progress at Pier 29, one of the key piers upon which the America’s Cup Village venue is being constructed.

AC34 Venue Rendering: Piers 27-29

Pier Pressure And The Price San Francisco Taxpayers Might Pay [SocketSite]
Amended America's Cup Host Agreement Approved [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (23) | (email story)

Oh, The Humanity! (Habitat Acquires One Capitol Avenue Site)

One Capitol Avenue Site (Image Source: Google.com)

As we first reported in early 2010, the one acre field bounded by Capitol Avenue, Sagamore, Alemany Boulevard and I-280 was acquired from Caltrans as a surplus right-of-way purchase and rezoned from Public Use (P) to Residential (RH-2).

One Capitol Avenue Rendering (Image Source: MacDonald Architects)

With 28 new homes designed by MacDonald Architects having been proposed for the site, it’s a plugged-in tipster that reports Habitat for Humanity has purchased the land, the first new project for Habitat since redevelopment agencies were eliminated.

One Capitol Avenue Address, Twenty Eight Dwellings As Proposed [SocketSite]

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

June 18, 2012

Renovated Marina Jewel Falls Short But Avoids The Courthouse Steps

As we reported this past March:

Purchased for $2,500,000 in 2006, the renovated "Mediterranean Revival jewel" at 3737 Broderick Street, "just steps from the Marina Green and the St. Francis and Golden Gate Yacht Clubs," returned to the market four months ago listed for $2,649,500, a list price which was dropped to $2,292,000 as a "bank approved" short-sale in January.
With a sale pending per the MLS, the four-bedroom Marina property is currently scheduled to hit the courthouse steps tomorrow being $279,777 past due on the $2,000,000 first mortgage employed in 2006 when 3737 Broderick was purchased with 10 percent ($250,500) down.

The short sale of 3737 Broderick Street has closed escrow with a reported contract price of $2,160,000, fourteen (14) percent or $340,000 under its 2006 purchase price, an outcome to which at least one mom is likely to toast and cheers.

The seller was an attorney specializing in representing clients charged with a DUI.

The Race Is On Down In The Marina [SocketSite]

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

June 15, 2012

Bank-Owned Landmark San Francisco Mansion Sells For $11.5M

2799 Pacific

Nine years after completing a reported $10 million (plus) renovation, the San Francisco Landmark Ellinwood Mansion at 2799 Pacific was foreclosed upon in 2009 with $11,363,000 owed and no bidders at $10,000,000 in cash on the courthouse steps.

It wasn’t until 2011, however, that the bank forcibly removed the ex-owners and changed the locks on the Pacific Heights mansion with a rather luxurious spa out back.

Returned to the market two months ago asking $12,500,000, the sale of the 16,474 square foot property at 2799 Pacific closed escrow today with a reported contract price of $11,500,000. And yes, there were multiple bidders.

A tip of our hats to the historians and Ellinwood family members who plugged in to set the house's (and family) record straight.

A Landmark District Seven Mansion Foreclosure (2799 Pacific) [SocketSite]
Two Years Later And The Bank Gets Its Mansion Back [SocketSite]
A Foreclosed Upon San Francisco Landmark Mansion's Return [SocketSite]
2799 Pacific: The Behind The Scenes History And Plugged-In Scoop [SocketSite]

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

June 8, 2012

Mid-Market's Newest Secret Garden

1355 Market Street Rooftop Garden

Speaking of the reincarnation of 1355 Market Street, a plugged-in tipster captures the rooftop garden which has been rising atop the building.

In the words of our tipster who lives across the street in Fox Plaza, "I can tell you that the wind can be fierce, so I don't know how anyone will be able to enjoy the rooftop garden."

With the remake of Stevenson Alley in the works, perhaps an artistic turbine garden atop the building would have been a better call. And watch out for flying furniture.

The Tweet Reincarnation Of 1355 Market Street [SocketSite]
Fox Plaza Facelift In Progress [SocketSite]
Market Square's Mid-Market Retail Revolution [SocketSite]
Is The Wind Of Change Blowing Through San Francisco? [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (2) | (email story)

June 4, 2012

No Permits Yet, But Now No Parking (Nor BMRs) At 3500 19th Street

3500 19th Street Sign

Having sold for $1,700,000 in December of 2010, a plugged-in reader and blogger reports a "NO PARKING!! LOT IS SOLD!!" sign has finally been posted at the surface area parking lot at 3500 19th Street and Valencia.

As we first reported last year, the site is entitled for a five-story building with 17 dwelling units (a mixture of one and two-bedrooms as proposed) and 2,958 square feet of retail. The project will be built with 15 parking spaces including two (2) for car share.

The design hasn’t been finalized and permits have yet to be issued to start building, but a few months ago the Planning Commission did approve a request to allow the project’s affordable housing requirement to be fulfilled by an in lieu fee rather than built onsite.

3500 19th Street Rendering

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

Not A Lot For The Lot At Valencia And 19th Street (3500 19th Street) [SocketSite]
Goodbye parking lot - hello housing? [urbanlifesigns]

Posted by socketadmin at 4:45 PM | Permalink | Comments (12) | (email story)

May 31, 2012

Hipster Hotelier Wannabes Take (Second) Note

385 9th Street

As a plugged-in tipster notes, the Vagabond Inn at 385 9th Street is scheduled to hit the courthouse steps in San Francisco this afternoon with an opening bid of $269,612. But budding hipster hoteliers take note, it’s the $250,000 second mortgage that’s foreclosing.

While a courthouse sale today would wipe out the $120,000 third, the $1,462,500 first mortgage on the property would remain. And yes, the first is currently in default as well, by $1,183,244 as of last month.

UPDATE: The foreclosure auction for the second was just cancelled. The Notice of Default remains for the first.

Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (2) | (email story)

May 30, 2012

The Daytime Downside To The Development Of Mission Bay

A plugged-in reader reports:

Mission Bay is a pretty godawful place to be during the day now due to the relentless pile-driving going on as part of these new developments. It's louder than WW2 over here.
To add to the cacophony, there's a severely out-of-tune bagpiper who practices at the same time along Mission Creek. Normally when people practice things they get better at it. These are, apparently, not normal times.

In addition to the Mission Bay lots currently under development or soon to break ground, the Giants are still swinging to break ground on the 27-acre Mission Rock project by 2015, the development of which will likely span a decade.

And Then There Was (Mission Bay Block) One [SocketSite]
Mission Bay Neighborhood Block And Construction Watch [SocketSite]
Mission Rock Plans Dusted Off With Giants Swinging For A 2015 Start [SocketSite]

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

From Renderings To Reality (So To Speak) At 2299 Market Street

Originally rendered with an Apple store below, then re-rendered with simply STORE, it’s a plugged-in tipster that notes Bank of the West has filed an application to occupy fill the ground floor commercial space of 2299 Market Street, the five story building that's finally filling the Castro's decades-old Hole in the Ground.

2299 Market Street Site (www.SocketSite.com)

Designs For The Castro’s "Hole In The Ground" (2299 Market Street) [SocketSite]
2299 Market As Proposed, Opposed, And Recommended By Planning [SocketSite]
Formulating Controls To Chase Financial Services Away [SocketSite]
Construction Commences On The Decades-Old "Hole In The Ground" [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (19) | (email story)

May 25, 2012

Condo Lottery Bypass Legislation Coming, Mayoral Support Unclear

While conspicuously absent from the Mayor’s Housing Trust Fund proposal, according to a plugged-in reader, condo conversion lottery bypass legislation will be introduced before San Francisco’s Board of Supervisors in the next few weeks. It remains unclear, however, whether the Mayor will be openly supportive or not.

Keep in mind that despite the then Mayor's support, it was San Francisco's Budget and Finance Committee that killed a proposed lottery bypass in 2010.

The Mayor's Housing Trust Fund And Missing Lottery Bypass Fee [SocketSite]
TIC Conversion Lottery Bypass And Mayoral Take Two [SocketSite]
Condominium Conversion 2012 Lottery Deadline And Odds (Against) [SocketSite]
Condo Lottery Bypass For A Fee Resurfaces In Mayor's New Budget [SocketSite]
Budget and Finance Committee Kills Condo Lottery Bypass For A Fee [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (30) | (email story)

May 24, 2012

2001 Market Street: Let’s Get Ready To Rubble And Build!

2001 Market Street Site: 5/24/12 (www.SocketSite.com

Demolition and excavation permits have been granted, as a plugged-in tipster reports, a construction fence now surrounds the former S&C Ford dealership at Market and Dolores, and the Prado Group has started clearing the way for 2001 Market Street to rise.

2001 Market Street Rendering

Once again, an eight story building along Market Street (stepping down to four stories at 14th Street) with 82 residential units over a 31,000 square foot Whole Foods and 101 parking spaces will rise on the site over the next 19 months if all goes as planned.

2001 Market Street Demo (www.SocketSite.com)

UPDATE: Speaking of going as planned, from the comments:

There have been rumors floating around that Whole Foods has pulled out of this project, having decided that building new stores is not cost-effective when compared to rehabilitating existing buildings. Their withdrawal would endanger the entire project. Anyone plugged-in to be able to confirm or deny that?

At this point, that's a rumor we can neither confirm nor deny. Readers?

UPDATE: Consider the rumor busted. From the Prado Group: "...Whole Foods is happening. Look forward to the store opening in fall 2013." Pass it along.

2001 Market Street Development (AKA Whole Foods Castro) Approved [SocketSite]
2001 Market Street Prepares To Meet The Planning Commission [SocketSite]
Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]

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

May 22, 2012

A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned

1170 Sacramento #19B View

As a plugged-in reader wrote when we first reported that 1170 Sacramento #19B was in contract having been listed for $6 million or $3,000 per square foot:

No doubt the new owner is the same First Republic Bank exec that swooped up PH A and C. Both within the last year. Now he can build out a full floor penthouse mecca. Who else would have paid the over-the-top asking price? Only someone that had to have it.

As another plugged-in tipster notes, the deed has been recorded and the sale has very quietly closed escrow at $5,565,500. While not over $3,000 per square foot, call it $2,784 which is still a new record in San Francisco, we do believe.

And the buyer? Yes, that would be the aforementioned First Republic Bank Chairman and CEO that had to have it and now owns the entire floor.

Scoop: A Record $3,000 Per Square Foot In San Francisco Within Sight [SocketSite]
Shooting For A Record $3,000 Per Square In San Francisco [SocketSite]
The Shell Of The Northern Penthouse Atop 1170 Sacramento Sells [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (12) | (email story)

May 16, 2012

North Beach Pagoda Theater Set To Be Sold To New Yorkers Today?

North Beach Pagoda Theater (Image Source: MapJack.com)

According to a tipster, Joel Campos who purchased the long shuttered North Beach Pagoda Theater in 2004 and waged a long battle to secure approvals to develop the blighted building is in contract to sell the shell to a New York based developer today.

While we haven’t been able to confirm the details, we’ll keep you posted and plugged-in.

And once again, as the approved conversion of the Pagoda Theater into 18 condos over ground floor commercial and 27 parking spaces was last rendered:

Pagoda Theater Rendering 2010

North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]
Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
Pagoda Theater Preview (And Signs Of Progress All Around) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (28) | (email story)

May 15, 2012

8 Washington Watch: Development Approved!

8 Washinton Revised Rendering: North

In just under an hour at 4pm, San Francisco’s Board of Supervisors is scheduled to hear the appeals and either uphold or overturn the Planning Commission’s approvals for the 8 Washington Street development. Feel free to plug in and comment during the hearings.

Bonus points for breaking the Board's news as well as best quotes.

UPDATE: A plugged-in Steven Aiello reports at 12:58AM:

[Environmental Impact Report approval] upheld 8-3
[Conditional Use Authorization approval] upheld 8-3

The 8 Washington Street development has been approved by the Board of Supervisors.

8 Washington Could Be Approved, Financial Deal And All, Next Week [SocketSite]
Planning Approves 8 Washington Street Development As Proposed [SocketSite]
Tennis Anyone? No Longer At 8 Washington As Now Proposed... [SocketSite]
Protest Alert: Rally Against 8 Washington [SocketSite]

Posted by socketadmin at 3:05 PM | Permalink | Comments (28) | (email story)

The 380 14th Street (AKA 299 Valencia) Sales Scoop

299 Valencia 4/3/12 (www.SocketSite.com)

A plugged-in tipster reports with respect to 299 Valencia:

My friend just opened escrow on a unit there. The models aren’t even open to the public yet, elevator isn’t installed, lobby still under construction...just agents bringing clients in through a back staircase. Yet the building is almost 60% sold, according to the agent. The 4 BMRs aren’t even priced yet. They’re projecting the first closings for mid/late June.

Also noted by our tipster, "the building is called '299 Valencia' but the address on deeds will actually be 380 14th Street. It’s going to be up to the Post Office if they’ll honor mail addressed to 299 Valencia."

299 Valencia Unwrapped [SocketSite]
299 Valencia Scheduled To Start Selling To Hipsters Next Month [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (17) | (email story)

May 11, 2012

Bonus Points For Number Of Offers In Addition To Price

1430 Diamond

Listed for $2,195,000 in 2008 and $1,895,000 in 2010, the single-family Noe Valley home at 1430 Diamond has returned to the market in 2012 listed for $1,795,000.

In general, the smaller the home the higher the price per square foot, and at 2,900 square feet, 1430 Diamond is well above the neighborhood average. That being said, having been listed at $619 per square foot in an area when the average home is currently trading at closer to $900 per square, a reader can’t help but wonder if this is another example of pricing well below market to generate traffic (while "wasting a lot of people’s time and attention" and "breaking many hearts").

With the observer effect now in play, if you think you know Noe, now’s the time to tell.

∙ Listing: 1430 Diamond (4/4) 2,900 sqft - $1,795,000 [1430diamond.com]
Have You Heard The One About The House With Over 50 Offers? [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (46) | (email story)

May 9, 2012

Up 15 Percent Year-Over-Year For A Polished South Beach Apple

200 Brannan

As we reported with respect to a polished South Beach apple back in February:

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.
With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

In the words of a plugged-in LegacyDude on the record at the time:

I think I know South Beach. And I know this building, although I've not seen this particular unit. If it's the floor plan I'm thinking of, it's really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.
That said, dumb tech money is back in Soma, so I don't think the ask is outside the realm of possibility. I don't follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I'll guess $1.35 to hedge myself.

No need to hedge, Dude, the sale of 200 Brannan Street #320 closed escrow today with a reported contract price of $1,450,000, up 15 percent ($190,000) year-over-year.

South Beach Apples-To-Apples And Year-Over-Year [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (4) | (email story)

May 8, 2012

Have You Heard The One About The House With Over 50 Offers?

3928 20th Street

From a plugged-in reader yesterday:

One of my buddies who works at [Facebook] told me today that he bid on a place on 20th Street that went for 65% over asking and had 52 offers. That must mean that there are 51 more people out there looking in the neighborhood. Anyone know which place he was talking about?

That would be 3928 20th Street, the sale of which has been mentioned before.

There are a couple of interesting similarities between the sale of 3928 20th Street which generated over fifty (50) offers and the sale of 4379 Cesar Chavez which generated over twenty (20).

Both properties were listed at roughly $600 per square foot in neighborhoods where the average sale price has been running over $800 per square. Both homes were well suited for expansion. And both properties just so happened to be priced by the same agent.

It Would Have Been 50 Percent Over Had They Priced At A Million... [SocketSite]
∙ Listing: 3928 20th Street (3/1) 1,416 sqft - $849,000 [Redfin]
It's Not This Mid-Century Modern Noe Valley Home That Was Flawed [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (79) | (email story)

May 1, 2012

Offers On The Illegally Gutted House At 33 Fountain Overflow

As we reported at the end of March after which a number of plugged-in readers chimed in:

Having sold for $675,000 a year ago, and with a permit to simply remodel the kitchen and bathrooms in-kind pulled since, the single-family home at 33 Fountain was gutted instead.
And while there might be plans to expand and double to size of the home, and it’s listed on the MLS [for $999,900] with the four bedrooms and baths that don’t yet exist, keep in mind said plans and pictured new framing haven’t been submitted to Planning, much less approved.

A few hours later, an anonymous complaint was filed with the Department of Building Inspection ("Beyond Scope of work. Entire building gutted."). And yesterday, the sale of 33 Fountain closed escrow with a reported contract price of $1,355,000.

Buyer (And DBI) Beware [SocketSite]

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

April 26, 2012

How One Rincon Could Really Become A Giant Ionic Breeze

Alcoa is currenlty testing EcoClean, a new coating for its Reynobond building panels.

As a photocatalyst, titanium dioxide interacts with sunlight to break down organic matter both on and floating around the surface of the building panels, leaving the organic matter sitting on the surface of the Reynobond panel, ready to be washed away. When it rains, water doesn’t bead on the surface. Instead, it collapses and runs evenly off the building, taking most of the broken down pollutants with it.
Reynobond with EcoClean actively works to remove pollutants by using sunlight, water vapor, and oxygen in the air to clean the air itself. In fact, 1,000 sqm / 10,000 sq ft² of Reynobond with EcoClean on your building can have approximately enough cleansing power to offset the smog created by the pollution output of four cars every day, which is the approximate air cleansing power of 80 trees every day.

In the words of a reader: "So if we coat One Rincon Hill in this stuff it won't just look like a giant Ionic Breeze, it will actually be one." There's still time for Tower Two.

Reynobond with EcoClean [alcoa.com]
No Story, Simply A Fresh SocketSite Perspective On One Rincon Hill [SocketSite]
The One Rincon Hill Tower Two Timing, Design And Details Scoop [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (2) | (email story)

April 25, 2012

The Designs For Sixth And Howard Before Redevelopment Was Razed

200 6th Street Rendering (www.SocketSite.com)

While the razing of the Hugo Hotel and construction of nine new stories at 200 6th Street has been waylaid by the loss of the San Francisco Redevelopment Agency, a plugged-in tipster delivers the latest rendering for the mixed-use project designed to rise.

Hugo Hotel Hangs On As Redevelopment Agency Is Dropped [SocketSite]
Defending The Design For 200 6th Street And Adieu To Defenestration [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (5) | (email story)

April 16, 2012

A La Aboard The Titanic, The "Occupy" Band Played On

1717 17th Street Site

As plugged-in people know, the three existing buildings on 17th Street between De Haro and Carolina are slated to be razed with two mirror image mixed-use buildings yielding 7,000 square feet of ground floor PDR, 8,000 square feet of commercial/retail, 41 residential units and 58 below-grade parking spaces proposed to rise in their place.

From a plugged-in tipster this weekend:

Just walked past this address where there is some sort of "Occupy" style protest in progress... I gather (strictly from word of mouth) that there are either squatters or tenants in the process of being evicted.

Apparently there was a three-man band playing on the roof (à la on the Titanic). And according to our tipster, the band wasn’t too bad.

1717 17th Street: Eastern Neighborhoods Plan In Action As Proposed [SocketSite]

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

April 4, 2012

2799 Pacific: The Behind The Scenes History And Plugged-In Scoop

2799 Pacific

A plugged-in reader delivers the behind the scenes history for the Ellinwood Mansion at 2799 Pacific, the namesake Ellinwoods, a ghost, and a gift from Queen Victoria:

Anne Ellinwood died this year, it was she that saved this house from being torn down in the 70's and the property sub divided. It was worth 350K at the time in 1976. I worked in that house for a year on and off for Miss Ellinwood, it was an amazing depository of all and everything Victorian and saved from a long line of savers.
Miss Ellinwood had grand plans for the house and restoring it to its 1893 grander was one of them. She had restored all but the basement and it was a spooky basement at that. I kid you not there was a ghost in that house and other persons that worked there felt the presence too. Anne made many bad decisions in regards to selling and marketing that grand house and in the end lost the house to a predatory lender.
In regards to Ellinwood's grandfather, Dr. C.N. Ellinwood, Anne and her Father, Lathrop Mc Dowell Ellinwood, spent their lives trying to right the wrong that had been done to Dr. Ellinwood by the overzealous Dr. Rix and the faculty at the time of Cooper Medical University.
A bit of history: The Ellinwood property in 1893 comprised all the property the depth of the main property and all the way down to the corner on the lower hill of Divisadero [to Clay], Divisadero was the end of the city limits.
Dr. Ellinwood kept a carriage and a buggy in the barn / carriage house and a full complement of horses to pull [the carriage, driven by] Carl the coachman whose father was the coachman to the king of Sweden.
Prior to the new swimming pool being added [atop the carriage house], there was a Cecile Brunner rose bush that had been given to Mrs. Charles Norman Ellinwood, Dr. Ellinwoods wife, by Queen Victoria herself.

If you haven’t looked at the property site since we first published our piece yesterday, you might want to look again as numerous new photos have been added. We’re keeping all comments on our original thread. And no, we don't know what happened to the rose bush.

A Foreclosed Upon San Francisco Landmark Mansion's Return [SocketSite]

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

March 27, 2012

The One Rincon Hill Tower Two Timing, Design And Details Scoop

One Rincon Hill Tower Two Site (www.SocketSite.com)

A plugged-in tipster over at One Rincon Hill delivers the design, timing and detailed scoop with respect to the second tower and One Rincon Hill Phase II:

Construction is anticipated to start approximately June 1, 2012 and be completed in an estimated 26 months. The building design, unit size and unit mix can be summarized as a 50 story version of Phase I as displayed at the scale model located in the sales office.
For the floor plans and unit layouts, Phase II will combine the two adjacent small one bedroom units at the center of the building curve above floor 25 into one two bedroom unit. The number of two bedroom units will increase and the number of one bedroom units will correspondingly be reduced. Approximately 60% of Phase II unit plans are the same as Phase I.
Significant improvements in the Phase II building will include a 3,600 square foot exercise facility and a top floor 4,000 square foot penthouse "Sky Lounge." (As comparison, current Phase I amenities include a 750 square foot exercise room and an 1,100 square foot Party Room). All amenities, including the existing swimming pool and spa deck facilities, will be available to occupants of both towers.

Phase II will be "constructed and marketed as [condominiums],” but with a plan for rentals "should the market require… with the ultimate objective of re-establishing condominium sales as the market allows."

A single Home Owners Association will include both Phase I and Phase II units. If Phase II enters the market as rentals, Principal Real Estate Investors will "become part of the existing HOA to operate and manage both buildings."

Also noted, the developer is "in discussions with Caltrans about potentially using the existing Caltrans property next to the Bay Bridge, adjacent and south of the Phase II site" as a private landscaped park for the use of One Rincon Hill.

One Rincon Hill Tower Two Site Sold, Rentals Likely To Rise [SocketSite]
One Rincon Hill (425 First) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (27) | (email story)

March 26, 2012

The Super Confidential Sale Price And Raw Scoop For 2701 Broadway

2701 Broadway

Having originally been listed for $32,000,000 this past September and withdrawn from the MLS in January having been reduced to $28,500,000, the sale of 2701 Broadway closed escrow on the last day of February without a reported contract price.

The "super confidential" sale price, according to a plugged-in tipster, however, has since been recorded at $27,000,000.

The buyers of the 16,000 square foot Gold Coast corner home? Nope, it’s not a Pincus nor another web wunderkind, but rather local celebrity chef Roxanne Klein and her old-school entrepreneur turned new-school environmentalist husband who once toured with The Dead.

2701 Broadway: Despite The SFPD A Plugged-In Reader Reports [SocketSite]
2563 Divisadero (AKA 2701 Broadway) Coming Soon? [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (32) | (email story)

March 23, 2012

CityPlace Parcels Lost To Foreclosure

As a plugged-in reader reports, the Market Street parcels upon which the approved CityPlace development was to be built between Fifth and Sixth Streets were just foreclosed upon and taken back by the bank.

Comments: CityPlace Parcels Rescheduled For Foreclosure [SocketSite]
CityPlace EIR Approved Appealed Approved! [SocketSite]
CityPlace Parcels Along Market Scheduled For Foreclosure This Week [SocketSite]
Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]

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

March 13, 2012

The Busy Streets Of Presidio Heights

3855 Washington Traffic

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

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

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

March 12, 2012

CityPlace Parcels Along Market Scheduled For Foreclosure This Week

CityPlace Rendering

As we first reported last year:

Five parcels along Market Street between 5th and 6th Streets have been hit with Notices of Default (NOD's) including 935-939 Market, 943 Market, and 949-961 Market.
If that stretch of Market sounds familiar, it should. For as plugged-in people know, and PropertyShark catches, those parcels comprise the site of the proposed and approved CityPlace development.
Apparently Connecticut-based Commonfund Realty, which partnered with San Francisco based Urban Realty on the CityPlace development, "has stopped investment in real estate projects as it seeks to restructure a $1 billion fund that lost most of its value."
As best we can tell there’s approximately $36 million of cross collateralized debt on the three parcels and it’s a $9,680,000 note from 2007 which filed the notice of default.

While the Notice of Defaults noted above were cancelled, new Notices were filed soon thereafter. And as a plugged-in tipster notes, the CityPlace parcels along Market Street are now scheduled to hit the courthouse steps in San Francisco this Wednesday, March 14.

Notice Of Default Filed For CityPlace Parcels [SocketSite]
Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
CityPlace EIR Approved Appealed Approved! [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (22) | (email story)

March 7, 2012

The Bluepeter Building Loses Its Battle

Bluepeter Building

As a plugged-in reader reports, the fight to save the Bluepeter building at 555 Illinois is over and the wrecking balls and heavy machinery have won.

Bluepeter Building Demo

While neighbors had wanted the building to be repurposed as a community center, the land on which the Bluepeter Building sits will become part of Bayfront Park, part of the Blue Greenway and Regional Baytrail open space initiative, stretching over seven acres along the waterfront from Agua Vista Park to Mission Bay.

Bayfront Park Rendering

Not A Typical NIMBY Fight To Preserve The Bluepeter In Mission Bay [SocketSite]
San Francisco's Great Blue Greenway Vision And Interconnected Plans [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (8) | (email story)

Going Up (And Perhaps Coming Down This Weekend)

While Palms might be known as "high-rise condominiums for rats," apparently vines are escalators. From a plugged-in builder in San Francisco:

Hate to point out a glaring negative, but ivy (and wisteria, and any other vines) tend to provide an inviting environment for ROOF RATS!! It is a direct highway for them to climb up the side of your building, and they love to climb. I've seen the damage -- they climb right up the vines, and they will enlarge any little hole around a downspout and happily invade your attic.
And yes, even in Pac Heights -- rats are everywhere in this city. The dirty secret is that vines are most often removed from buildings after the owner discovers the unwanted guests and pays big bucks to an exterminator to get rid of them. I know -- I've seen the whole scenario play out only a couple blocks from this listing. ;-)
In another case, I was working on a home on Broadway a few years back (close to Broadway and Steiner). While I was there the neighbors started excavation for a new foundation, and the rats that were disturbed by the digging literally poured out onto Broadway in broad daylight!

On the other hand, apparently Ivy acts as a thermal shield. It's your call.

2505 Divisadero Returns Sans Kirk Hammett And Its Beard [SocketSite]
A Most Unfortunate Quote [SocketSite]

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

March 6, 2012

Getting "Artistic" With The 2012 Dream House Marketing Materials

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

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

2012 Dream House Mailing

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

San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (51) | (email story)

March 2, 2012

Macys.com Headed To 680 Folsom Street As First Reported

Two months ago a plugged-in reader first reported a deal with Macys.com was in the works to lease 250k square feet at 680 Folsom Street. Yesterday, a 15-year lease for 242,573 square feet on floors 8 through 14 at 680 Folsom was officially announced.

With a projected re-opening in late 2013, 680 Folsom Street is now 80 percent pre-leased.

A Re-Skinning Crane Has Risen At 680 Folsom Street [SocketSite]
The Reskinned 680 Folsom Will Be Home To Riverbed In 2013 [SocketSite]
Renovation Of 680/690 Folsom Slated To Get Going This November [SocketSite]

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

March 1, 2012

Conversion Of 1945 Hyde Street Set To Get Started

1945 Hyde

Following a two year approval process and failed appeal led by the Russian Hill Community Association to block development, permits have been pulled for the Ogrydziak/Prillinger led residential conversion of the two-story garage at 1945 Hyde Street.

1945 Hyde Rendering

The project will yield 7 new housing units over ground floor commercial and 17 parking spaces, all unbundled from the dwelling units and with one space for car share.

And according to a plugged-in tipster, they’re about to start (re)construction.

1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]
Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
1945 Hyde: Planning's Decision Upheld As Appellant A No-Show [SocketSite]

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

February 16, 2012

The 333 Fremont Scoop: Let The Shoring Begin

It’s a plugged-in tipster that first caught the construction equipment arriving on the 399 Fremont site yesterday, but it’s not for the Californian to start rising. No, it’s actually to shore up the property line and prepare for the excavation of 333 Fremont upon which the 8-story residential building rendered above (click to enlarge) will rise.

First permitted in 2005, the 333 Fremont site is entitled for 83 condos averaging 803 square feet over three levels of underground parking.

399 Fremont: From Condos To Rentals And Flowers For Another Year [SocketSite]
An 8 Month Extension For 8 Stories And 88 Units At 333 Fremont [SocketSite]

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

February 10, 2012

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

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

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

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

February 9, 2012

A Chef’s Restaurateur’s Kitchen And Misstep(s)

Purchased for $1,225,000 in August 2006 and financed with a mortgage for $980,000, in 2007 a second was drawn for $97,206, perhaps to help pay for the "swank" remodel for which we couldn't find any permits online.

One the market and listed for $1,295,000 since last September, last month a notice of default was filed for the first mortgage which was already $58,806 past due at the time.

While the list price for the property hasn’t changed, it’s now positioned as a "short sale." And while the listing doesn’t note a chef’s kitchen, if a plugged-in tipster is correct, it is a restaurateur’s as the buyers in 2006 were operating Maya which closed late last year.

Watch your step on those stairs. And no, we don't believe they're to code.

∙ Listing: 286 Maywood Drive (3/2.5) 1,928 sqft - $1,295,000 [Redfin]
Selling Short And Still Walking Away With Cash At Settlement [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (32) | (email story)

February 7, 2012

Scoop: A Record $3,000 Per Square Foot In San Francisco Within Sight

1170 Sacramento #19B View

Quietly delisted from the MLS last week, tongues are wagging, and lips are being licked, with respect to Penthouse B atop 1170 Sacramento Street. And yes, it’s in contract.

According to our sources, the sale of 1170 Sacramento #19B should close at $6 million and set a new all-time residential record in San Francisco at over $3,000 per square foot.

The buyer hasn't been revealed. And while the sale hasn’t yet closed, don’t forget those invitations to the housewarming. Cheers.

Shooting For A Record $3,000 Per Square In San Francisco [SocketSite]

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

February 3, 2012

Are You Feeling Lucky Bowlers? Well, Are You?

Lucky Strike Construction (www.SocketSite.com)

While currently a construction zone, according to a plugged-in tipster, Lucky Strike is aiming to open their doors at 200 King Street by the end of the month, filling a rather large retail hole in South Beach which was Mission Bay when Borders vacated back in 2010.

The Incredible Shrinking Mission Bay (And Expanding South Beach) [SocketSite]
Mission Bay South Beach Borders Closing Its Doors October 16 [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (24) | (email story)

January 25, 2012

A Glimpse Inside "The Glint" And The Story Behind "The Mansion"

170 St. Germain Today (www.SocketSite.com)

While not quite in the same league as the "Party of Eight" house up on Billionaires Row, a plugged-in reader recognizes "The Glint" (Peter Thiel's "hero accelerator in a mansion") to be 170 Saint Germain, in which Thiel's fellows now reside.

170 Saint Germain: Rear

First listed for sale asking $4,500,000 last March, the 6,744 listed square foot home (per its last listing) was withdrawn from the market last asking $3,699,000 in November and then offered for rent at $15,000 per month.

Party Of Five Eight Move To San Francisco’s Billionaires Row [SocketSite]
This San Francisco Mansion Is Where Peter Thiel's Genius Kids Party... [businessinsider]
170 Saint Germain: Before, After And A Peek Inside (Poke To Follow) [SocketSite]
170 Saint Germain: The Aforementioned Poke [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (14) | (email story)

Appeal Of America’s Cup Environmental Impact Report Rejected

AC34 Venue Rendering: Piers 27-29

Rejecting an appeal we didn’t expect to be successful, San Francisco’s Board of Supervisors has unanimously certified the Environmental Impact Report (EIR) required to move forward with the construction of venues for the 34th America's Cup in San Francisco.

In the words of a plugged-in reader last night:

The appeal was denied, with the proviso that there will be supplemental EIRs. I don't know how much this addresses the ambiguity and structural deficiency of the EIR--perhaps they should split it into a program EIR and a project EIR for those projects that are known to-date.
Key other points that were made included that the mitigation funding was based on an expected attendee size of X, whereas later impact analysis assumed 0.2X. No resolution was reached on who will pick up the tab if mitigation funding predictions turn out to be optimistic. The ACEA voluntarily backed down on the floating jumbotron in the aquatic park, and there was much rejoicing amongst the aquatic park users.

Appealing The Impact Of The America's Cup In San Francisco [SocketSite]
Comments, Responses And Revisions To The America’s Cup Draft EIR [SocketSite]
Rendering Scoop: San Francisco's Major America’s Cup Venues [SocketSite]

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

January 19, 2012

A Plugged-In Realist’s Prediction Missed It By That Much...

1803 Castro Dinning

Six months ago a plugged-in "realist" raised the ire and eyebrows of a few by predicting the newly expanded and renovated Noe Valley home at 1803 Castro would sell "for about" $2.1 million having been listed for $2,600,000 ($765 per square foot).

Following a number of reductions and officially "off the market" according to the MLS, last week the sale of 1803 Castro quietly closed escrow with a reported contract price of $2,110,000 ($621 per square foot). Call it 18.9 percent under its original list price but within 0.5 percent of our reader’s prediction.

1803 Castro Returns Four Times Its 2005 Size (And Price) [SocketSite]

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

January 18, 2012

An Attempt To Settle For With San Francisco's Planning Commission?

1601 Larkin Rendering as Proposed

As we first reported yesterday, San Francisco’s Planning Commission is slated to meet behind closed doors with legal counsel to discuss the pending litigation and consideration of settlement proposals with respect to the proposed development of 1601 Larkin Street, a site on which the dilapidated First St. John's United Methodist Church currently stands.

First St. John's United Methodist Church at Larkin and Clay (Image Source: MapJack.com)

The proposed development which was blocked by Planning last year featured the modern Stanley Saitowitz design as rendered above. But as a plugged-in reader notes, it would appear that Ian Birchall has been quietly drafted to redesign the development as "a contemporary interpretation of a European city apartment building" with "French-style balconies and tall glassy bays in a crisp limestone-like exterior cladding."

1601 Larkin Ian Birchall Rendering: Night

Perhaps it's an attempt to "settle" on a less modern design which San Francisco’s Planning Commission might find more appealing (and which the building’s more conservative Russian Hill neighbors might be less likely to appeal).

1601 Larkin Ian Birchall Rendering: Day

Which brings us right back to our 2010 piece entitled, "1601 Larkin Reignites An Architects Versus Planning Design Debate." Yes, it’s déjà vu all over again.

Behind Closed Doors: 1601 Larkin Settlement Discussions This Week [SocketSite]
Development Of 1601 Larkin Disapproved By Planning Commission [SocketSite]
1601 Larkin: Comments, Responses And Latest Renderings [SocketSite]
Planning Disapproves Of Proposed Height For 1601 Larkin Project [SocketSite]
1601 Larkin Reignites An Architects Versus Planning Design Debate [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (13) | (email story)

January 12, 2012

Don’t Stop Conceiving (And Architect's Quote)

Mission Bay Block 7 Bi-Rite

In the words of the architect, David Baker, with respect to the Bi-Rite rendered in the designs for Mission Bay Block 7 West:

Unfortunately the Bi-Rite logo was only an "artist's conception". Every neighborhood deserves a Bi-Rite, the best grocery store in the world (my opinion).

And a Bi-Rite Creamery as far as we're concerned (with respect to what every neighborhood deserves).

Mission Bay Block 7 West Rendered With A Bi-Rite In Mind [SocketSite]

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

January 11, 2012

From A $7 Million View Home To A $4 Million View?

333 Belvedere Avenue Aerial

Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.

Reduced to $9,950,000 in December 2009, to $8,950,000 in 2010, and then withdrawn from the market five months ago last asking $7,500,000, the one-time Blanding Estate Carriage House which was "beautifully transformed into one of Belvedere's most prominent view-oriented residences" (according to its Sotheby's listing) sold on the courthouse steps for $4,175,000 last week. But wait, there’s more.

While we can't currently confirm, and perhaps a bit of bravado is in play, if a plugged-in reader's source is correct, the multi-million dollar property "was bought by a neighbor with the intent of demolishing it to clear the view."

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

January 9, 2012

A Re-Skinning Crane Has Risen At 680 Folsom Street

680 Folsom Street Crane

As a number of tipsters have noted, over the weekend a construction crane sprouted at 680/690 Folsom Street as the $87 million building overhaul we first showcased back in 2008 finally moves forward. As the re-skinned building will eventually appear:

690 Folsom: Redesign Rendering

Once renovated, the building will yield 505,000 square feet of office space and a public plaza on the corner of Folsom and Third Streets on which a new 15,000-square-foot retail or cultural building will also rise.

Renovation Of 680/690 Folsom Slated To Get Going This November [SocketSite]
Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (11) | (email story)

January 5, 2012

One Rincon Hill Tower Two Site In Play

One Rincon Hill Tower Two Site (www.SocketSite.com)

Back in 2008, the phase two second tower of One Rincon Hill was officially "put on hold." And as we first reported early last year, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC were headed for a foreclosure sale.

While not a done deal, according to a plugged-in source the undeveloped site for the second tower of One Rincon Hill is now in contract. And if our source is correct, Miami-based Crescent Heights which has started construction on 749 units at 1401 Market Street and owns the parcel at 45 Lansing on which a proposed 320 units will rise across the street from One Rincon Hill should emerge as the buyer, or possibly an equity partner.

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

It's "Official," One Rincon Hill's Tower Two Is Indefinitely On Hold [SocketSite]
One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]
1401 Market Street: Redesigned And Cleared For Construction [SocketSite]
45 Lansing Site In Contract, No Imminent Eviction For The Bees [SocketSite]
45 Lansing Take Two: Latest Renderings And Smaller Units Proposed [SocketSite]

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

December 21, 2011

It Would Have Been 50 Percent Over Had They Priced At A Million...

4378 Cesar Chavez: Living

Listed for $1,100,000 last month, the 1,810 square foot Albert Lanier designed home at 4378 Cesar Chavez quickly went into contract. As a plugged-in reader soon reported, "The sign in the Herth window says…22 offers received," and as another reader soon followed:

That's lame. Those guys missed the price point and they were the first to admit it during showings.
They wasted a lot of people's time. Yet there they are, touting how badly they gauged the market. Great.

The sale of 4378 Cesar Chavez closed escrow yesterday with a reported contract price of $1,540,000. And yes, that’s 40 percent "over asking" which could have been 50 percent over had they listed it for a million.

Channeling Mid-Century Modern Flair At 4378 Cesar Chavez [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (25) | (email story)

December 14, 2011

Buyer Emerges For The Most Expensive Bank-Owned Condo In The US

188 Minna Penthouse Living View

According to a plugged-in tipster over at the St. Regis, a buyer has emerged for the $35 million bank-owned two-floor penthouse atop the building at 188 Minna, the most expensive bank-owned residential property in the U.S.

We’re working on details, but "no comments" and apparent non-disclosure agreements keep getting in the way. That being said, according to our tipster, the buyer isn’t Mark Pincus unless he was wearing one hell of a disguise.

A sale within two million dollars of asking would make it the most expensive residential sale in San Francisco history, with 2840 Broadway relegated to runner up we do believe. Oh, and remember that uberexpensive staging job we first reported? It’s now on display, so grab some popcorn and take a peek inside while you can.

188 Minna Penthouse Theater

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but couldn't comment on the sale.

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]
The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]
A Half-Million Reasons To Start A Staging Company [SocketSite]
∙ Listing: The Penthouse atop the St. Regis Hotel [museumtowerpenthouse.com]

Posted by socketadmin at 1:10 PM | Permalink | Comments (35) | (email story)

December 5, 2011

An Uptick In Application Fees And Frustrations In San Francisco

From a plugged-in landlord bugged by a reported uptick in application fees for apartments in San Francisco:

I don't charge an application fee. I figure that running a credit check is the cost of doing business, and I only do it on the finalist. It's lame that some are charging dozens the fee for the same place. We know that they're not doing dozens of credit checks.
This makes us all look bad. And it's another reason for the city to figure out how to [reign] over landlords.

One unconfirmed anecdote and hearsay from The Bay Citizen retells the tale of a $3,500 a month loft in the Mission attracting 250 applications at $40 a pop.

In SF's Tight Rental Market, Paying Just to Look [baycitizen.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (21) | (email story)

December 1, 2011

A Little Daylight(er)

111 Day Street

As we first reported about 111 Day Street back in July:

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.
The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

As a plugged-in reader added the next day: "795K is my bet."

The sale of 111 Day Street closed escrow yesterday with a reported contract price of $790,000. Call it 12 percent below its sale in 2003 or 0.6 percent below our reader's on the record bet from four months ago.

From $900K In 2003 To $915K Today (And $1,190K In Debt Between) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (31) | (email story)

November 21, 2011

Is That The Fat Lady We Hear Singing Over At CitiApartments?

2099 Market Street

Pledged as collateral on a number of loans which are now in default, it’s a plugged-in tipster that notes "the Debtors’ respective membership interests in the limited liability companies" which own the following properties are scheduled to be sold on December 12:

78 Buchanan Street
233-241 Church Street
252-258 Church Street
950 Franklin Street
1844 Irving Street
1401 Jones Street
2677 Larkin Street
2075-2083 Market Street
2099 Market Street
1870 Pacific Avenue
500 Stanyan Street
645 Stockton Street
1340-1360 Taylor Street
1320 Washington Street
1461-1465 Burlingame Avenue (Burlingame)

Some might recognize the 2099 Market Street adress as the headquarters of the group formerly known as CitiApartments and from which "Frank Lembi used to listen to opera on Wednesday evenings from his office on the mezzanine" according to our tipster.

UPDATE: As a reader quickly catches, it’s the Membership Interests in the LLCs that own the properties above which are being auctioned against $29,700,000 in mezzanine debt that’s in default and the properties listed above remain "encumbered by a deed of trust that secures the Property LLCs’ total aggregate indebtedness to a senior mortgage lender in the original principal amount of $103,300,000."

CitiApartments Is No More! Well, Sort Of… [SocketSite]
The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]

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

November 15, 2011

Peek Inside The Top To Bottom Renovation Of 2507 Pacific Avenue

2507 Pacific: Top Floor Bedroom

As plugged-in people know, 2507 Pacific Avenue was purchased for $2,500,000 in early 2010 as a 3,509 square foot home in an unrenovated and garage-less state.

2507 Pacific: Kitchen

Despite some initial opposition, a garage has since been added to the Pacific Heights property and the interior has been renovated from top to bottom.

2507 Pacific: Wine Cellar

And while it never made it to the MLS, and the website offering a peek inside just recently went live, as a plugged-in reader correctly notes, the property is already in contract.

2507 Pacific Avenue [2507pacific.com]
We’ve Got Ours (And Don’t Want Yours) In Pacific Heights [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (44) | (email story)

November 4, 2011

After Two Weeks, 1532 Church Street Is…Reduced

1532 Church Street

While some expected it to fly off the market when listed for $895,000 sans tenants two weeks ago, the list price for 1532 Church Street has been reduced a nominal $6,000, now asking $889,000.

And speaking of said ex-tenants, if a plugged-in reader seeking to set the record straight is correct, they were driven out of the house on August 31 and now reside in Palm Springs.

A Quick Tenant-ectomy And Attempted Flip [SocketSite]
Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (37) | (email story)

October 21, 2011

A Homeowner’s Counterintuitive Wish Comes True

741 Noe

As we first reported back in July of 2007:

A tipster directs our attention to the listing for 741 Noe, a two bedroom "Tales-of-the-Cityesque" condo "on Eureka Valley's famed Liberty Street Stairs" that could "make Armistead Maupin green w/ envy!" It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units "were bought as TIC's on 7/15/2004 for $1,141,500 total."
And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).

Having sold for $1,057,000 that August, it’s another tipster that notes 741 Noe has been back on the market for three months, originally asking $1,029,000 but listed at $959,000 for the past four weeks, nine percent more affordable than four years ago and not accounting for a 240 basis point (37 percent) drop in 30 year mortgage rates as well.

∙ Listing: 741 Noe (2/1) - $959,000 [MLS]
Tales Of San Francisco (On So Many Different Levels) [SocketSite]
30-Year Mortgage Rates Fall Below 4 Percent And...Activity Drops [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (9) | (email story)

October 12, 2011

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

53 Manzanita Kitchen

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

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

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

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

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

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

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

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

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

Out Of Contract For The Fifth Time At 235 Berry But Now "Approved"

As we first reported this January past with respect to 235 Berry #304:

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).
Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.
In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

Having fallen out of contract twice since, most recently after being relisted for $699,000, the list price for the two-bedroom condo in the "landmark building" (according to the listing, don’t ask us) is once again $675,000 but now noting: "Approved Short Sale - Buyer walked last minute - cold feet."

And as a plugged-in reader reported back in January: "I…looked at this unit and the listing agent made it clear that the buyer will need an additional approximately $50k in cash at closing to clear liens by the HOA and PMI company."

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – $675,000 (short sale) [MLS]
Shorter Still For 235 Berry Street #304 At $560 Per Square Foot [SocketSite]
235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (6) | (email story)

October 5, 2011

Supervisors Reject NIMBY Appeal Against Transitional Housing

Edward II Inn (Image Source: MapJack.com)

As we reported earlier this week, Supervisors Avalos, Campos, Chiu, Mar, Mirkarimi, and Kim were all sponsors of the proposed Special Use District legislation which would pave the way for the previously approved transformation of the Edward II Inn from hotel to group housing for transitional 18 to 24 year olds while Cow Hollow Supervisor Farrell was not.

And as a plugged-in reader reports today, the Board of Supervisors unanimously rejected the Cow Hollow Association’s appeal of Planning's approval for the project and only one Supervisor, Farrell, voted against the creation of the Special Use District in Cow Hollow.

Whether or not the project makes financial sense is a valid debate, but it wasn’t the basis of the Association’s appeal or stated in the opposition to the spot zoning for the corner of Lombard and Scott.

NIMBY Opposition To Transitional Cow Hollow Housing Continues [SocketSite]
Support For Supportive Housing...Just Not Here [SocketSite]
Appealing The "Unappealing" Neighbors To Be At Scott And Lombard [SocketSite]
The Cow Hollow Association Might Say Both Are For The Birds... [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (46) | (email story)

September 16, 2011

ORH #1308 Going Once, Going Twice...Sold On The Courthouse Steps

As we first reported yesterday:

Purchased for $717,000 in February 2008 with a first mortgage for $417,000, a second for $264,150, and $35,850 (5 percent) down, this past April a Notice of Default (NOD) was filed on 425 1st Street #1308 with $14,809 past due.
Postponed last month, in an hour the 755 square foot One Rincon Hill one-bedroom is scheduled to hit the courthouse steps with a published opening bid of $437,793, call it $161,207 (27 percent) less than the current list price of $599,000 for 425 1st Street #808 which was purchased for $616,264 in February 2008 as well.

As a plugged-in tipster reports, an hour later 425 1st Street #1308 sold for $460,000 cash.

Once again, three months ago the Realtor owned 425 1st Street #1408 sold for $605,000 having been purchased for $655,319 in March 2008. Commentary on our original post.

'08 Apples To Apples And On The Courthouse Steps At One Rincon Hill [SocketSite]

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

September 15, 2011

CVS Slated To Start Construction At Market And 7th in 2012

Southwest corner of Market and 7th Streets

Speaking of mid-market developments around 7th Street, a plugged-in reader reports: "CVS will begin construction on a new store at the corner of Market and 7th Streets in August 2012. The check cashing outlet, barbershop, and restaurant will close." Cheers.

67 Units For Young Professionals Between 6th And 7th As Proposed [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (27) | (email story)

September 13, 2011

A Seller’s Pricing (Versus The Market’s Comp) At 410 Jessie

410 Jessie #602

The 2,018 square foot Hales Warehouse (410 Jessie Street) loft #602 has just returned to the market listed for $1,550,000. Purchased for $1,600,000 in July 2007, three months later the 2,018 square foot unit a floor below (410 Jessie #502) sold for $1,400,000.

410 Jessie #502 Floor Plan

As plugged-in readers know, 410 Jessie #502 recently resold for $1,300,000. And if a plugged-in tipster is correct, there’s roughly $1,450,000 owed on #602 which might help explain the seller’s pricing versus the market’s recent comp.

∙ Listing: 410 Jessie #602 (2/2) 2,018 sqft - $1,550,000 [MLS]
From Warehouse To Gallery To Upscale Comp At 410 Jessie [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (31) | (email story)

September 9, 2011

2020 Jackson’s Storied Past (And Currently Staging)

2020 Jackson (www.SocketSite.com)

Designed by Julius Kraft and built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter, 2020 Jackson Street served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906.

A 1991 Decorator Showcase home, details from which remain in the formal dining room and throughout, in 2004 the 10,900 square foot property was purchased for $22,500,000 by the Catherine Schwab Revocable Trust.

Recently emptied, it’s a plugged-in tipster that catches the Arthur McLaughlin trucks coming and going as the property quietly prepares to publicly hit the market with a splash, most likely in a week or two.

UPDATE: It's a plugged-in reader that gets the credit for discovering a treasure trove of photos from when the property was last on the market. Get 'em while you can.

2020 Jackson: Stairs

2020 Jackson: Dining

Isaias W. Hellman [wikipedia.org]

Posted by socketadmin at 11:00 AM | Permalink | Comments (15) | (email story)

September 2, 2011

2840 Broadway Quietly Sells On Billionaire's Row (And Not To Ellison)

2840 Broadway Aerial

The sale of the late Dodie Rosenkrans’ Pacific Heights mansion at 2840 Broadway, the Willis Polk designed 17,000 square foot home adjacent to Ellison’s modern manse on San Francisco’s Billionaire's Row, has quietly closed escrow.

While the buyer’s identity was hidden behind an LLC ("2840 Broadway Street") managed by William McClure down in Menlo Park, according to a plugged-in tipster the buyer wasn’t Ellison, a fact that we’re still trying to confirm along with the official sale price.

UPDATE: We've got confirmation on the buyer who is from the 'hood but isn't Ellison which shouldn't catch any plugged-in readers by surprise. We're still working on the sale price.

As always, don't forget those invitations to the housewarming. Cheers.

Another Big Billionaire's Row Home Coming Soon: 2840 Broadway [SocketSite]
Ellison Report Kicked To The Curb [SocketSite]

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

August 31, 2011

A Gentle Reminder That New Paint Does Not Equal Remediation

A plugged-in reader reports with respect to a home currently on the market in Noe:

One of the neighbors got a sneak peak at the place after the tenants moved out and saw evidence of a leaky roof in several places and extensive mold on the walls in most of the rooms – imagine what’s going on behind the drywall. However, what is most interesting is that during the open house you can see the wallpaper is still there, so apparently whoever did the remodeling work just painted over the existing moldy walls.

As we can’t confirm the before, or what exactly what happened during, let’s just consider this a general reminder not to skimp on your inspections, especially when dealing with a newly remodeled home, which might seem counterintuitive.

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

August 30, 2011

Conforming Loan Limit Extension Gains Obama's Support

As plugged-in people are well aware, the super/jumbo conforming loan limits that provide for federally backed mortgages up to $729,750 in high cost areas like San Francisco were first passed as part of an economic stimulus bill back in 2008, were extended by President Obama last year, and are currently set to expire on September 30, 2011.

This past May, the New York Times quoted an Obama administration’s position paper on reforming the housing market stating: "Larger loans for more expensive homes will once again be funded only through the private market." In other words, another extension was not to be expected.

Today, it’s a plugged-in reader that points to a research note by Capital Alpha Partners in Washington DC that suggests the Obama Administration has decided to support a two-year extension for the higher conforming loan limits.

If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]
Another Year For Super Conforming Limits (Assuming Obama Signs) [SocketSite]
Super Conforming Limits In San Francisco Set To Expire September 30 [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (133) | (email story)

August 24, 2011

1285 Sutter Approved For Imminent Demolition And Reconstruction

1285 Sutter Rendering

Permits to demolish the long shuttered Galaxy Theater at 1285 Sutter Street and erect a 13-story building with 107 condominiums over 10,000 square feet of retail (Trader Joe’s lease for which expired) and basements for 127 parking spaces were approved last week.

As a plugged-in tipster reports, the site which was purchased by Portland, Oregon based developer Gerding Edlen for $9.25 million (versus an $18 million ask in 2008) has since been fenced off and demolition is imminent.

If all goes as currenlty scheduled, the new building should be construction complete and ready for occupany and retailing in early 2013. As always, we'll keep you plugged-in.

1285 Sutter Street Rendering

UPDATE: As a couple of plugged-in readers quickly note, while Trader Joe's was once slated to occupy the ground floor retail at 1285 Sutter as rendered above, it's rather unlikely they'll do so considering their plans to open at 1401 California.

1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market [SocketSite]
From Cala To Condos To Trader Joe's At 1401 California [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (33) | (email story)

August 23, 2011

The Unreported Sale Price For 33 Prosper

33 Prosper 2011

As we wrote in January:

Purchased by Mr. Muhawieh for $920,000 in 2007, as plugged-in people know, a 33 Prospect in progress was taken back by the bank and resold for $770,000 this past April.
Having since been redesigned and rebuilt as "a modern showcase for urban living," the now 2,770 square foot home is back on the market and asking $2,350,000.
Wood, stone, and a few odd modern showcase angles abound.

Officially "withdrawn" from the MLS in May when last listed for $2,149,000, it’s a plugged-in reader that notes the sale of 33 Prosper closed escrow the next month with a recorded but unreported contract price of $2,040,000.

Once again, it’s a violation of MLS member rules to fail to report the sale and selling price of a recently listed property, even if said listing has been withdrawn from the MLS (within three months of a sale we believe).

UPDATE: Within a few hours of our post, the July sale price for 33 Prosper was reported on the MLS. Cheers.

A Rebuilt 33 Prosper Returns As A "Modern Showcase" [SocketSite]
Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
A Not So Prosperous At (And Under) Asking Sale For 33 Prosper [SocketSite]
An Ironic Address For Another Ex-Muhawieh Property (33 Prosper) [SocketSite]
The Unreported Sale Price For The Penthouse Atop One South Park [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

August 22, 2011

The Parc Esprit (AKA Esprit Park North) Back On The Market

The Parc Esprit (www.SocketSite.com)

As plugged-in people know, in early 2010 the the sixty-seven (67) units formerly being sold as Esprit Park North were renamed "The Parc Esprit” and repositioned as rentals. As we first reported at the time:

Rents for the remaining one-bedrooms range from $2,475 to $2,950 while the two-bedrooms range from $3,050 to $4,000. Esprit Park originally hit the market in 2007 with one-bedrooms in the South Court priced from the "Upper $600,000's" and two-bedrooms from the "Mid $900,000's" (from $549,000 seven months later).
Leases currently run eleven months (think Esprit Park CC&R’s) with expectations that the units will return to the for sale market in three to five years. And while the leases aren’t being written with an option to buy, leaseholders do get a first right of refusal.

As a plugged-in resident tipster wrote last week:

The Parc Esprit in Potrero Hill is putting 1/4 of the north court units [back] on the market. They are currently being offered to tenants at a 7.5% discount…The rest of the north court will transfer from rentals to condos sometime in the future (probably dependent on how sales go with the current units). 16 one bedroom places will be priced between $570,000 and $610,000 and the 4 [two bedroom] penthouses will be priced at $980,000.

On Friday, two units at 850 Minnesota were listed for sale, a 835 square foot one-bedroom for $590,000 and a 1,586 square foot two-bedroom penthouse for $979,000.

The Parc Esprit (840 Minnesota): 30 Percent Sold Leased [SocketSite]
Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
Reader’s Reports: Homes On Esprit Park Now Starting From $549,000 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (13) | (email story)

August 19, 2011

Saitowitz Rising On The Blighted Corner Of Divisadero And Ellis

While the long vacant lot on which a 76 Station once stood was tagged with a notice of blight a few months ago, a plugged-in tipster reports that construction has commenced on the first of two Stanley Saitowitz/Natoma Architect designed condominium buildings that are rising on the corner of Divisadero and Ellis Streets (click image to enlarge).

The first building consists of 12 units and the second building of 21 units. Principal exterior materials will be similar to Saitowitz’s award winning Beth Shalom Temple at 15th and Clement. The first building is scheduled for completion summer 2012, the second in 2013.

As the site looked in June:

Divisadero%20and%20Ellis%20Blight.jpg

And as we wrote in 2008 when anti-blight legislation was adopted: "No word on whether or not a construction site on hold might qualify as well." Apparently the word is yes.

Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
Saitowitz Scores With The Critics (But Not With Those Next Door) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (37) | (email story)

August 18, 2011

A Double Apple Closes On Caselli, What Does This Mean?

226 Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007.

226 Caselli Kitchen

Having been slightly updated since, 226 Caselli Avenue returned to the market this past June listed for $1,399,000 at which point our plugged-in tipster weighed back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.
In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.
Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Yesterday, the resale of 226 Caselli closed escrow with a reported contract price of $1,350,000, down 5% ($70,500) from its 2007 sale, 11% ($165,000) below 2005.

Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]
Apples To Apples To Apples (And Tipster To Tipster) On Caselli [SocketSite]

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

August 11, 2011

It’s Back To The Bank (And Hopefully Drawing Boards) For 524 Howard

524 Howard Site

As plugged-in people know, the parking lot at 524 Howard has been facing foreclosure with an estimated $23,038,931 owed. The site was approved for developement twenty-two years ago, the rights for which could soon be lost.

And as a plugged-in tipster notes, on Wednesday the parcel went back to the bank with no bidders at $5,000,000 cash on the courthouse steps.

524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today [SocketSite]
Two More Years To Park At 524 Howard (And Perhaps Much Longer) [SocketSite]
Five Million In Cash Versus Twenty-Three Million Owed [SocketSite]

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

August 10, 2011

Simply Lip Service For Green Landscaping In San Francisco?

San Francisco Sidewalk Scofflaws

It’s time for a (slightly edited) guest editorial from a plugged-in reader:

I am a homeowner in SF's 11th political district. The neighborhoods in my district have the potential to be charming, but unfortunately many people think it's OK to pave over their front yards to then use the space to park their cars on the sidewalk illegally.
Almost every month I see a new front yard disappearing to make space to park cars on the sidewalk. The result is blighted, dire looking neighborhoods, lower property prices, and an unsafe environment for pedestrians who have to navigate around cars parked on the sidewalk.
In addition to laws against sidewalk parking (which is not enforced by the city, only upon complaint), to my knowledge, the city of San Francisco has laws against paving over front yards, as well as the "Green Landscaping Ordinance" which stipulates that a certain percentage in front of every building has to be devoted to landscaping. Yet I have been unable to get the city to enforce the law in my district, even though I made repeated attempts to do so.
There are three cases I can mention, each of which I have filed a complaint for with the city authorities:
1. 730 Huron Ave: has their front yard paved over. The complaint can be tracked here. The case has been "abated", but I wonder how that came about, since the building clearly is not in compliance with the code. Thanks to the City "abating this case", in the space of the former front yard now often one or two cars are parked, blocking the entirety of the sidewalk, forcing pedestrians into the street. I do sometimes call this in to the DPT, but I do have a day job and it would be nice if instead the City authorities could do their job.
2. 40 Sears Street: had a very large front yard paved over on which now a pickup truck regularly parks. I have filed a complaint with the DBI and am awaiting the results.
3. 901 Huron Ave: a house that was one of the best looking on our street, a corner house with beautiful lawn all around it. It recently sold and yesterday my wife and I noticed that a part of the lawn was already paved over, with a pickup parked on the sidewalk and former site of the lawn.
My questions are these: are we simply we wasting taxpayer dollars on making ordinances and printing colorful brochures about sidewalk greening, since we don't actually take them seriously and enforce them? Or will these laws be ever enforced to prevent further blighting of the City's neighborhoods?
San Francisco is said to be a beautiful city, but once you look beyond the parks and beaches, City Hall, Russian Hill and Valencia Street, the neighborhoods where actual families live look more and more terrible by the day.

Good questions. Let's see if we can't drum up some equally good answers.

Guide To San Francisco's Green Landscaping Ordinance [SocketSite]
Coming Soon: Guidelines For Tending Concrete Gardens Out Front [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

August 9, 2011

The Unreported Sale Price For The Penthouse Atop One South Park

1 South Park #407

From our report in May:

As we noted in 2007 a few months after the sales office at One South Park first started taking soft reservations, sales materials denoted eighteen of the thirty-five already "reserved" with one, Number 407, already "sold" and likely a developer's unit.
Today, the three-bedroom condo across two floors and with one big roof deck (with hot tub and soon to be grill) hit the market for the first time listed for $3,300,000.
While not listed, tax records peg the penthouse unit's interior space at 2,659 square feet.

In July the listing for One South Park #407 was officially withdrawn from the MLS without a reported sale. As a plugged-in tipster reports, however, the unit actually sold for an unreported $3,500,000 in a quiet and confidential sale to the anonymous "Deebek LLC."

One South Park #407 Hits The Market For The First Time [SocketSite]
One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (32) | (email story)

August 3, 2011

1945 Hyde: Planning's Decision Upheld As Appellant A No-Show

1945 Hyde Rendering

A plugged-in reader reports with respect to yesterday's appeal of the Planning Department’s decision that the proposed adaptive reuse of 1945 Hyde Street is exempt from formal environmental review.

The Board voted 11-0 that the determination of the Planning Dept. should be upheld. Even David Chiu in whose district the project is located was unsympathetic with the appellant who failed to appear.

Approved by the Planning Commission in June, it was the Russian Hill Community Association (RHCA) which had filed the appeal in an attempt to block the redevelopment, an appeal which would have added years and big bucks to the development if successful.

Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]

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

August 1, 2011

Something Fishy Or The One That Got Away?

700 46th Avenue

In 2005 the two-unit Outer Richmond building at 700-702 46th Avenue sold for $1,200,000 by way of a $900,000 loan. This past March the property was taken back by the bank with no bidders at $765,000 in cash on the courthouse steps.

Quietly listed for "$332,500" on the San Francisco MLS by GoHoming.com, "an online bidding marketplace" for bank-owned properties, it would appear the property sold for $356,824 ($143 per square foot) last week.

And a reader wonders, does something smell fishy or is this the one that got away?

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

July 29, 2011

A Half-Million Reasons To Start A Staging Company

According to a plugged-in source, having been taken back by Bank of America and its asking price reduced to $35 million, the Penthouse atop the St. Regis is being prepped to be officially listed on the MLS by, or around, Labor Day.

At the center of its preparation, a complete staging of the penthouse’s 17,000 interior and 3,000 exterior square feet. And according to our source, the expected budget for said staging for which RFP’s have been distributed, a cool $500,000. Yes, an expected half-million dollars in staging fees alone.

And no, we’re not expecting any Sunday open houses.

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

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (10) | (email story)

July 21, 2011

2011 San Francisco Living: AIA Home Tours Lineup (And Challenge)

Hill Street Residence

While we don’t believe it has officially been announced, it’s a plugged-in tipster that notes the AIA’s 2011 San Francisco Living: Home Tours lineup is now online. The list of featured properties and architects (that's the "Hill Street Residence" pictured above):

Noe Vista (Kennerly Architecture & Planning)
Harrison Street Residences: 1 x 2 (Studio 12 Architecture)
Old Bernal House (Feldman Architecture)
Hill Street Residence (John Maniscalco Architecture)
Congo Street Residence (MaK Studio)
Alpine Terrace Residence (H+H Creative)
St. Germain (Andy Rodgers Design Studio with SF Modern)
Sunset Overlook (John Lum Architecture)
Richmond Re-Do (Addison Strong Design Studio)
Parkview Terrace (Kwan Henmi / Fougeron Architecture)

As always, bonus points for connecting the moniker with an address, a handful of which should be layups for the plugged-in. And extra credit for pegging which of the properties will hit the market as soon as the tour ends.

2011 San Francisco Living: Home Tours Lineup [aiasf.org]
The Threes At 3119 And 3121 Harrison Now Listed For Under Two [SocketSite]
140 St. Germain: From Renderings To Reality To Sold For $5,200,000 [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (7) | (email story)

June 30, 2011

Apples To Apples To Apples (And Tipster To Tipster) On Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007. As our tipster wrote at the time:

Ironically, as new homeowners on the block (yes, we bought within the past year), you would think that we would be dismayed, or at the very least experiencing extreme denial, about these listings...But before we were homeowners, we were well aware that the SF market might be headed for trouble, and gaining a mortgage and a property tax bill did not suddenly make us grow blinders as well!
We bought a house this year...not because we were trying to 'time the market,' and not because we believed our house's appreciation would beat out our stock market investments, but because it was the right time for *us* (recent job promotion, new baby on the way...all the reasons that normal pre-bubble citizens used to buy houses). We didn't buy our house as an investment...and if the market declines by 10-20% (and I think this is a possibility)...well, we bought for the long-term and intend to stay here at least 5, if not 15, years.
So I do believe that one can be a homeowner AND a rational observer as well, and I bet there are many like-minded readers of [SocketSite].

Having been slightly updated (the floor in the kitchen for example), 226 Caselli is now back on the market in 2011 listed for $1,399,000. And our 2007 tipster weighs back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.
In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.
Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Cheers!

∙ Listing: 226 Caselli Avenue (3/2) 1,712 sqft - $1,399,000 [MLS]
Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

June 29, 2011

And Then Reduce It Too…

716 Sanchez

As a plugged-in reader moving to San Francisco and house hunting reported in March:

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

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

And while we took a bit of heat for running the story, the list price for 716 Sanchez has been reduced a few times since. They’re now down to $1,999,000 ($951 per square).

716 Sanchez View

∙ Listing: 716 Sanchez (3/2) 2,100 sqft - $1,999,000 [716sanchez.com] [MLS]
Price Per Square Foot Out Of Whack? Reduce Remove It… [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (30) | (email story)

June 24, 2011

Two Years Later And The Bank Gets Its Mansion Back

2799 Pacific (Image Source: noehill.com)

As we wrote about the mansion at the corner of Pacific and Divisadero back in June 2009:

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.

As a plugged-in reader adds today (emphasis ours):

I work for the law firm that just completed the lockout on this property.

So in addition to the deed, it's two years later and Chevy Chase bank finally has the keys.

A Landmark District Seven Mansion Foreclosure (2799 Pacific) [SocketSite]
San Francisco Landmark 207: Ellinwood Residence (2799 Pacific) [noehill.com]

Posted by socketadmin at 1:15 PM | Permalink | Comments (25) | (email story)

For The Love (And Hate) Of Palm Trees In San Francisco

They’ve been called names. And the planting of palm trees in San Francisco can be a polarizing issue. An issue that might be short lived, for as a plugged-in reader editorializes and educates:

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

A Most Unfortunate Quote [SocketSite]
A Plugged-In Reader's Report: Third Street Sprouts Some Trees [SocketSite]
The Impact Of 8 Washington [SocketSite]

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

June 13, 2011

Ahoy There Buyers...

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

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

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

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

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

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

June 9, 2011

A Political Move

1581 Masonic

On Tuesday afternoon a tipster alerted us to the moving vans outside the Newsoms’ house at 1581 Masonic (purchased for $2,738,000 in June 2009), but we missed the shot.

As a prescient plugged-in reader wrote last August:

I bet if he loses the governor's primary or the actual race, within six months he will be back in his natural habitat, well north of California Street, or perhaps in Marin. This neighborhood is purely a political decision. Far too many drug addicts and homeless right at the bottom of the park.

And yes, the Newsoms are moving to Marin. Care to double down on the resale (or rental) price for the District 5 home?

The Mayor Moves To (Real Estate) District Five [SocketSite]
The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

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

June 6, 2011

Plugged-In To A Bottle Of Johnnie Walker?

From Sam Singer with respect to the Ellison and von Bothmer view settlement we reported:

The story on Socketsite regarding a payment of $2 million is wholly false and incorrect, according to a conversation I just had with the family. Socketsite’s “plugged in” source must be plugged into a bottle of Johnnie Walker.

Consider this a placeholder until we can resolve conflicting reports at which time we'll republish and open the discussion back up for debate (or flogging as the case may be).

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

June 2, 2011

140 St. Germain: From Renderings To Reality To Sold For $5,200,000

140 Saint Germain: Living

As we wrote when the finished 140 Saint Germain first hit SocketSite four weeks ago:

It’s another high-end home that’s not yet listed on the MLS. But as a plugged-in reader notes, the new 140 Saint Germain no longer only exists in renderings, but has been finished, photographed and priced at $5,000,000.
As we wrote about the property in 2008: "It’s truly a fixer, but with the requisite bones, big city views, and two atriums (not to mention decks and parking)."

And while it never hit the MLS, according to a plugged-in tipster, the sale of 140 Saint Germain has closed escrow with an unreported contract price of $5,200,000 ($912 per square foot), the highest of three offers.

140 St. Germain: From Renderings To Reality And A $5,000,000 Ask [SocketSite]
140 Saint Germain: Rendered Meat On The Bones And Coming Soon [SocketSite]
A Fixer With Big Views And The Requisite Bones: 140 St. Germain [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (9) | (email story)

June 1, 2011

Strike Up The Band Contractors As 393 Marina Closes For $4.4M

393 Marina Boulevard

As a plugged-in reader wrote when 393 Marina Boulevard first hit the market in January with a list price of $6,000,000 and 6,140 listed square feet:

1000 per foot for a home on fill land that looks in fairly poor condition listed by an agency I've never heard of... None of this bodes well for a fast sale. My guess: It sits on the market for months and after a couple of meager reductions ends up being withdrawn.
Real asking should be about 700 per foot, so somewhere under 4.5 million.

The sale of 393 Marina Boulevard closed escrow yesterday with a reported contract price of $4,400,000 ($716 per listed square foot).

That being said, as another plugged-in reader also reported back in January:

Having gone through this home last week, measures about 3800 square feet give or take. The listing agent has included an enormous garage and basement space measuring about 2200 square feet to get us to the [6,140] square feet.

The first building permit for what appears to be basic seismic work was pulled within hours of closing. We'd be willing to bet it will soon be followed by others with plans to capture a bit more of that garage and ground floor space.

A Rainy Day Money Mini-Manse Hits The Market On Marina Boulevard [SocketSite]

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

May 25, 2011

Which Is Worse, Unpermitted Work Or The Hells Angels?

A plugged-in reader’s story and perspective on unpermitted work:

Well, I'm neither a buyer, seller, planner, architect, nor nimby, and have never filed a [Discretionary Review]. I've lived in my home for 30 years and have always followed the rule that my neighbor's home is his business. But, that was not prudent as I discovered over the past several years with regards to my next door neighbor.
The first two owners, for the last 20 plus years lived in the home. The last, rented it out, but not before putting in an illegal unit downstairs. We later found out that his permit only covered "new windows." But, instead, he put in a kitchen, bedroom, and bathroom in the former basement of a single family home with the new unit having 6 foot ceilings, a couple of windows, and no vents for the illegal heater, stove, etc.
How did I know about that? Well, the last group of tenants in the main upstairs home, subleased that space to a couple of Hells Angels who ran a repair shop for stolen motorcycles in part of the garage space. They were arrested when an alert cop saw one of the stolen bikes in the driveway. Then, an alert permit officer at the local police station and some concerned neighbors, called the city planning department which sent an inspector and made the owner pay fines and pull out all the dangerous and illegal plumbing and electrical.
Now, the R-1 home is truly R-1, and the owner, has only been able to sporadically rent the property to other tenants over the past several years. As one contractor told me, after I pointed out that kids were living in the unsafe illegal unit, "I'm surprised no one died in this place".
Now, not all work without permits is dangerous but all is illegal. I'm sorry that it's a hassle to obey the law. Yeah, I like doing 90 on I-5 to L.A. too. But, if I get ticket, I don't tell the cop that it's inconvenient and a hassle to do 70.
And one more note, what happens if there was a fire and someone was hurt or killed? Do you think the homeowner's insurance company, looking for anyway to diminish or eliminate its liability, would cite the lack of permits as a mitigating factor?

As always, food for thought and room for discussion and debate. Permitted room, of course...

More Than Meets The Eye Permits At 674 15th Avenue [SocketSite]
An Architect’s Nightmare And Discretionary Review Irony [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (135) | (email story)

May 23, 2011

The Lion Of The Left's House Falls Prey To Its Loans

3300 Kirkham

With $1,203,000 in open loans and a few liens (including one to US District Court), it’s a plugged-in tipster that notes the 3,000 square foot Art Deco home at 3300 Kirkham went back to the bank on Friday with no bidders at $828,000 on the courthouse steps.

With respect to the District Court lien, as also noted by our tipster, the home had been owned by former Roman Catholic priest and KGO radio host Bernie Ward who was convicted on child pornography charges in 2008.

Posted by socketadmin at 11:45 AM | Permalink | Comments (17) | (email story)

May 17, 2011

The Torpedo Of Truth For 2420 Pacific

2420 Pacific

It hasn’t yet been reported, but according to a plugged-in tipster the sale of 2420 Pacific has closed escrow with a contract price of $7,400,000.

Assuming our tipster is correct, call it 42 percent under original expectations, 15 percent under its most recent list price, and $695 per square foot ("per appraisal") for the Julius Ernest Krafft designed Pacific Heights home.

UPDATE: The sale was just reported and our tipster was spot on with respect to the price.

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

Posted by socketadmin at 1:00 PM | Permalink | Comments (13) | (email story)

May 5, 2011

The Rumored Price Behind The Confidential Sale Of 2550 Lyon

2550 Lyon Street (www.SocketSite.com)

Listed for $9,800,000 in 2007, relisted in 2008 for $7,950,000, and last listed for $6,500,000 before being withdrawn from the MLS in 2010, the sale of 2550 Lyon quietly closed escrow last month hidden behind a confidential sale price at the Recorder’s office.

That being said, if a plugged-in tipster is correct, the sale price was $5.75 million while the property is rumored to have appraised for a million dollars less, luckily it was only a $2 million note being employed for the purchase.

Rumor also has it that several offers were made on the property over the past three years, all of them passed them up waiting for a more lucrative offer to appear and during which time 2550 Lyon had been listed for rent asking $22,500 per month.

The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
Might $22,500 A Month In Rent Actually Make More Financial Cents? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (8) | (email story)

May 3, 2011

Castle On The Park (601 Dolores) In Contract For $6,600,000

601 Dolores

A plugged-in tipster delivers the news that 601 Dolores, a.k.a. the "Castle on the Park," is now in contract with an accepted offer of $6,600,000 for the 17,000 square foot property which was last officially listed for $7,490,000.

Born the Mission Park Congregational Church in 1909, 601 Dolores was purchased in 2007 and transformed into a single-family home. And as we first reported, the property returned to the market in 2008 listed for $9,950,000.

601 Dolores Bedroom

And no, it's not a high flying tech exec nor newly minted millionaire that's in contract to buy the Castle, but rather Children’s Day School which plans to use the space for classrooms, a large community gathering and performance space, and offices.

The big challenge now, an "upcoming heroic and unprecedented fundraising effort this spring to close the deal." We’ll keep you posted and plugged-in.

Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]
Unofficial Inventory (And A Righteous Reduction) At 601 Dolores [SocketSite]
One Hell Heck Of A Bedroom Overlooking Dolores Park... [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (14) | (email story)

May 2, 2011

Will The Third Time Be The Chocolatey Color Charm For 2523 Steiner?

2523 Steiner 5/2/11 (www.SocketSite.com)

Another coat of now chocolatey colored paint has been applied to the façade of 2523 Steiner. As a plugged-in reader wonders, will the third time be the color charm?

And considering that the previous coats of paint weren’t first stripped from the hardwood around the windows before re-painting, how long will the current coat of color last?

Color Me Yours At 2523 Steiner [SocketSite]
Oh No They’re Not, Oh Yes They Are At 2523 Steiner Again [SocketSite]
The Freshly Re-Finished Façade Of 2523 Steiner [SocketSite]
A Quick Curb A-Peel Change For A Weathered Wooden Facade [SocketSite]
Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (20) | (email story)

April 30, 2011

The Now Public Details For The Painful Situation We Posted Last Week

While we didn't disclose the details last week, the recent buyer of a unit above an S&M enthusiast has decided to go public, perhaps as the reality of our reader's words of wisdom with respect to litigation has set in. The first third of the buyer's detailed public plea:

When I closed the deal last Friday for [removed by editor] in Glen Park, my new condo in a 2-unit building, I had no idea my downstairs co-owner was a self-described "sex enthusiast" who engages in loud S&M "leather sex" on a regular basis. I learned this not from the seller or his agent, but via an email from the co-owner himself, which I received last Sunday night, after close.
The mere fact of the co-owner's sexual preference doesn't bother me in the least. But the possibility of it coming to the attention of my 10 year old son, whose bedroom was to be directly over the downstairs bedroom, enrages me.
By what measure does this not require disclosure? All parties to the sale knew I had a young boy who would be living with me. And I had expressed to my agent directly my concern over the possibility of an S&M dungeon in the common garage area, as that would be an inappropriate feature in a child's environment.
Neither the seller or his agent told me about the use and type of noise coming from the lower unit, though the co-owner writes that this was a topic of conversation several times between the seller and him.
The level of noise transmitted between the units has been an ongoing issue. In fact, renovation of the seller's unit was undertaken as recently as this year to help abate the noise: new sound proof padding and carpeting were added.
Despite the possibility that my 10 year old would be negatively affected by this noise type and unit use, this fact was kept from me during a full 6 weeks while I decided whether to purchase the condo.
I implored both realty companies to rescind the sale. They both said get a lawyer, we can't help.

While we tried to keep the details private, and encouraged others to do so as well, we can't put the genie back in the bottle for the buyer's now very public plea.

A Painful Situation For A Plugged-In Reader (And Plea For Help) [SocketSite]
No disclosure + no due diligence = New mortgage but no new home [Redfin]

Posted by socketadmin at 3:00 PM | Permalink | Comments (65) | (email story)

April 29, 2011

Yes, You May (A.K.A. The Kind Of Comments We Love To Read)

An excerpt from our comment of the week on the sale of 909 Tennessee:

Can I take a moment to tell the world again how much I love this building and have since the first time I laid eyes upon it 16 years, six months five days ago? That was the day I moved into a loft I rented from Sergio Nibbi at 900 Tennessee Street with a few dollars in my pocket and a determination to make it as an aspiring entrepreneur in SF, the city of my childhood.
It was love at first sight and still sinking in that I really have the thing after wanting and hoping for it all these years.

And once again, cheers.

Wayne Prevails And Secures His Firehouse At 909 Tennessee [SocketSite]

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

April 27, 2011

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

A plugged-in reader in need writes:

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

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

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

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

April 22, 2011

Winning?

2420 Pacific

Ever since a plugged-in tipster tipped us off to a rumored under the radar "no reasonable offer refused" auction for 2420 Pacific Avenue two weeks ago, we’ve been keeping an extra close eye on the listing for the 10,650 square foot (per appraisal) Pacific Heights property.

As plugged-in people know, the Julius Ernest Krafft designed home was listed for $12,800,000 last June, reduced to $11,700,000 in September, and then reduced to $9,800,000 in February.

A few minutes ago the list price for 2420 Pacific was reduced to $8,700,000.

Either the aforementioned auction failed to produce a winner and we now have some additional intelligence with respect to the market’s appetite, or we now know the winning bid which will be recorded "at asking" (and rather quickly after being reduced).

∙ Listing: 2420 Pacific Avenue (10/8.5) - $8,700,000 [MLS]
A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
Room(s) To Negotiate And A Two Million Dollar Reduction [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (11) | (email story)

April 21, 2011

The Reconstruction Of 408-416 Bosworth Has Recommenced

408-416 Bosworth (www.SocketSite.com)

According to a plugged-in reader, reconstruction has restarted on the eight unit "Bosworth Homes" development at 408-416 Bosworth which first hit the market in 2009 before being taken back by the bank late last year and sold to Encore Housing Funds ("who focus on developing distressed properties...Expect a completion date of June/July").

The Abandoned (408-416) Bosworth Homes Head Back To The Bank [SocketSite]
What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

April 19, 2011

Minor’s "Abandoned" Mansion At 3800 Washington

3800 Washington Circa 1906

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

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

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

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

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

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

Argenta (1 Polk) Sold In Bulk To Behringer Harvard

Argenta (www.SocketSite.com)

As a plugged-in resident reports, the bulk sale of Argenta (1 Polk Street) which had been built as condominiums, was unsuccessfully marketed for sale in 2008, and turned rental in 2009, has closed escrow with Dallas based Behringer Harvard Multifamily REIT acquiring the property from the bank.

The sale of the 179-unit building has been in the works since February 11 when Behringer Harvard first entered into an agreement to purchase the property for $94 million excluding closing costs.

Our tipster also notes: "I recently received an offer to renew my lease for another year."

UPDATE: As noted buy a plugged-in reader and since corrected, while Australian based Anka developed the property, Behringer Harvard purchased the property from "MacQuarie Argenta Inc.," a holding company for the construction lender who financed the project.

Argenta (1 Polk): Ground Breaking [SocketSite]
The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
The Official Argenta (One Polk) Offering Image And Language [SocketSite]
The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (15) | (email story)

April 15, 2011

OMG! ODC Connected Appeal Of 17th And Folsom Park Is Withdrawn

As a few plugged-in readers report, the appeal against the proposed park at 17th and Folsom which was filed by a board member and past President of the neighboring ODC Dance Center (which is building a new center cater-corner to the park), has been withdrawn.

Parking Not Parks! (A Less Popular Mission District Bumper Sticker) [SocketSite]

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

April 14, 2011

More Than Meets The Eye Behind The Opposition To 350 Mission?

A plugged-in reader reports with respect to the proposed tower at 350 Mission:

Shorenstein via Tom Hart also showed up at the Commission to oppose the project. Some dirty pool going on for sure.

Comments: 350 Mission Appeal Take Two And Telling Board Vote(s) [SocketSite]

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

April 13, 2011

Oh No They’re Not, Oh Yes They Are At 2523 Steiner Again

2523 Steiner: 4/14/11 (www.SocketSite.com)

It’s been a week since they finished repainting 2523 Steiner. And as a plugged-in tipster notes, they’re back at it today. We doubt any plugged-in person will be too surprised.

As to the home’s floor plan flaws, that’s going to take more than paint. Bonus points to the reader who correctly calls the new new color scheme (note the test patches above).

The Freshly Re-Finished Façade Of 2523 Steiner [SocketSite]
Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]
A Quick Curb A-Peel Change For A Weathered Wooden Facade [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (54) | (email story)

April 6, 2011

399 Fremont: April Showers (And Site Prep) Will Bring...Wildflowers

399 Fremont Flowers

As we wrote last June:

Approved for development in 2006 with a performance period set to expire in June 2008, Fifield started clearing the site for the proposed Californian at 399 Freemont in November of 2007. In August of 2008 the Planning Commission granted a 12 month extension of the performance period to June 2009, and then again in June 2009 to June 15, 2010.
On Thursday the Planning Commission is expected to grant another 12 month extension for the now 452 unit (and 238 parking spot) project which would expire on June 15, 2011. The site will be planted and bloom with wildflowers in the interim.

And while one curious tipster is hopeful that this weekend’s site work is a sign that the Californian is on the rise, as Jamie Whitaker reports, it’s actually the Fifield folks prepping the Fremont lot for the aforementioned wildflower meadow ten months into the interim.

Once again, a rough rendering of what’s expected to eventually rise on the site:

399 Fremont Rendering

399 Fremont: Interim Plans Set To Bloom For The Californian Site [SocketSite]
The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]
The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]
Native California Wildflower Meadow Interim Use at 399 Fremont [rinconhillsf.org]

Posted by socketadmin at 3:45 PM | Permalink | Comments (53) | (email story)

Avalon Towers By The Bay (388 Beale) No Longer Owned By Avalon

A plugged-in reader reports: "I live at Avalon Towers (388 Beale Street) and learned yesterday that they had been sold to UDR (or should I say swapped with other properties). Great news the place is in bad shape and been run down for months (Avalon seems to have checked out months ago)."

AvalonBay Exchanges Properties With UDR in $263 Million Deal [businessweek.com]

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

April 5, 2011

San Francisco's First Fresh & Easy Should Open Second Week In May

Fresh & Easy Outer Richmond: 4/5/11 (www.SocketSite.com)

According to a plugged-in reader and a construction worker on site, the first Fresh & Easy in San Francisco should open its doors in the Outer Richmond the second week in May at the corner of Clement and 32nd Avenue.

Fresh & Easy San Francisco In The Outer Richmond By Early Next Year [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (29) | (email story)

March 25, 2011

Reader’s Tales Of The City: The Ultimate Doorman Tip

"I looked at a condo in this building in 1988. Asking price then: $1,000,000. Owner had died, leaving the condo (free & clear) to one of the doormen - who had listed it for sale. The doorman was handsomely rewarded for excellent service, I'd say!"

A Peek Inside The Deconstructed Penthouse Atop 1170 Sacramento [SocketSite]

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

March 21, 2011

Bonus Points For The Plugged-In

Two days before they officially announced, it was a couple of plugged-in tipsters that correctly pegged Emirates Team New Zealand as one of the two unknown America’s Cup entrants at the time. And if they’re right about the still unknown team number eight, the Swiss team of Alinghi should announce soon.

And with respect to 611 Washington #2502 and in which Architectural Digest it was featured, it’s a plugged-in reader that claims double bonus points for naming both the issue (August) and year (1985).

And Then There Were Eight But Only Six That Are Known [SocketSite]
Can You Name That Issue In 17 (Interior) Photos Or Less? [SocketSite]

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

March 18, 2011

301 Howard And 195 Beale Have A Date With NYC's Courthouse Steps

With a courthouse auction for the membership interests in "W2007 HWD Realty" scheduled for next week in New York, it’s a sale that’s likely flying under the radar for most locals. But as a plugged-in tipster notes, the entity scheduled for auction is a holding company for the 23-story building at 301 Howard and the parcel at 195 Beale here in San Francisco.

Posted by socketadmin at 3:30 PM | Permalink | Comments (0) | (email story)

March 9, 2011

The Very Short Sale Of 2225 23rd Street

On Friday we noted the "very short sale" listing for 2225 23rd Street #316 at $150,000 versus the $395,000 which was paid in 2005. On Monday a plugged-in reader wrote:

It should be illegal to post a "very short sale" of $150,000 on MLS. This pretty much kills sales in the complex and everyones' values who own there. That is not anywhere near the actual price as the buyer will have to pay a tax lien, back HOA dues unpaid and a significant assessment for the exterior upgrade/new window project. The "real" price is closer to $250,000+.

Shortly thereafter the short sale list price for 2225 23rd Street #316 was increased to $225,000 and "very" was removed from the listing. It's now listed for just 43 percent below its year 2005 sale.

UPDATE: It appears that the HOA is moving to foreclose on #316 with a claim for $19,848.

From 100 Percent Financing To Two Short Sales And An Auction [SocketSite]

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

March 4, 2011

Price Per Square Foot Out Of Whack? Reduce Remove It…

716 Sanchez

A plugged-in tipster moving to San Francisco and searching for a house reports:

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

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

∙ Listing: 716 Sanchez (3/2) 2,100 sqft - $2,450,000 [716sanchez.com] [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (76) | (email story)

March 2, 2011

San Francisco Dreaming At 65 Mountain Spring Avenue

65 Mountain Spring Avenue Raffle Photo

As the sale of last year’s "$3 million San Francisco Dream House" closed escrow yesterday with a reported contract price of $2,300,000 for the 3,800 square foot Noe Valley home at 815 Alvarado, it’s a couple of plugged-in readers that quickly identify this year’s unidentified "Dream House" as 65 Mountain Spring Avenue up in Clarendon Heights.

Listed for sale at $3,950,000 last June, the list price for 65 Mountain Spring was reduced five times over the next four months before being withdrawn from the MLS in December last asking $2,775,000 for the 4,139 square foot (per its old listing) four-bedroom home.

Assuming at least 38,000 tickets are sold (which wasn’t the case last year), the grand prize winner of this year’s San Francisco Dream House Raffle will have the choice of the "$2.8 million" house or $1.4 million in cash.

Oh, and it's not only its colors that appear to have been "touched up" in the dreamy raffle photo above versus its more realistic listing photo below:

65 Mountain Spring Avenue

San Francisco Dream House Raffle: Photos | Floor Plans [sfraffle.com]
Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]
An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]
San Francisco’s "$3 Million" Dream House Returns Asking $2.595M [SocketSite]
Noe's "$3 Million Dream House" Drops To $2,325,000 [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (32) | (email story)

March 1, 2011

The Containers Are Coming! The Containers Are Coming!

Hayes Valley Parcels K+L Containers

A plugged-in tipster reports: "Looks like they're hauling the containers to the site of the [Proxy Project For Parcels K+L] at Hayes and Octavia today." Mmm…biergarten.

The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]
Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]

Posted by socketadmin at 7:30 PM | Permalink | Comments (3) | (email story)

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

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

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

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

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

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

February 18, 2011

Going For The Gold Green (And Platinum) Up In Russian Hill

1209 Filbert

It’s not listed on the MLS nor is the address identified on the Sotheby's site, but it's a plugged-in tipster that pegs the newly constructed LEED Platinum residence as 1209 Filbert which is now on the market asking $7,000,000.

From our tipster:

This is an interesting story as 1209 Filbert used to be [a garage] on Filbert and a backyard associated with the converted single family residence at the Southwest corner of Hyde and Filbert. That corner residence (1205 Filbert for the smaller two units on Filbert and some address on Hyde for the larger main Unit of two floors) and the garages were bought by a developer that remodeled (quickly) sold off (very slowly) the three units in the converted corner residence, tore down the [garage], and constructed the 1209 residence.

1209 Filbert Lot (Image Source: MapJack.com)

Before the 1209 residence was built, the large West windows on the second and third floors of the corner residence had sweeping views of the GG Bridge, the Bay, and the Northwest waterfront of SF (Palace of Fine Arts, etc). That view is almost completely blocked by the new 1209 residence, although there is a small cut out for a tiny deck at the Northwest corner of the 1209 house that appears to be designed to leave the top (third) floor (but not the second floor) of the corner residence with a smidgen of a view.

And from the Sotheby’s site:

Downstairs, an entertainment room opens onto a secluded garden with fountain and fire pit.

1209 Filbert Bath

Upstairs, a cantilevered stairway and glass-floored walkway separate the master suite from two additional bedrooms, each with private bath.

1209 Filbert View

On the roof, a deck with panoramic bay views adjoins a room with full bath that might welcome guests, house an au pair or serve as an in-home office.

And yes, we’re assuming those 5,800 "acres" are supposed to be square feet.

∙ Listing: 1209 Filbert (3/5.5) 5,800 sqft - $7,000,000 [sothebyshomes.com]

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

February 8, 2011

A Reader’s Six Most Excellent Alternate Head-lines For 890 De Haro

A reader’s six most excellent alternate headlines for our piece on 890 De Haro:

This Guy's Income Was "Doobious" At Best.
His Debt To Asset Leverage Was Extraordinarily "High".
Ganja Glad You Didn't Put 20% Down?
At Lease We Know What He Was Smoking When He Placed That Bid In 2007.
Where Once There Was Green, Now There Is Red.
Peak Pricing, But Not Quite So High Anymore.

100 Percent Doobie Debt Financed On Potrero Hill [SocketSite]

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

One Rincon Hill Phase II Partnership Interests Headed For Foreclosure

As a plugged-in tipster notes, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC have been scheduled for a foreclosure sale down in Los Angeles on March 10.

The One Rincon Hill Phase II, LLC recently requested a $24,069,433 reduction in assessed value on their parcel at 401 Harrison, from a current assessment of $39,069,433 to $15,000,000.

Stay tuned. As always, we'll keep you plugged-in.

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

February 7, 2011

Ay, Caramba As 299 Santa Paula Avenue Cuts Again

299 Santa Paula Avenue

As we wrote ten months ago:

Asking $5,900,000 [in February 2009] and briefly in contract soon thereafter ("$5.4 is the number I hear"), the list price for 299 Santa Paula Avenue was reduced down to $5,249,000 before being withdrawn this past January.

The 11,000 square foot home at 299 Santa Paula returned to the market this past April with an official "one day" on the market and a new "original list price" of $4,950,000.

Today, the listed price was reduced another $251,000, now asking $4,699,000 or 13 percent ($701,000) under the rumored contract price a plugged-in reader reported back in 2009. Ay, caramba indeed.

∙ Listing: 299 Santa Paula Avenue (5/5.5) - $4,699,000 [MLS]
299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (8) | (email story)

January 31, 2011

2600 Pacific: The "Inside" Scoop

While a number of plugged-in readers have collectively made a pretty good case for who they believe was behind the masked purchase of 2600 Pacific for $15,500,000 last month, another provides the "inside" scoop:

I don't know who purchased the house but I do know who sold it - the estate of a very odd, ill-tempered Alabaman spinster named Nina Ireland who inherited her massive wealth from her father. She purchased the house in the early 90's and died in late 2010.
The house was designed in 1936 by the renowned Bay Area architect William Wurster and it was beautifully updated and re-decorated in the mid-90's by The Wiseman Group who also does all the design work for the Schwab's houses. It's a fantastic house, beautifully laid out and simply detailed - perfectly scaled and not pretentious at all which is typical of Wurster.
The living room has tall picture windows that overlook both the Bay and the walled front garden; the south and east facing dining room - with more floor to ceiling windows - overlooks the private walled front garden. There's a beautiful curved staircase in entry foyer that leads up to the bedrooms and there's a large lower floor "studio" - just below the living room - with windows that also overlook the Bay.
You'd never guess from the unassuming exterior how lovely, simple and refined the house is on the inside.

Cheers and all comments on our original post.

The Secretive Sale Of 2600 Pacific [SocketSite]

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

January 28, 2011

Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe

1688 Dolores LPS Tag

As we wrote this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.
Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.

And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

∙ Listing: 1688 Dolores (2/2) 1,450 sqft – "$1,050,000" (short sale) [MLS]
Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (23) | (email story)

January 27, 2011

There’s Adjacent And Then There’s Adjacent At Planning Today

226 Cabrillo Neighbors

With today’s Planning Commission meeting just about to get started, the adjacent neighbor to the east of 226 Cabrillo writes:

We're direct neighbors to the proposed structure, and it's funny how mention of the neighborhood commission and "neighbor" opposing the construction makes it sound like we're the ones opposing it. Couldn't be further from the truth.
We've been waiting with baited breath for someone, ANYONE, to demolish that unsightly shack and put up something new. From Day One, I've been in communication with the architect about their plans, and have written supportive letters and emails to and for them. They were kind enough to show us the building plans early on, and we're excited to see it go up.
I'll be attending the hearing today at City Hall, so there's no doubt "the adjacent neighbors" are on their side.

Cheers. And so which "adjacent neighbor" is objecting to the project as proposed? That would be one with an address on 4th Avenue to the west (across the gap to the left above).

UPDATE: A plugged-in reader reports, "The Planning commission with clarity and swiftness voted 5-1 in favor of demolishing the existing cottage and approving the new building." Double cheers.

Words Of Planning Wisdom With Respect To 226 Cabrillo As Proposed [SocketSite]
San Francisco Planning Commission Calendar: September 30, 2010 [sf-planning.org]

Posted by socketadmin at 1:30 PM | Permalink | Comments (12) | (email story)

11 Offers And 27% Over Asking Yields 9% Under 2001 On Potrero Hill

146 Connecticut

With a reported eleven or twelve offers, the sale of 146 Connecticut #3 closed escrow yesterday with a reported contract price of $665,000. While that's 27 percent "over asking and with multiple offers," the sale price for the Potrero Hill condo was also 24 percent under its sale for $880,000 in 2004 and 9 percent under its sale for $729,000 in 2001.

From a plugged-in reader with respect to the top-floor condo three weeks ago:

I put out some feelers on this property and was told the final sales price is going to be in the high 600k range, so it should sell close to it's 2001 price. views from this place were absolutely top notch.

And once again, the 50 percent larger but lower floor (i.e., without those absolutely top notch views) unit #1 at 146 Connecticut sold for $980,000 in October 2005 having originally sold for $699,000 (4 percent less than #3) in May 2001.

An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]
The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (52) | (email story)

January 12, 2011

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

3025 Scott Street

The"Vintage Cow Hollow Edwardian" at 3025 Scott Street features some nice original detailing but needs some "TLC" as it did when purchased for $2,750,000 back in 2006.

Having failed to sell in 2010 when last listed for $2,100,000, today the District 7 fixer returned to the market MLS listed for $1,900,000 and with an official "one day" on the market according to those MLS based stats and industry newsletters.

UPDATE: "Apple" designation since removed as a pair of plugged-in readers note the buy in 2006 appears to have been a strategic bid by the uphill neighbor(s) to protect views and the property has reportedly been returned to the market with an easement aimed at restricting any increases in height.

And yes, the "vertical" in our headline shall remain. We're going with prescient.

∙ Listing: 3025 Scott Street (3/2.5) 2,557 sqft - $1,900,000 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (49) | (email story)

January 7, 2011

Over Asking, But Will It Be Over 2001 Up On Potrero Hill?

While still listed as active on the MLS, a plugged-in reader reports with respect to the sale of 146 Connecticut #3 up on Potrero Hill: "I heard the bank received 11 offers and that it went for more than $100K over asking."

Keep in mind that a sale at $100,000 (19 percent) over asking would still represent a marked to market value at 29 percent under 2004, 14 percent under its sale in 2001.

Comments: An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]

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

The Proposed 34th America’s Cup Course For San Francisco’s Bay

34th Americas Cup Course: 1/6/11 (www.SocketSite.com)

A plugged-in tipster delivers the proposed race course scoop for the 34th America’s Cup in San Francisco’s bay. Races will be held July through mid-September in both 2012 and 2013 with up to three races each day beginning at 1:00pm and ending by 6:00pm.

As proposed, the race course will be viewable across the San Francisco Waterfront north of the Bay Bridge and broadcast live on big screens throughout the city.

Organized viewing areas will stretch from Treasure to Angel to Alcatraz Islands and include Crissy Field while high points (Financial District office buildings, Telegraph and Russian Hills, Pacific Heights, the Golden Gate Bridge, and Marin Headlands) will offer views as well.

We’ll keep you plugged-in.

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

Posted by socketadmin at 8:10 AM | Permalink | Comments (40) | (email story)

January 5, 2011

A Reader’s Believe It Or Not For The Gap On Fisherman’s Wharf

1 Jefferson

We have to tag it as a "random rumor" for now as we can’t confirm, but a tipster writes:

Believe it or not, the Gap store at 1 Jefferson is slated to close this spring and will be replaced by the relocated [Ripley's Believe It or Not!] down the street.

Like we could resist a Believe It Or Not! believe it or not. That being said, we will note that Ripley’s invested in a major makeover of their current Wharf location just last year.

Posted by socketadmin at 12:30 PM | Permalink | Comments (1) | (email story)

January 4, 2011

Ritz-Carlton (690 Market Street) At 39 Percent Off This Afternoon

San Francisco's Ritz-Carlton Residences (www.SocketSite.com)

Scheduled to hit the courthouse steps at two this afternoon, it’s a plugged-in tipster that notes the previously published opening bid of $1,407,739 has just been dropped to $1,144,024 for the two-bedroom Ritz-Carlton condo known as 690 Market #2003.

Purchased for $1,890,000 ($1,320 per square) in September 2007 with what would appear to have been a $1,322,978 loan and 30 percent ($567,022) down, the 1,431 square foot luxury unit was listed for $2.35M in 2008, reduced to $1.9M in 2009, and then reduced to $1.69M before being withdrawn.

We don't consider courthouse auction prices to be "apples-to-apples" on account of their all cash and no contingency nature, but as our reader notes, it will be a 39 percent haircut in value if it sells for its opening price of $799 per square.

That being said, 690 Market #1502 which was purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank is currently pending having last been listed for $949,905 ($795 per square), a sale at which would represent an apples-to-apples 36 percent decline in value for the luxury unit over the past three years.

And once again, while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 $1,300 per square or more.

UPDATE: While still noted as pending on the MLS, a plugged-in reader reports that 690 Market #1502 actually "sold for $805K, plus the auction fees, in early December." Once again, the condo originally sold for $1,481,000 in October 2007.

UPDATE: With no bidders yesterday at $1,144,024 ($799 per square foot), 690 Market Street #2003 is now bank owned. Once again, the luxury two-bedroom Ritz-Carlton condo had originally been purchased for $1,890,000 ($1,320 per square) in September 2007.

Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (16) | (email story)

Not A Lot For The Lot At Valencia And 19th Street (3500 19th Street)

3500 19th Street Rendering

Listed for $2,800,000 this past November with Conditional Use authorization for a five-story building with 17 dwelling units, 17 parking spaces, and 2,958 square feet of retail, as a plugged-in tipster points out the undeveloped surface area parking lot at 3500 19th Street in the heart of the new Mission ended up selling for $1,700,000 on December 24.

3500 19th Street Lot (Image Source: MapJack.com)

We’ll keep you plugged-in as development (and design) progresses and note that building permits were originally filed for the undeveloped lot back in 2006.

UPDATE: A plugged-in reader adds: "$100k/dr is actually a pretty good comp for land transactions. It was around $50k/dr just about a year ago."

Posted by socketadmin at 10:30 AM | Permalink | Comments (9) | (email story)

December 30, 2010

The Abandoned (408-416) Bosworth Homes Head Back To The Bank

408-416 Bosworth (www.SocketSite.com)

A year ago the eight unit “Bosworth Homes” development at 408-416 Bosworth hit the market asking between $650,000 for a one-bedroom to $1,299,000 for a five-bedroom with parking for two. Having sold none and just seventy percent complete, the project had ended up in receivership earlier this year, "working with a local contractor to secure the building and obtain a bid for completion."

As plugged-in tipster notes, the development appears to have finally gone back to the bank following an auction Tuesday on the courthouse steps. A second auction related to the development scheduled for yesterday was cancelled, the details for which we’re searching.

In the words of a plugged-in reader in September:

[This development]…has become an eye-sore for our neighborhood. Unfinished units have been standing for well over a year and [are] now becoming a hazard to the community. I think this property would probably not meet health department regulations since the load bearing walls have been exposed for two winters now.

As best we can tell, the two buildings at 2 and 10 Rousseau which are only twenty percent complete were finally foreclosed upon as well, and to which our reader’s load bearing walls comment likely relates (versus the eight condos fronting Bosworth).

2 Rousseau (www.SocketSite.com)

We'll keep you plugged-in and our eyes open for any "contractor specials" coming soon.

What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

December 7, 2010

Down "Only" 12 Percent (Ignoring That Data Point In 2008)

181 8th Avenue

While we missed it a plugged-in tipster now notes that the sale of 181 8th Avenue closed escrow on October 14 with a recorded contract price of $1,725,000. As some are sure to point out, that’s only 12 percent under its 2005 sale price for the "gorgeous [home] w/wonderful light & perfect [location in the Lake] district."

Of course that’s also 22 percent ($490,000) under its sale for $2,215,000 in May 2008 for the "Elegant Victorian home located in one of the city's most desirable neighborhoods."

∙ Sold: 181 8th Avenue (4/3.5) 3,464 sqft - $1,725,000 [Redfin]

Posted by socketadmin at 2:00 PM | Permalink | Comments (46) | (email story)

December 1, 2010

Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro?

As a hand-lettered "lost our lease" sign hangs in the window of the DeLano’s IGA at 18th and Collingwood, and it's expected to be closed within the next two weeks, the natural question atop our readers’ minds: could this pave the way for a Trader Joe’s in the Castro?

Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)

November 16, 2010

Louis Christian Mullgardt Meets Eden and Eden At 226 Edgewood

226 Edgewood Living

We weren’t too sure what to make of the juxtaposition between old and new when 226 Edgewood first hit the market three weeks ago asking $3,500,000, so we’ll turn to the report of a plugged-in reader who’s since taken the tour.

Original portion by Louis Christian Mullgardt, 1911 (according to AIA guide by Sally Woodbridge) and addition by Eden and Eden, 1970s, according to listing agent.
Original portion a fine Arts and Crafts house, and addition strongly influenced by Frank Lloyd Wright's Taliesin East - long cantilevers, corner windows sans mullions, pierced roof openings over balcony, piano hinges on doors, very fine redwood woodwork.
In beautiful shape on a large well landscaped lot, and views to die for.

And with parking for four cars, perhaps you could lease a space to the the Henrik Bull remodeled home at 227 Edgewood across the avenue.

∙ Listing: 226 Edgewood Avenue (4/4) - $3,500,000 [MLS]
Bull-ish On Edgewood And New Listings From Which To Choose... [SocketSite]

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

November 11, 2010

New NOPA Urban(e) Infill On Page Off Divisadero

Page and Divisadero Before (Image Source: MapJack.com)

While they still aren’t building any new land in NOPA, that doesn’t mean they’re done building. A bit of new urban infill on Page off Divsiadero by way of a plugged-in tipster:

Page and Divisadero 2010 (www.SocketSite.com)

In the words of our tipster:

It's a nice urbane dwelling although I would have tweaked a few things. Probably a complicated space to work in, but [hooray] for infusing new into in a very old stretch of Page Street without trying to be historical.
Looks better in person. It pops.

Additional details when we (or you) have them.

Zillow Is A Lot Catchier [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (28) | (email story)

October 29, 2010

Tricks And Treats

2409 Octavia

A month ago we asked readers to envision solutions for finishing off the lower third of the façade at 2409 Octavia. Our Halloween weekend top three:

While the windows might need to be faux, it’s always nice to see more green.
2409 Octavia Landscaped

An homage to 909 Tennessee (the last open house for which is November 9).
2409 Octavia Firehouse

And while likely not to be appreciated every day, it would be a hit a least once a year.
2409 Octavia Teeth

Cheers.

UPDATE: An hour after publishing this piece, the list price for 2409 Octavia was reduced $457,000 (13%), now asking $2,990,000. Boo.

From Seven To Three (And Rebuilt Facade) Over The Past Thirty Years [SocketSite]
909 Tennessee Scoop: Spruced Up And Soliciting "Fire Sale" Bids [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (2) | (email story)

October 28, 2010

The Clouds Have Almost Cleared From Over The Oriental Warehouse

650 Delancey Facade

While a bit of litigation ("your basic ‘construction defects’ issues such as water intrusion") has been hanging over the units at The Oriental Warehouse (650 Delancey), a plugged-in tipster reports that while not officially finalized, "all parties have agreed to the terms [of a settlement] and the developers’ insurance company has 45 days to pay the funds."

650 Delancey #408 Kitchen

The settlement might help explain the three new listings over the past month ranging from $999,000 for #408 which now sports Viking and Miele appliances, Paperstone counters and custom cabinetry in the kitchen (and new fixtures and Italian tile in the baths), to $1,150,000 for #215 which touts a gas range.

And then there’s 650 Delancey #213 with that beautiful staircase that’s now asking $1,198,000 (once asking $1,498,000 and having been on and off the MLS for two years).

The Oriental Warehouse (650 Delancey) [SocketSite]
∙ Listing: 650 Delancey #408 (2/2) 1,456 sqft - $999,000 [MLS]
∙ Listing: 650 Delancey #215 (2/2) 1,577 sqft - $1,150,000 [MLS]
∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,198,000 [MLS]
A SocketSite Smackdown: Gas Versus Electric In The Kitchen [SocketSite]
(Not So) Simply For Our Love Of A Beautiful Staircase [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (10) | (email story)

October 21, 2010

Making Way For A Single-Family/Bedroom On Sanchez

4001 20th Street Excavation (www.SocketSite.com)

Speaking of Sanchez, it’s a plugged-in tipster that first notices the excavation of 4001 20th Street which fronts Sanchez.

A three-story single-family home over a garage is slated for the site. And if our tipster is correct, it’s going to be a one-bedroom on the third level with kitchen, living room, and big city views on the fourth (no word on the second, but a media room comes to mind).

According to our tipster it’s not a spec home nor a home that "Google built" (okay, so Apple we hear). Now's your chance to liberate the plans and fill in the blank(s).

UPDATE: Architect (Craig Steely) and renderings identified, it’s "Peter’s House" rising:

4001 20th Street Rendering

The design incorporates "a system of moveable louvers (built from reclaimed lumber sourced from the San Francisco Presidio) to regulate openness and privacy" to the north.

4001 20th Street Model

Apples To Apples The "Charming" Single-Family At 1610 Sanchez Falls [SocketSite]
Peter’s House [craigsteely.com]

Posted by socketadmin at 2:30 PM | Permalink | Comments (48) | (email story)

October 19, 2010

216 And 224 Eleventh Street Have Left The Haus

214-226 11th Street

A pair of commercial condominium projects started by George Hauser’s "HausBau SF," the unfinished 216 and 224 11th Street were taken back by the bank on Friday according to a plugged-in source.

While the buildings had debts of almost two million apiece ($1,942,501 and $1,949,945), neither garnered a bid over a million.

As an aside, Hauser was the architect of 2739 Larkin.

UPDATE: No moratorium or wasting time here, from a plugged-in tipster: "…it might be interesting to note that they are listed for sale already by the bank for a combined price of "make offer" with a recent appraisal noted at $1,740,000." From the flyer:

216-224 11th Street REO

216-224 11th Street: Overview and Floor Plans [hauserarchitects.com]
A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]

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

October 15, 2010

Cassidy’s 1844 Market Street Holding Company Files For Chapter 11

1844 Market Street (www.SocketSite.com)

As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.

And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property ("Upper Market Place, LLC").

The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy's own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.

Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]
1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (5) | (email story)

October 13, 2010

Rincon Center Towers (88 Howard) Falls To Foreclosure

Rincon Center Residential Towers

According to a plugged-in reader Rincon Center Residential Towers was foreclosed upon yesterday with no bidders at the opening bid of $72,150,000 but "a LOOOOOT of suits [showing] up to watch it go down."

Once again, the 320-unit building at 88 Howard was purchased for $143 million in 2007 by way of a $110 million note and with an additional $10 million invested since.

And as another plugged-in reader reported last month: "The ‘lender’ is a real estate investor who bought the loan at a discount...with the full intention of foreclosing and acquiring Rincon Center at whatever price they paid for the loan." Done.

Rincon Center Towers: Disputed Default Now Foreclosure In Process [SocketSite]
Rincon Center Towers $110M (And Possibly In Default) Debt For Sale [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (5) | (email story)

October 4, 2010

The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing

A plugged-in reader provides the inside scoop on the foreclosure filing on 1844 Market:

Cassidy is only facing foreclosure because he is suing the bank that currently holds the note. [UCB] Bank which was taken over by the Feds and sold to East West had agreed to a construction loan with Cassidy. When East West took over they reneged on the loan agreement.

And our reader’s forecast: "This will not go to foreclosure." Cheers.

Comments: Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]

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

September 28, 2010

1167 Bosworth Is Back And Seeking Another Outlier Bid

1167 Bosworth

While the sale of 48 Chenery closed escrow on Friday, 1167 Bosworth returned to the market. Having sold for $1,000,000 in 2004, the single-family Glen Park home was listed for $850,000 this past February and closed escrow for $1,051,000 this past March.

If a plugged-in tipster recalls correctly, the second highest bid this past March was under $900,000. There’s nothing quite like finding out you paid over $150,000 (18 percent) more than the next highest bidder.

Perhaps hoping for another 30 percent over asking outcome (and another outlier bid), 1167 Bosworth has been listed for $925,000 (the sellers are "relocating"), a sale at which would represent a 7.5 percent decline in value below its year 2004 price (12 percent less than this past March).

∙ Listing: 1167 Bosworth (3/2) - $925,000 [MLS]
While One Glen Park Apple Improved Resale Is Picked… [SocketSite]

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

September 21, 2010

909 Tennessee Scoop: Spruced Up And Soliciting "Fire Sale" Bids

909 Tennessee

Plugged-in people have known since February that the former firehouse at 909 Tennessee was to be sold. And while the asking price was expected to be around $735,000 at the time, the minimum bid has been set at $340,000.

"Written tenders to purchase the real property [are due] by no later than 9:00 a.m. on Tuesday, November 23, 2010" at which point all tenders will be opened and read aloud.

According to another tipster, last week city workers started cleaning out the 6,113 square foot building in which the fire department keeps a few antique trucks ("they're still there for now") and prepping it for sale.

And once again the question is raised, does it make sense to address an ongoing budgetary problem with a one-time sale of an asset in a down market?

A One Time Fire Sale To Address An Ongoing Budgetary Problem [SocketSite]
Invitation To Bid: 909 Tennessee [sfgsa.org]

Posted by socketadmin at 8:15 AM | Permalink | Comments (30) | (email story)

September 20, 2010

United States Of America Versus Maher Talal Muhawieh

Speaking of judges (and juries), a plugged-in reader delivers the Grand Jury Indictment for Maher Talal Muhawieh.

Beginning at a time unknown to the Grand Jury, but no later than January 2006, and continuing through at least March 2009, MAHER TALAL MUHAWIEH knowingly and intentionally devised a material scheme and artifice to defraud lenders, and to obtain money and property by means of materially false and fraudulent pretenses, representations, promises and omissions.
To execute and in furtherance of the scheme, MUHAWIEH solicited and caused others to solicit at least $25 million from at least 80 prospective lenders based upon (a) promises and representations that the lenders’ funds would be used to purchase and to renovate specific properties in San Francisco, California, that would then be sold at a profit, and (b) promises and representations that MUHAWIEH would thereby achieve regular and high rates of return for the lenders with limited risk.
In truth, MUHAWIEH did not intend to use the lenders’ funds in the manner that he promised and represented to the lenders, and instead misappropriated and converted those funds to his own benefit and the benefit of others without the knowledge and authorization of the lenders. In fact, and contrary to his promises and representations to lenders, MUHAWIEH instead used the lenders’ funds to pay interest on loans from other lenders, for personal expenses and to invest in retail businesses located in San Francisco, California.

Of course he did purchase (and bid up the value of) a few homes in San Francisco too.

Calling All Contractors That Still Have Cash... [SocketSite]
United States of America v Maher Talal Muhawieh [justice.gov]
Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps [SocketSite]

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

September 17, 2010

2701 Broadway: Despite The SFPD A Plugged-In Reader Reports

2701 Broadway

Plugged-in people knew it was coming, and now a plugged-in person reports on the invite only listing launch for 2701 Broadway last night:

The price tag [is] $32MM and obviously it grabbed my attention. I am in no way affiliated with it, but the steps the current owners went to preserving the place from its original condition is mind boggling.
The molding in most rooms is original cast, and the onyx around all the fireplaces is mined from Germany, which is the only place in the world you can get it apparently. The most stunning features I have to say are the his and her offices on the third floors, and the outrageous outdoor terraces with outdoor kitchen as well.

2701 Broadway Office and View

Again I am rarely blown away, but wow! Not to mention the lower level indoor basketball court is pretty amazing too! I also enjoyed the fact that they had an SFPD as the security. LOL.

2701 Broadway basketball court

I tried taking some pics for you but their security wouldn't allow me to. Plus it was really foggy so I couldn't get the view shots which I know you'd love! I found the link on their literature.
I also loved the fact that it wasn't staged. People actually live there. It was the first time I've been in a property like this that was actually lived in. Pretty cool. Even the phones with intercom buttons marked "Maids Quarters" and "Kitchen 2" for which it does boast two kitchens...

Originally built for a lumber magnate in 1910 and designed by James Miller, the renovation of the 16,000+ square foot home began in earnest in the late 1990's with Moller Willrich Architects leading the way.

UPDATE: It appears as though we owe Stephen Shubel an apology and the credit for the interior design and decorating. And yes, we’ve moved this post to the top of the site for the weekend as that’s where it deserves to be.

∙ Listing: 2701 Broadway (7/9) - $32,000,000 [2701broadwaystreet.com]
2563 Divisadero (AKA 2701 Broadway) Coming Soon? [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (60) | (email story)

Arden Might Have Moved, But Perhaps Not On In Her Ways

While Arden Van Upp has moved, perhaps she hasn’t moved on in her ways. A reader’s plea this afternoon: "Last week Arden showed me an apartment I put down $2200 for a security deposit. She cashed it and I haven't heard back! Have called 3 times...advice?"

Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
A Landmark Bourn Mansion Moving Day (And End Of An Era) [SocketSite]

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

September 9, 2010

1945 Franklin On The Verge Of Being Un-Acquired

1945 Franklin (www.SocketSite.com)

As a plugged-in reader notes, the six bedroom home at 1945 Franklin is scheduled to hit the courthouse steps on September 16 with $5,684,086 owed as of August 2009.

Purchased in June of 2005 for $3,000,000 with a $2,350,000 first and a $790,000 construction loan second (yes, that's over 100% LTV), the property appears to have been refinanced in December 2006.

As our reader also notes, previous owners have included "Nicholas Cage, Howard Grossman, and Patricia Arquette" while the current owner was once dubbed San Francisco's "most naked capitalist."

UPDATE: The $5,684,086 balance due was as of the Notice of Trustee Sale (NOTS) filing in August 2009 while the refinancing was in September 2006 in the amount of $5,000,000.

In December of 2006 a home equity line of credit was opened with a $500,000 limit.

And according to a couple of plugged-in readers, that infamous Excalibur seen about town with "ACQUIRE" license plates currently resides in the garage (alongside a Range Rover), apparently "BorrowSpendDefault" didn’t have the same ring to it.

'Most naked capitalist' [Austin Business Journal]

Posted by socketadmin at 10:45 AM | Permalink | Comments (29) | (email story)

Fox Plaza Facelift In Progress

Fox Plaza Facelift (www.SocketSite.com)

A plugged-in reader notes the face lift of Fox Plaza in progress. We note how much we appreciate your tips (especially when accompanied by a photo).

A Step Forward For The Plans To Expand Fox Plaza (1390 Market) [SocketSite]

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

September 2, 2010

3271 Baker Sells For $61,000 (Updated And Behind The Scenes)

3271 Baker

As a plugged-in reader noticed, 3271 Baker Street hit the courthouse steps yesterday and ended up selling for $61,000. As a plugged-in tipster notes, however, the foreclosure was initiated by the holders of a third note (who had loaned $425,000) and a first and second mortgage came along with the sale.

Once again, listed for $3,395,000 two years ago but last asking $1,895,000 as a short sale with a self-reported $7,300 in monthly rent. And also according to our tipster, it was the holders of the third note who were yesterday’s winning bidders.

UPDATE: Let’s see if we can’t pull a few things together and clear a few things up.

3271 Baker was purchased in November 2006 for $1,700,000 by way of a $1,000,000 first and $425,000 second courtesy of Countrywide which would suggest $275,000 of the buyer’s cash was involved at the time.

A third mortgage in the amount of $425,000 was written by Pacific Equity Capital in October 2007 (which was then assigned by PEC to three individuals) and the property was subsequently remodeled.

In July 2008 the remodeled 3271 Baker returned to the market listed for $3,395,000 (a list price which was subsequently sliced, diced and chronicled on this site). And in August 2009 with the note in default and $495,231 owed (principal, interest, and fees), the holders of the third mortgage filed to foreclose (enter a failed bankruptcy bid on the part of the owner).

Unable to successfully negotiate a short sale having reduced the list price down to $1,895,000 this past June, yesterday the third mortgage successfully foreclosed on the property with a winning bid of "$61,000" on the courthouse steps. The foreclosure effectively extinguishes the third mortgage and the underwriters of the third now own the property subject to the terms of the first and second mortgages and their balances due.

As a couple of plugged-in readers correctly noted (and we originally screwed up in a since redacted note), as both the foreclosing lender and winning bidder, the third mortgage holders have effectively invested $425,000 plus forgone interest and fees in the property to date, the $61,000 bid was essentially a pass through.

And as a plugged-in "EBGuy" digs up, there’s even more going on behind the scenes.

The history of the Marina property in headlines and links:

Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]
Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
Facing Foreclosure 3271 Baker Street Makes A Move In The Marina [SocketSite]
3271 Baker Street: It’s Complicated (And Back On Craigslist) [SocketSite]
Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (60) | (email story)

August 27, 2010

Clicking Their Heels And Chanting, "There’s No Time Like 2008…"

200 Clayton (Image Source: MapJack.com)

The 3,000+ square foot Victorian at 200 Clayton hit the market in 2008 asking $1,795,000 with a tenant in the in-law paying $1,550 per month. And according to a plugged-in tipster, a bid was received for $1,650,000 but was dismissed for being too low at the time.

Withdrawn from the market without a sale in 2008, the property returned to the market this past April without the tenant and asking $1,750,000. In June its list price was reduced to $1,599,000, and then to $1,549,000 in July.

Yesterday, the asking price for 200 Clayton was reduced to $1,499,000. We can hear the heels clicking from here ("...there's no time like 2008, there's no time like 2008...").

∙ Listing: 200 Clayton (5/3.25) - $1,499,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (9) | (email story)

A Forced San Francisco Sale Circa 1903

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

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

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

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

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

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

August 25, 2010

The Rebuilding Of 2900 Fulton Finally Takes Shape

2900 Fulton

A plugged-in tipster reports with respect to 2900 Fulton at the corner of 5th Ave:

Building is finally taking shape. The original developer (The Brown Companies) and a partner defaulted on the loan. After sitting on the market for almost a year, it sold for a bit over $1.1M. The original permits and entitlements are being used to construct a mixed-use building with three residential and one street retail unit.

The design by way of PLUM Architects:

2900 Fulton design

UPDATE (8/26): And the work in progress by way of a plugged-in tipster:

2900 Fulton: 8/26/10 (www.SocketSite.com)

PLUM Architects: 2900 Fulton [plumarchitects.com]

Posted by socketadmin at 12:30 PM | Permalink | Comments (13) | (email story)

August 23, 2010

2698 Pacific: The Parrots Of Telegraph Hill Doves Of Pacific Heights

2698 Pacific

While 2420 Pacific remains listed for $12,800,000 and the asking price for 2100 Vallejo was reduced to $11,500,000 this past weekend (asking $25,000,000 in 2007), 2698 Pacific Avenue hit the market last week asking $14,000,000.

2698 Pacific Stairs

Designed by Samuel Newsom in 1904, the 12,667 square foot Pacific Heights mansion boasts four levels, parking for six, seven and one-half baths, and nine bedrooms not to mention a number of outdoor balconies. Speaking of which, a plugged-in reader reports:

I'm not sure if they still have them, but the owners here used to keep white doves in a coop on the top floor balcony. They would periodically release them and let them fly all over Pacific Heights.

Take that Telegraph Hill.

∙ Listing: 2698 Pacific (9/7.5) 12,600 sqft - $14,000,000 [2698pacific.com]
A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
A "Third" Strikes Against 2100 Vallejo [SocketSite]
It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (65) | (email story)

August 16, 2010

CityPlace Approval Appealed, Supervisors To Review September 7

CityPlace: Rendering

A plugged-in tipster reports: "Despite strong community support and the approval of the San Francisco Planning Commission last month, the CityPlace Environmental Impact Report has been appealed to the Board of Supervisors."

San Francisco's Board of Supervisors is currently scheduled to hear the appeal on Tuesday, September 7 although the official agenda for that Board meeting has yet to be released.

CityPlace (935-965 Market) APPROVED By The Planning Commission [SocketSite]
Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]

Posted by socketadmin at 1:50 PM | Permalink | Comments (49) | (email story)

August 3, 2010

A Firsthand Report On The Magnitude Of Rachael Marie Smith's Scam

A reader reports with respect to the details and magnitude of Rachael Marie Smith's scam:

As one of the scammed, the $5100 to $5600 Ms. Smith got was for deposit and first month's rent, pretty typical for SF rentals. She is not the owner of the property and there are at least 26 other families that were defrauded by this woman. Tally it up, over a few weeks, she collected more than $150,000.

The Chronicle reported four known victims and $20,000 scammed.

Would Be Renters Remember This Name: Rachael Marie Smith [SocketSite]

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

July 30, 2010

All Aboard As San Francisco’s Transbay Terminal Nears Its Close

Inside San Francisco's Transbay Terminal

It’s now T-Minus one week until the closing of San Francisco’s Transbay Terminal. If you missed today’s tours, or have never been inside, a reader walks you through.

Transbay Temporary Terminal To Open (Existing To Close) August 7 [SocketSite]
Transbay Terminal Historians (And Futurists) Take Note [SocketSite]
SF Transbay Terminal [flickr.com]

Posted by socketadmin at 6:45 PM | Permalink | Comments (12) | (email story)

July 29, 2010

Will It Play With The Port?

Howard/Steuart/Embarcadero Triange (ImageSource: MapJack.com)

While an adult playground is in the works for Parcel L over in Hayes Valley, apparently a few South Beach residents have approached the Port of San Francisco with the idea of converting the concrete triangle bounded by Howard, Steuart and The Embarcadero into a playground for kids.

Its current use? In the words of one reader who resides nearby, "it's a landing spot for the homeless and the lady who feeds the pigeons...looks like the [YMCA] uses it during the summer to line up their charges for day camp. And, it's always used as a port-a-potty lot for Bay to Breakers, and other sundry events [on that stretch of The Embarcadero]."

Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
Temporary Transbay Terminal "Sneak Peek" Next Week [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (18) | (email story)

Radiance West (325 China Basin Phase Two) Construction Underway

Radiance%20West%20Construction%207-29-10.jpg

The piles were driven for Radiance’s 318-unit Phase Two (“Radiance West”) back in 2008 before construction was suspended that July. Developer Nat Bosa first floated the idea of breaking Phase Two into Phases Two And Three back in 2009. And last month a plugged-in resident in Phase One first noticed workers getting busy on site.

As a plugged-in tipster notes yesterday, construction on the first 170 units of Radiance West (aka Radiance Phase Two of Three) has now begun in earnest and the units should be ready for move-in by mid-2012.

As the three phases of Radiance will look when complete:

Radiance at Mission Bay Phase II: Rendering

Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (13) | (email story)

July 28, 2010

First Peek At Octavia Court (261 Octavia Boulevard)

Octavia Court: 7/28/10

A plugged-in tipster captures the first peek of Octavia Court being unwrapped at 261 Octavia Boulevard. Once again, it's fifteen units of affordable housing for disabled individuals and their families by Satellite Housing and West Bay Housing Corporation.

Octavia Court: The Original IE Collaborative Winning Design [SocketSite]
Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (24) | (email story)

July 26, 2010

Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia)

Biergarten Notice at 424 Octavia (www.SocketSite.com)

Speaking of Parcels K+L over in Hayes Valley, a plugged-in reader reports: "I saw some fellows from Suppenküche put up this sign [for a Biergarten at 424 Octavia/Parcel L] this afternoon." As if we weren't fans of the plans for the parcels already. Mmm...beer.

Leases For Temporary Inhabitations Along Octavia Boulevard [SocketSite]
Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (5) | (email story)

July 20, 2010

No "Apples" But A Bit Of Garlic (And La Cornue) At 268 Lombard

268 Lombard #1 Living

A plugged-in tipster reports with respect to the condo at 268 Lombard #1:

After being owned by an artist, with sculptures adorning its decks, [268 Lombard #1] was bought in 2005 for $2.225M by an out of town owner (according to his agent and PropertyShark), and was never really lived in for 3 years.
After being listed for the same price in 2005, the author of the Stinking Rose Cookbook, Jerry DalBozzo bought the property in November 2008 for $2.207M, and has renovated the place over the course of a few months in a decidedly Mediterranean style.
We all thought this Italian chef/author was going to move in there, and were awaiting the smell of garlic filling up the air, but were surprised to see the place back on the market for $4.895M.

We’ll note the new La Cornue (not a CornuFé) in the kitchen, apparently the old Wolf wasn’t good enough.

And while not noted on its current listing, according to its listing in 2008 the condo is 2,546 square feet ($1,922 per at its current ask). It's been on the market for 53 days.

∙ Listing: 268 Lombard #1 (3/4) - $4,895,000 [telegraphluxury.com] [MLS]
Pommes Des Pommes (And A La Cornue) At 159 Cervantes [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (24) | (email story)

July 9, 2010

Now Playing At The On Fillmore: Big Views And The Blues

2755 Fillmore

Plugged-in people knew it was coming, and now it’s officially here. 2755 Fillmore has been listed for $4,995,000. That’s $5,000 less than was paid for 2542 Fillmore two years ago ($5,000,000) which is back on the market but not the MLS and now asking $3,995,000.

∙ Listing: 2755 Fillmore (5/4.5) 4,064 sqft - $4,995,000 [MLS]
2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops) [SocketSite]
This Ought To Be Interesting On An Apples-To-Apples Basis [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (40) | (email story)

June 23, 2010

Budget and Finance Committee Kills Condo Lottery Bypass For A Fee

By way of a plugged-in tipster and Supervisor Carmen Chu, San Francisco's Budget and Finance Committee "voted 3-1 on Monday to table/not to advance the [one-time condo conversion lottery bypass for a fee] proposal forward. Unless the Budget and Finance Committee reverses its decision or a majority of the Board reverses the motion, the proposal will not move forward with the budget."

Condo Lottery Bypass For A Fee Resurfaces In Mayor's New Budget [SocketSite]
Details, Dollars, And Devil For SF Condo Conversion Lottery Bypass [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (37) | (email story)

June 18, 2010

A Beacon Two-Bedroom Sells For Under $400 Per Square Foot

As a plugged-in reader commented yesterday (and we've co-opted for use today):

We've got a sale at under $400/sf in SOMA (plus the price of a refrigerator, it appears). Do I hear 300 anybody? 300?

The 1,345 square foot bank-owned two-bedroom at The Beacon (250 King Street #516) sold for $525,000 ($390 per square foot), it had been purchased for $872,500 ($649 per square) in February 2007, a drop of 40 percent over the past three years.

∙ Listing: 250 King Street #516 (2/2) 1,345 sqft - $525,000 (SOLD) [Redfin]

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

June 14, 2010

Apples To (Improved) Apples At 88 King

Purchased for $1,900,000 in December 2000, the 1,369 square foot 88 King Street #1222 resold for $1,450,000 this past April. Not readily evident in what would appear to be a 24 percent decline in value, an investment of roughly $500,000 into the condo over the past ten years according to a plugged-in tipster.

88 King Street #1220 also sold this past April for $1,150,000 or 13 percent under its year 2005 sale for $1,320,000 (not including any upgrades). Correctly noted by our tipster, the buyer of both #1222 and #1220 is one and the same with an eye on combing the two.

Posted by socketadmin at 11:00 AM | Permalink | Comments (25) | (email story)

June 9, 2010

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

1399 Clayton (www.SocketSite.com)

A tipster catches heavy equipment hard at work "on a creepily sloped and loamy looking site just east of Pemberton Stair" on Clayton at Corbett and wonders what’s going on.

1399 Clayton (www.SocketSite.com)

If we’re not mistaken, that would be 1399 Clayton (just down the street from 1391), a lot which was approved for subdivision and construction of two 4,000 square foot three-story single-family homes. If we’re wrong please correct us, but regardless, who’s got the plans?

From Coming Soon To On The Market And A Peek Inside: 1391 Clayton [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (4) | (email story)

June 7, 2010

A Plugged-In Pot Filler Comment (And Theme) We Couldn’t Resist

"My wife and I did a large kitchen renovation in our last house which included a pot filler (a faucet over the range). The pot filler was a huge hit and conversation starter with everyone that visited the house. That said we probably used the pot filler three times in three years.

We then sold the house and moved to another house within the same neighborhood and have become friends with the new owners.

At a recent dinner with the new owners of our old house, the wife told us that the added touch of the pot filler was the clincher that told her that she wanted the house. Then, in her next breath, she admitted that she had not used it since they moved in (November 2008)."

Faucet Over The Stove? Yes. Television Over The Fireplace? Well… [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (52) | (email story)

We’ll Gladly Give You A Long-Term Discount For Cash Today

A plugged-in reader reports and we excerpt (and slightly edit):

I live in a 33 unit former [CitiApartments] property that is in receivership and is managed by a non-Citi (now dba First) management company.
In the months before receivership started in 9/09, any tenant who asked was given a significant rent reduction from Citi if they signed a year lease and paid an additional month's rent in advance. There were only a couple tenants who didn't ask and receive. An example: a lovely $1,500/month studio rent was reduced to $1,150. New pre-foreclosure tenants were getting the same lower monthly rent rates if they paid an additional month's rent at the time of lease commencement.
Those pre-receivership reduced rents are now the rent controlled rents. The receivership property management company is currently renting the apartments at the lower rate too. Rather than holding out for higher rents, the receivership property management company is renting turnover apartments at rates that would make any new purchaser/investor cringe just to keep the building fully rented.
[The Department of Building Inspection] is forcing the new property management company to rectify the non-permitted and not to code 'renovations' that Citi performed in this building over the years which will total hundreds of thousands of dollars…[and] a decade of dealing with CitiApartments has filled the building with experienced, knowledgeable, empowered, and angry tenants who won't take crap from a landlord and know how to protect themselves.
This is the real Lembi legacy. Any investor considering buying a fire-sale post Lembi building would be advised to buy very, very carefully.

We'll say it's something to consider for buyers and renters alike.

Lemons To Lemons For Thirty Ex-Lembi Apartment Buildings [SocketSite]
CitiApartments Is No More! Well, Sort Of… [SocketSite]
The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]
The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

June 1, 2010

A Margarido (Sale) On The Rocks

As we wrote in March:

While we typically wait until a property has closed escrow, or at the very least until all contingencies have been waived, a plugged-in tipster notes that 5950 Margarido just went into contract. And we never get tired of looking at that house (click image to enlarge).
Keep in mind the asking price was reduced from $5,500,000 to $4,795,000 last month. And note our reference to March Madness in our October headline. Coincidence? (Yes.)
Now about those margaritas...

As a plugged-in tipster writes today:

The Margarido house has fallen out of escrow due to the pending sale of the new owner’s house [having also fallen out of escrow]...

Yes, it’s a Margarido (sale) on the rocks (ba-dump-bump). And it’s back on the waiting until a property has actually closed escrow wagon for us.

Now about the strength of the Bay Area's luxury market...

March Madness For 5950 Margarido (Coincidence?) [SocketSite]
There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
"San Francisco" Prestige Index Up 1.1% In First Quarter [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (1) | (email story)

May 26, 2010

2830 Pacific: A Tripling Of Taxes (At Half Off Initial Hopes)

2830 Pacific Avenue (www.SocketSite.com)

Speaking of big properties and taxes atop Pacific Heights, according to a plugged-in tipster the sale of 2830 Pacific quietly closed escrow yesterday with a reported contract price of $8,350,000. The sale should result in an annual property tax bill of around $100,000, triple what’s currently being paid.

As plugged-in people know, the 2009 Decorator Showcase home had originally been shopped around at $15,500,000 before being listed for $12,900,000. The list price was eventually reduced to $9,995,000 before the property was leased with an option to buy.

Also according to our tipster, "I heard it was a Hong Kong buyer." No confirmation on whether or not the buyer was the one with the option. And we would be remiss not to note a bit of irony considering the agent was Malin (who apparently represented both sides).

Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]
2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
An Actual Showcase Sale In The Works For 2830 Pacific? [SocketSite]
Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (22) | (email story)

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

Presidential Limo In Pacific Heights

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

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

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

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

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

May 25, 2010

A Twist And A Turn For The Warfield Theater Building (988 Market)

988 Market Penthouse Living

A plugged-in reader reports with respect to the Warfield Theater Building at 988 Market:

It looks like there may be some "potential" issues with the interpretation of the "accessory use housing" for this "commercially zoned" space. The City wants the seller to take this case to the "board of appeals" to get special permission (and clarify) to have "accessory use housing" (referring to the example of the penthouse unit). So unless you are planning to use this for strictly commercial reasons, anything else without a final stamp of approval for "accessory use housing" is a risk you need to be aware of.
Oh...and parking is of concern as the rear parking lot (separate owner with month to month leasing avail) currently does "not" have an ingress/egress point to rear of the (Warfield Theater) commercial space. One must walk down Taylor (sketchy especially at night) to Market and turn left onto Market and enter via the Market St entrance.

Make that a twist and a turn. We'll keep you posted and plugged in.

Warfield Theater Building (988 Market): Condos With A Twist [SocketSite]
988 Market Website [warfieldcondos.com]

Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)

May 17, 2010

5800 Third Street Lets Its For Sale Flag Fly

5800 Third Street (www.SocketSite.com)

A plugged-in tipster reports:

This weekend a giant banner went up at 5800 Third Street (former Coca Cola Bottling Plant) in the Bayview with a link to their website. It has some general information about the landscape design firm, floor plans, amenities, retail tenants, but no photos of the units yet.
Also, much of the fencing [has come] down and awnings [are] being added. Some trees have begun to go in, and the plants appear ready to be planted.

137 new 1, 2, and 3 bedroom homes now "starting in the $300,000’s" (as opposed to the mid-$500,000s as envisioned in 2007). And a Fresh & Easy is still front and center.

5800 Third Street: Floor Plans [5800third.com]
5800 Third Street: Development Starting Back Up (Delivery In 2010) [SocketSite]
Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
Not Quite So Easy (And A Little Less Fresh For Now) [SocketSite]

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

May 12, 2010

An Actual Showcase Sale In The Works For 2830 Pacific?

2830 Pacific Avenue (www.SocketSite.com)

While a reader caught movers hard at work emptying last year’s Decorator Showcase last week, according to a plugged-in tipster 2830 Pacific is…in escrow. We could hear the hoots, hollers and high-fives from a half-decade of other Showcase homes currently seeking buyers all the way from over here.

2010 Decorator Showcase Open, 2009 Showcase Opening Back Up? [SocketSite]

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

May 11, 2010

2563 Divisadero (AKA 2701 Broadway) Coming Soon?

2563 Divisadero

Speaking of the corner of Broadway and Divisadero, if a plugged-in tipster is correct 2563 Divisadero (aka 2701 Broadway) is under wraps preparing for a return to the market.

Last measured at 16,580 square feet (14,910 finished and 1,670 unfinished at the time) the property currently carries a tax basis of $11,874,476.

The word on the street, "contemplating a $35MM list price" which would make it the fifth most expensive property being shopped in San Francisco, three others of which are just down the street.

And one which is not.

Don’t Ignore The Signs [SocketSite]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
A $3,000,000 Reduction (That Might Not Seem Like So Much To Some) [SocketSite]
24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (7) | (email story)

May 7, 2010

Mission Bay Gets Its Shuttle On

Mission Bay Shutle Map

In the words of a plugged-in tipster:

Apparently Mission Bay has a new transportation agency that is running a new free shuttle service to/from BART and Mission Bay. It's the first I've heard of it and wasn't even aware it existed until one of the new shuttles drove by my window earlier today. Not directly related to the real estate market, but could be related to the long term viability of Mission Bay.

The shuttle currently makes fantastic time down the Fourth Street corridor. And it all circles back to real estate. At least to those who are plugged-in.

Mission Bay Shuttle Service Announcement | Map [missionbaytma.org]
The Future Fourth Street And Envisoned Hub Of Mission Bay [SocketSite]

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

May 4, 2010

2010 Decorator Showcase Open, 2009 Showcase Opening Back Up?

While the 2010 Decorator Showcase opened up this past weekend, a plugged-in reader notes the 2009 Decorator Showcase home at 2830 Pacific (which failed to sell last year but was "leased with an option to buy") might be opening back up this month as well:

So much for the "Option". Movers unloading the house today and onto a truck. So it looks like another Showcase house is probably coming back to market.

Last asking $9,995,000 prior to being leased.

3450 Washington: Decorator Showcase 2010 Opens Up [SocketSite]
2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]
Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29% [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (0) | (email story)

April 30, 2010

587 Jersey: Spot The (Suggested) Difference

587 Jersey

It’s a reader's suggested simple change to the newly remodeled façade of 587 Jersey. It might have been unsolicited, but it’s not unmerited as far as we’re concerned.

Comments: Before And After (And "Year-Over-Year") For 587 Jersey [SocketSite]

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

April 8, 2010

SocketSite Gets Schooled By A Plugged-In Reader

A plugged-in reader correctly takes us to task for not previously covering the San Francisco School Board’s decision to enact a new school assignment system. So we’ll just co-opt her (slightly edited) tip:

This could have an impact on SF property values in two ways. First, since now living in a schools’ attendance area will actually give you preference in getting into that school, I suspect that areas surrounding some of the best schools will have their property values increase (note that many of city’s best schools are "alternative" and are designated for citywide enrollment, so living next them won’t matter).
Second, students from traditionally disadvantaged areas as measured by CTIP scores will now have enrollment priority over everyone else. Dark green areas are the ones where children will have the CTIP advantage in getting into a school of their choice, since they scored the worst on standardized tests. It’s best to look at this in conjunction with the official census tract map.
Potrero Hill caught my eye, it’s the only place in the city where dark purple (census tract where students perform best on standardized tests) meets dark green. Tract 227.01 is purple (North Slope, "highly desirable") and 227.03 is green (it contains the Potrero projects).
The boundary between the two runs along Arkansas St between 20th & 22nd. As an ex-resident of Potrero Hill, I would actually consider Arkansas & 20th to be a pretty nice area to live in – as well as Connecticut from 20th to its dead end – and both are parts of the ”dark green” census tract.
The most interesting part is that if you’re living on Arkansas, between 20th & 22nd – if you’re on the East side, you’ll have an advantage into getting the school of your choice over the neighbor who’s living across the street! I wonder if this will have any impact on the property values in the nicest parts of 227.03 census tract...

It's good food for thought. And on that note we're off to find some Tater Tots.

Recap: A new era for student assignment? [rachelnorton.com]
San Francisco Schools Attendance Area Map [sfusd.edu]
2000 Census Tract Outline [census.gov]

Posted by socketadmin at 7:30 AM | Permalink | Comments (131) | (email story)

March 30, 2010

One Hawthorne: The SocketSite Straight Scoop (And Sales Update)

One Hawthorne Aerial (www.SocketSite.com)

While One Hawthorne's website has been live since last October (to which floor plans for the first seven floors have since been added), and the onsite sales office has been "open" for a few months, pricing has yet to be finalized and tours still aren’t being offered.

The disconnect between an "open" sales office and lack of information has led to a slew of One Hawthorne related readers' tips like the following:

I've toured the One Hawthorne sales office 3 times over the past 2 months now and I find it a bit unsettling that the building still does not have pricing or models and DOES NOT anticipate pricing and tours until "late Spring" without further specifics….I'm a highly interested and qualified buyer looking to downsize from my home in Marin but I feel like this developer must not have their act together if the sales office have been open for almost 3 months (the office opened on January 4th) with no idea of pricing or when people will begin to write contracts.

So here’s the inside scoop...select brokers will be getting their first tours of the building on April 19 at which time pricing will be released. Brokers will also tour on the 20th and the sales office will start writting contracts on April 21.

Once again, One Hawthorne consists of 165 units (26 junior one's, 74 one-bedrooms, 59 two-bedrooms, and 6 three-bedroom penthouses) with 124 non-deeded parking spaces which will be valet and are expected to run around $300 per month.

With a $120 million construction loan, whether or not the developer of One Hawthorne will end up underwater on the development, and what role that’s played in any delay to date, is open for debate.

We'll wait for actual pricing and early sales figures before we join the fray.

One Hawthorne: A Couple Of Renderings To Accompany Our Reality [SocketSite]
One Hawthorne: Close To Being Closed In But Without Its Crown? [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (51) | (email story)

March 25, 2010

A Plugged-In Resident Tipster Reports On Artani's Round Two

A plugged-in tipster reports with respect to Artani's (818 Van Ness) round two of sales:

They are setting up a sales office on the ground floor in the permanently vacant (so far) retail space. I am still a tenant here and will not be exercising my first right of refusal as I believe the price and HOA fees are just too high.
They plan on selling floors 2-6 first. The cheapest units are at the front of the building on the 2nd floor (no side windows as it shares a wall with the sushi joint. Floors 7-8 are done to a higher spec. Seems a majority of the building is empty now. Most tenants moved in about a year ago and their leases ended. There has been a revolving door of moving trucks here in the last 3 months.
Also, they have a bunch of maintenance folks fixing up the units for sale after a tenant vacates. They will all be in near perfect condition. I've had a walk through some of the staged units and they look great.

Other plugged-in perspectives and comments on our original Artani round two report.

Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

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

March 24, 2010

A (Once Again) Remodeled 2219 Pacific Is Unwrapped

2219%20Pacific%202010.jpg

A plugged-in tipster with mad perspective matching skills captures the first glimpse of the newly remodeled façade of 2219 Pacific. As it looked previously:

2219 Pacific Avenue (Image Source: Mapjack)

And as we wrote in December 2008:

In April of 2007 the listing for 2219 Pacific Avenue touted “Beautifully remodeled and maintained Pacific Heights Edwardian…Detached 2 car garage…All bedrooms are generously sized.” It closed escrow two months later with a reported contract price of $4,250,000.
Three days ago a gutted and reframed 2219 Pacific returned to the market touting “Permits issued and complete plans available to finish this spectacular 3 story home in AAA Pac Hts...needs elect, plumbing, flrs, mechanical…will be a 4900 sq ft home…3/4 of foundation is brand new w/ all current seismic upgrades.”
Now asking $3,495,000.

And while the unfinished property failed to sell at $3,495,000, we wouldn’t be surprised to see it return to the market soon seeking (and perhaps securing) significantly more.

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

Posted by socketadmin at 9:30 AM | Permalink | Comments (23) | (email story)

March 18, 2010

Collateral Damage: 52 Rausch Goes Back To The Bank

A plugged-in tipster reports:

Yesterday, 52 Rausch Street was taken back by Redwood Mortgage, which held a $850,000 2nd. It has a senior loan for $2,550,000 to First National Bank of Northern California (South SF). This property also was cross-collateral for the $23 million construction loan for Cubix (apparent 3rd position here).

Along with the conversion of 60 Rausch and 73 Sumner, the eight-unit 52 Rausch was built by George Hauser as part of the The Mullen Buildings development of 2002.

The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]
SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (3) | (email story)

March 1, 2010

A Plugged-In Reader Solves Our Nob Hill Dashiell Hammett Mystery

33 Dashiell Hammett

As we wrote this past October:

A single-family Edwardian "tucked away on quiet street between Nob Hill and Downtown neighborhoods," 33 Dashiell Hammett sold for $1,275,000 in January of 2007.
According to our tipster, it "looks like the current owner did minimal work on the house" since it's last sale, but did do a bit of repainting and "updated" the kitchen with new appliances.
Listed for $1,795,000 earlier this year and then $1,595,000 (with photos), the single-family home is now seeking $1,095,000 as a short sale.

As a plugged-in reader wrote to us last week:

[We] closed escrow on 33 Dashiell Hammett last Friday. Wanted to say thank you, as I found the listing through your site.

Cheers. And don’t forget those invitations to the housewarming.

Oh, and while not noted by our reader and the MLS still hasn’t been updated, we’ll peg the purchase price at $1,120,000 (12% under its market value of three years ago). It pays to be plugged-in.

A New Dashiell Hammett Mystery: The Single-Family Short Sale [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (7) | (email story)

February 26, 2010

A One Time Fire Sale To Address An Ongoing Budgetary Problem

909 Tennessee

From Guardians of The City with respect to old Engine Company No. 16 at 909 Tennessee:

City Architect John Reid Jr. designed this two-story brick structure to replace the original 1887 home of 16 Engine that was a block away at 1009 Tennessee Street. A two-story brick firehouse with a cornice brightened with small colored tiles, terra cotta keystones accent the arched dormitory windows and plaques above the doors.
Off of Third Street, near the Pier 70 complex, in what is called the "Dogpatch" section of the Potrero District, Engine Company 16 was considered a waterfront company. From the 1880's through World War II the Potrero Point Pier 70 area was a very active shipbuilding and steel manufacturing district. It became the largest civilian shipyard on the west coast.
This firehouse is located on a bigger plot of land owned the City. To the rear of the firehouse on the corner of 3rd and 19th Streets are the former Potrero Police Station and the neighbor Public Health Emergency room.
Engine Company No.16 was disbanded on July 1, 1970, due to ordered City budget cuts to the Fire Department. From 1970 to 1976 the firehouse was used by Toy Program. From 1976 to 1992 the house was used as a Museum annex apparatus workshop and collection storage area. Since 1992 the firehouse is being used by the Department for storage.

According to a plugged-in tipster the San Francisco Fire Department will be selling 909 Tennessee in order to help balance its budget.

And our tipster’s (paraphrased) question: Does it make sense to address an ongoing budgetary problem with a one time sale of an asset in a down market?

UPDATE: The asking price is expected to be around $735,000.

Engine Company No. 16 (909 Tennessee Street) [guardiansofthecity.org]

Posted by socketadmin at 2:30 PM | Permalink | Comments (72) | (email story)

Flipping A Few Lembi Properties Through Foreclosure

A plugged-in tipster reports:

Coastal Capital of Sausalito, which bought a portfolio of loans secured by Lembi properties, foreclosed on the properties [yesterday]. Coastal reportedly paid $24.1 million (64% of face value) for the package of loans originated by Tamalpais Bank, and today's sales at the steps totaled $29,049,100. Pretty nice annualized return! It should be noted that a Coastal affiliate did some of the buying.

Among the foreclosed upon properties sold: 1235 Bay, 2285 Bay, 1125 Broadway, 479 Buena Vista East, 6242 Geary, 315 Hyde, 1651 Larkin, 725 O'farrel, 1701 Turk, and 2350 Van Ness.

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

Into Contract After Four One Month On The Market For 169 Yukon?

169 Yukon

Listed for $649,000 last October, the listing for 169 Yukon was withdrawn in December and then relisted anew at $625,000 at the end of January.

And while the listing is currently active on the MLS, according to a plugged-in tipster an offer of $575,000 has reportedly been accepted.

Industry statistics currently reflect an "official" 36 days on the market for the property.

∙ Listing: 169 Yukon (1/1) - $625,000 [MLS]

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

February 22, 2010

1168 Folsom: Another Hauser Project Falls To Foreclosure

1168 Folsom

A plugged-in tipster reports with respect to The Folsom Lantern Building:

Another George Hauser project taken back by lenders [as 1168 Folsom was foreclosed upon]. Redwood Mortgage, which held a 3.5 million 2nd took back the property last Weds 2/17/2010. There is a senior loan for 6.5 million.

As usual, plugged-in people saw it coming. And we wouldn't be surprised to see the 20-unit building back on the market sometime soon.

1168 Folsom Street, San Francisco [hauserarchitects.com] [Map]
30 Dore Goes The Rental For Sale Route And Offers A Bonus Bedroom? [SocketSite]

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

February 18, 2010

The Monster’s Confidential (And Slightly Less Monstrous) Sale Price

2505 Divisadero

This past September Kirk Hammett’s Pacific Heights "Monster" mansion at 2505 Divisadero came roaring back on the market at $8,995,000 having once sought $12,500,000 when first listed four years ago.

In contract within two months, the sale closed escrow on December 11, 2009 with a confidential sale price on the MLS. And as such, all MLS based reports and averages would have reflected a selling price of $8,995,000 (and an "official" 63 days on the market).

As a plugged-in tipster notes, however, the recorded sale price is now public. And the property actually sold for $7,600,000. Don’t forget to adjust those industry stats and newsletters accordingly.

Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (22) | (email story)

February 10, 2010

In The Name Of Dr. Raye Richardson For 365 Folsom (AKA Parcel G)

A plugged-in reader reports: "365 Folsom, AKA Parcel G has been named Dr. Raye Richardson Apartments. Dr. Raye is a community leader who chaired the black studies department at San Francisco State. Great building named for a great person."

365 Fulton (AKA Parcel G) Design Evolved, Site Work Commences [SocketSite]

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

February 2, 2010

The Old Bonus Rooms (So To Speak) At 130 Cresta Vista Drive

130 Cresta Vista Drive (Image Source: MapJack.com)

From yesterday's listing of 130 Cresta Vista Drive:

Immaculate Westwood Highlands 4-story residence with amazing views! Main floor offers spacious dining/living/kitchen and 1/2 bath. Upper floor consists of 3brm 3ba. Two lower levels have additional rooms which could be used as extra bedrooms, office rooms or entertainment rooms.

From the San Francisco Police with respect to the arrest of four suspects across four properties three weeks ago for growing marijuana on a relatively large scale.

The locations searched were 130 Cresta Vista Drive, 15 Dorchester Way, and 1400-1402 Kansas Street. Officers observed an elaborate marijuana grow operation with numerous grow lights and ballasts in place at each location, including both flats on Kansas. Police seized a total of over 5,900 marijuana plants, with an estimated street value in excess of $200,000.

We'll assume the electric meter bypass has since been removed from that lower level. And while it appears the suspect arrested at 130 Cresta Vista was renting, no word on 15 Dorchester Way or 1400-1402 Kansas Street which said suspect appears to own.

∙ Listing: 130 Cresta Vista Drive (5/5.5) - $1,350,000 [MLS]
San Francisco Police Arrest Four Suspects In Marijuana Grow Busts [sf-police.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

January 25, 2010

2010 Decorator Showcase Site Scoop: 3450 Washington Gets The Nod

3450 Washington (Image Source: MapJack.com)

According to a plugged-in tipster, 3450 Washington will be San Francisco’s 2010 Decorator Showcase home. The 1929 Georgian Revival Presidio Heights mansion was purchased for $18,000,000* in 2001 by the Sperling’s (think 2845 Broadway).

In the words of our tipster: "Posthumously attributed to Architect Willis Polk…[seems] to have been on and off the market ever since." And while it’s currently not official inventory on the MLS, it is active on agent Joel Goodrich’s website with a "price upon request."

You might want to take your before tour now (before it's too late).

UPDATE (5/3): Never mind that $18,000,000 number (perhaps that was asking). Tax records actually support a 2001 sale around $16,750,000 for 3450 Washington while a reader suggests the price was actually $15,800,000.

∙ Listing: 3450 Washington (8/5.5) – "Price Upon Request" [Joel Goodrich] [Map]
San Francisco Decorator Showcase [decoratorshowcase.org]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]

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

January 20, 2010

Making Lemonade (And History) With A Lemon of An Addition?

50 Carmelita Before (Image Source: MapJack.com)

We’ll have to call it hearsay, and we can’t confirm, but a plugged-in reader offers one explanation for the seemingly semi-restored façade of 50 Carmelita:

Supposedly the plan was to remove the incredibly ugly retrofit garage (aka the giant box that ruins the facade) and restore the original front staircase leading up to the front door. But the planning department would not allow it, saying that the ugly box was historically protected, having been in place for more than 30 years or whatever.

Of course that’s only one side of the story and we're willing to listen if you have the other (perhaps related to the economics of removing a two-car garage in San Francisco).

UPDATE: And here's an other:

In order to change the outside "envelope" of the building by removing the garage the project would have to undergo a neighborhood review. By keeping the garage, the contractor was able to get away with pulling very limited permits.

Or simply in the words of a plugged-in Planning Department employee with respect to the original hearsay explanation, "this is not true." Cheers.

Carmelita’s Way: A Renovated 50 Carmelita Returns [SocketSite]
Damn That Planning Department To Hell! Oh, Wait A Minute… [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (16) | (email story)

January 13, 2010

A Landmark Bourn Mansion Moving Day (And End Of An Era)

2550 Webster Moving Day

A plugged-in tipster reports from in front of the Bourn Mansion (2550 Webster):

The end of an era? The start of a new chapter? Either way, 2 moving trucks and a few movers seem to be taking out the old. Looking forward to the new!

Both. And so are we. Now which tipster is going to be the first to leak liberate the plans?

Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
The Bourn Foreclosure (2550 Webster) [SocketSite]
The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster [SocketSite]
The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (24) | (email story)

January 8, 2010

Have You Seen These Massings For 1127 Market?

1127 Market Massing (www.SocketSite.com)

A plugged-in tipster delivers a few detailed massing models for the development of 1127 Market Street (a.k.a. the Strand Theater which has been shuttered for seven years).

1127 Market Massing (www.SocketSite.com)

Unfortunately we don’t have any additional information on the origin of these models or the status of any plans for development, but to echo the words of our tipster, "change on this stretch of Market is long overdue."

1127 Market Massing (www.SocketSite.com)

So if you recognize these massings as your own, or have the scoop, please let us know.

Posted by socketadmin at 4:45 PM | Permalink | Comments (27) | (email story)

January 7, 2010

Can’t Sell? Concrete That Front Yard To Add More Parking!

"...a house on my block, one of the last to have a tiny 20% green patch in front, came up for sale a few months ago. They had a few open houses but apparently no takers. But the feedback about the front they had gotten must have been clear (and in favor of MORE SIDEWALK PARKING please), because about 2 weeks ago, they had contractors come and rip out the front yard and concrete it over.

This is what you're up against. A sale is actually more likely to *remove* the greenery in front. With Sandoval's ordinance in mind, I did report the removal to the city -- they said they will assign an inspector to investigate. But so far, I don't see any change."

Comments: Guidelines For Tending Concrete Gardens Out Front [SocketSite]
We’re All In Favor (But Wondering If It Will Actually Work) [SocketSite]

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

January 6, 2010

Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million)

830 El Camino Del Mar

Apparently we might have miscounted by one in August. And with yesterday’s listing at $11,500,000 it’s the fifteenth time 830 El Camino Del Mar has hit the market seeking a buyer over the past twelve years.

As we’re running out of new facts for this one, we’ll turn to a tipster’s poem (for better or self-admittedly long and worse) and creative chronology:

Well Well Well
It just didn’t sell
In ‘98
when times were great
It was priced…
Just a little too high
At 8 million and Five (1)
Well well well
It just didn’t sell
In ‘99 Malin
tried again
for 7.8 (2)
with a view
of the gate
Twasn’t enough bait
Well well well
Time will surely tell
In 2000 Sotheby’s
Surely they blustered
An offer we’ll muster
An offer as great
As a half million plus 8 (3)
just didn’t arrive
Later that year
Alain Pinel Did crow
“It’s priced too low!”
We”ll get it sold best
At nine million and five (4)
No sold sign arrived
Well well well
The truth is there
For all to tell
Its price too low
So they had another go
At 12 million and five (5)
No Sold sign arrived
Nuanced pricing
‘tis the answer
APR did tell
Thrice relisted
This we ‘ll sell
Just under 11
At 10 million point eight (6)
With a view of the Gate
Persistance surely
wins the race
it’s on
thier 4th relisting
10 million eight
With a view of the gate
In 2001
The sold sign not hung
Well well well
That son of gun
Kevin Cole will
not be undone
HE re-listed it fine
He’s just asking nine (7)
In 2002
No sold sign
Boo hoo,
it just can’t be true
Well well well
Later that year
Nina did appear
Price adjustin’ in
The air
Into this mix
Coldwell did list
For measly little six (8)
It was not adjusted enough
No sold sign appeared
That 2002 year
Well well well
Its price too low
Cole shouted again
It’s never too late
To buy it for eight (9)
No sold sign appeared
That 2003 year
Well well well
The market is up
The time is right
It’s price too low
We ‘ll get it sold
in 2004
For eight and half (10)
I wish I could laugh
In 2005
No sold sign
It’s price too low!
So here we go
Tis 18 million so (11)
A price arrived
with Micheal J King
With a view
of the gate
No Sold sign
Was placed
In 2008
Proclaiming it sold
a familiar tale
to be told
In 2008
Have no fear
Later that year
John Saar willing
To sell
A golden cliff house
With a view of the gate
Three times’s an old price
18 million’s just great (12)
With a view of the gate
Yet no sold sign appeared
That 2008 year.
Thirteen is a lucky number
Some brave heart will say
Sothebys
Knows the drill
So into 2009
economy in full dive
The Duponts
(Of Decker Bullock fame)
did not jive
When they
Arrived a price
With a view of the gate
For 11 million Five (13)
Then took a swan dive
When the house
did not sell
in 2009.
There was no
SOLD sign.
Later that year
Telegraph Hill Property
Did appear
Fourteenth
time around
it was clear
they could sell
To someone
from dwell
A location so live
Right down
to the ground
For 11 million and five (14)
No sold signed appeared
That 2009 year.
Well well well
There is a house to sell
Its sits on cliff
With a view of the gate
And Olivia did list
A view home
Can be yours
For nothing more
Its 11.5 million (15)
In 2010
Its New Years Again

And an official two days on the market according to those industry stats.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [MLS]
Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]
Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
830 El Camino Del Mar Moves Away From 2008 And Closer To 2002 [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (17) | (email story)

January 4, 2010

Reporting From the Courthouse Steps: Shares Sell, Others Postponed

San Francisco Suites (710 Powell)

A plugged-in tipster reports that of roughly 50 houses and condos scheduled to hit the courthouse steps this afternoon in San Francisco, auctions for the vast majority (40-ish) were postponed and the rest cancelled which included the latest foreclosure proceedings against 755 Marina Boulevard.

The only real auction action today in San Francisco seemed to be for a batch of timeshare units with opening bids starting at just over a thousand each. Don't ask us.

UPDATE: Or do (ask us).

The foreclosed upon timeshare units appear to have been seven shares of San Francisco Suites (710 Powell). From the July 2009 San Francisco Suites Association meeting minutes:

With regard to the 2009 assessment delinquencies, there are 22 delinquent shares facing foreclosure, plus 3 more that are on a payment schedule. The process is in motion according to the rules and regulations of the Suites.

Seven down and fifteen to go?

Yahoo Unveils Underwhelming Foreclosure Center [SocketSite]
San Francisco Suites: Association Meeting Minutes – July 2009 [sfsuitescsa.com]

Posted by socketadmin at 4:00 PM | Permalink | Comments (12) | (email story)

A "Third" Strikes Against 2100 Vallejo

2100 Vallejo

As we noted the most recent listing for 2100 Vallejo expired at the end of the year with an asking price of $13,500,000 (down from $25,000,000 in 2007). A plugged-in tipster adds:

A pretty serious [Notice of Default (NOD)] was filed against 2100 Vallejo (both House and Lot) on 12-17-2009. There appears [to be] 3 Open Deeds Of Trust [with a third mortgage in November 2008 for $750,000]. Looks like the 3rd is foreclosing and that all loans are in default.
It will be very difficult for the owners to receive further financing regardless of equity. Will they sell cheaply or try to continue?
Many are experiencing the same problem.

Purchased for $2,475,000 in 1995 but then restored "from the studs up."

As we noted in 2007, designed by Houghton Sawyer (who was also the architect behind the Verdier/Scholes Mansion at 1001 Vallejo), the woodwork within is quite captivating, the views are indeed stunning, and the garden is huge (as in another separate lot).

UPDATE: With respect to a reader's comment regarding whether it’s actually the "second" versus the "third" loan that’s filed the NOD, our tipster’s three loans appears to include a line of credit that was opened in 2001.

UPDATE: As of this afternoon the listing for 2100 Vallejo is once again active at $13,500,000 and offering a few peeks inside.

2100 Vallejo: Entry

∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
Add Your Name To This Mansion [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (38) | (email story)

December 28, 2009

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

2849 Pacific

Okay, so perhaps the sale price for 2849 Pacific won’t be at its asking of $14,000,000. But according to a plugged-in tipster the "price will provide encouragement for sellers of large, good condition, D7 properties" and starts with a twelve (12).

No word on how much said encouragement assumes said sale isn’t one of the last "confidential" sales of the year. We'll keep you plugged-in.

Cleaned Up And Coming Soon: 2849 Pacific [SocketSite]
2849 Pacific: A Million Dollar (Double) "Take" [SocketSite]
An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (2) | (email story)

December 22, 2009

Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved

2550 Webster (www.SocketSite.com)

As we reported with respect to the landmark Bourn Mansion (2550 Webster) via a plugged-in tipster a week ago:

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

As a plugged-in source reports today:

The sale of the house was approved this morning. The motion to dismiss was denied.

UPDATE: The approved sale price: $2,790,000.

The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (17) | (email story)

December 21, 2009

The Grinch That Stole A Reader’s Wreath

From a plugged-in reader in Pacific Heights this weekend:

I'm looking to enlist your support in some public shaming. You can also point-out the utility of installing a video camera system during a renovation :)
This Grinch stole the Christmas wreath from the front door of my house early Friday morning. She looks like a fairly put-together person, why is she out stealing in the middle of the night? Pacific Heights of course...

The actual Grinching (i.e., grab) occurs at 2:26 in the clip above (3:04 am Friday morning).

UPDATE: A follow-up from our plugged-in reader today:

There is a happy ending to the story, a good friend has surprised me by placing a new wreath on the door! Very sweet.

(Holiday) Cheers.

Posted by socketadmin at 7:45 AM | Permalink | Comments (101) | (email story)

December 16, 2009

High Speed Rail Scoop: Build On Beale, Demolish The Watermark

HSR Beale Street Terminal Required Watermark Demolition

A plugged-in tipster reports with a bit of concern:

I am a resident at the Watermark [501 Beale], and we just received a lovely bulletin that our building is right in the path of the planned California Highspeed rail...
If you go to Page 13 of the [December 8 Transbay Transit Center Rail Update] you'll see that the plans are to "demolish residential highrise" with an image of the Watermark.

Keep in mind this Watermark demolition scare is all in the context of building San Franciso's High Speed Rail terminus on Beale rather than at the Transbay Terminal as is being evaluated by the California High Speed Rail Authority but as is opposed by Pelosi, Schwarzenegger and others.

And if we’re interpreting the presentation correctly, Baycrest Towers at 201 Harrison Street would have to be demolished as well. Again, assuming it's the Beale Street Alternative terminal that's adopted for California's High Speed Rail rather than the Transbay.

12/8/09 HSR Rail Update/Beale Street Alternative [transbaycenter.org]
More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

Posted by socketadmin at 11:30 AM | Permalink | Comments (64) | (email story)

December 14, 2009

The Bourn Foreclosure Bankruptcy And Bidding Scoop

2550 Webster: Detail (www.SocketSite.com)

A plugged-in tipster provides the inside scoop with respect to the pending bankruptcy sale of the landmark Bourn Mansion (2550 Webster):

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

So you've got a few days.

And once again, our candid peek inside for those who haven't had a chance to tour.

The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (11) | (email story)

December 10, 2009

An End To Confidential MLS Sales* (*Unless You're Willing To Pay)

A plugged-in reader reports (and we hadn’t):

Just an FYI (and you may have already covered this), the [San Francisco Association of Realtors] is scheduled to prohibit confidential sale prices in the MLS starting January 1st, 2010 - or face a $1000 fine. For our clients in this range, if they absolutely demand the confidentiality, we will likely just take the $1K hit.
However, I think in the majority of cases, it's not the necessarily the clients really pushing for confidentiality, but the agent. Particularly here on the North Side, there's a tremendous amount of self important bullshit, where agents will utilize any tool possible to make their client base seem "exclusive". So in those cases, I [think] most agents would rather simply post the actual price, forget the whole idea of being exclusive, and save themselves the $1000.

No word on any new fines for simply withdrawing a listing from the MLS prior to close to avoid disclosing a sale price, a favorite trick of the new development crowd (and others).

UPDATE: Another plugged-in reader adds:

My husband and I just closed on a 2-unit. We got it for a very good price since we had no financial contingencies and offered a quick close. In fact, we wanted the price published to serve as a lower comp.
The sellers and selling agent, however, asked that it be kept confidential. They claim they're worried about the reaction from other buyers whose offers were higher and rejected in favor or our lower, quick-to-close offer.

Well done and thanks for plugging in. Now about those housewarming invitations...

And After 47 Months 62 Days On The Market... [SocketSite]
3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior) [SocketSite]

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

The Wright Stuff Redux: Aerial Perspective And A Reader’s Report

1332 Wright Loop Aerial (Iamge Source: Bing.com)

With respect to 1332 Wright Loop, a plugged-in reader reports:

I know the previous renters and have been in the house several times. It has amazing views, but even more than that, one has no sense of being in the city. It's like someone took a Hillsborough estate and placed it 15 minutes from Union Square.
Inside, the living room has a huge picture window with a view of the GG Bridge. It's old, but has character. Not grand and stuffy. It would make a great family home. As far as the Doyle Drive construction, the additional traffic through the Presidio does not matter to this property. It sits above it all. One of a kind.

Plus, imagine the savings on valet. All comments on our original post.

The Wright Rental Stuff? (1332 Wright Loop) [SocketSite]

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

December 9, 2009

Personal Effects, Check. Washer And Dryer, Check. Furnace…

2874 Bush: Moving Day (www.SocketSite.com)

With the short sale of 2874 Bush Street over in Lower Pacific Heights currently in escrow, and contingencies waived, a plugged-in source reports:

Looks like moving day at 2874 Bush. Seeing the washer and dryer on the truck didn’t surprise me...but seeing the furnace sure did!

It's starting to sound familiar. And props for the candid cell phone shot (hint, hint).

The Begining Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
Strip This (Short Sale) House: The 1467 Underwood Episode [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (44) | (email story)

December 7, 2009

Strip This (Short Sale) House: The 1467 Underwood Episode

1467 Underwood (Image Source: MapJack.com)

Purchased for $639,500 in February of 2007, the single-family 1467 Underwood returned to the market as a "lender approved short sale" asking $340,000 this past October.

Currently in contract and scheduled to close this week (according to a plugged-in tipster), it appears as though some likely non-lender approved activity is now in play as well. As our source reports:

…the new owners or potential new owners were trying to do a walk-through yesterday but were not allowed inside, meanwhile you could hear banging inside the property, and later in the rainy night [you] could see the appliances…and plumbing fixtures [(vanities, vanity mirrors, doors)] being loaded onto a truck.

Stripping a property prior to foreclosure in San Francisco isn’t an unheard of occurrence (especially when an expensive kitchen is involved). But this is the first time we've heard of doing so between having negotiated a short-sale and its (now attempted) close.

It ought to be an interesting walk-through and response by the buyer and the bank.

∙ Listing: 1467 Underwood (4/2) - $340,000 (sale pending) [Redfin]
From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]

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

December 3, 2009

736 Valencia Exposed (700 Valencia Still Under Wraps)

726 Valencia (12/3/09)

A plugged-in tipster photographs and reports: "726 736 Valencia is nearly done. Supposedly housing for next door auto repair shop's employees. Nice brown wood. 700 Valencia (at 18th) is still in it's black covers." And so can you (tips@socketsite.com).

700 Block of Valencia: 12/3/09

700 Valencia: Topped Off And Filling Out [SocketSite]
700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (37) | (email story)

December 1, 2009

Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report

Add another item to the list of things we like about the Hamilton: its community (and a plugged-in reader’s inside report).

I live in this building and can help to answer some of the questions. Overall it is a great building with some fantastic social people living here. Our community is a cross section of SF: young, old, straight, gay, couples, singles...
We have great (sometimes - whole floor) parties! (We also offer the lobby, back patio and ballroom as an event rental space to anyone inside or outside the bldg.)
The neighborhood can grate on your nerves but is changing. As a community we regularily have discussions about our surroundings with the police and supervisors. Most of us are tring to improve our area - we are not the type to sit around and whine.
The building contains 186 units which are mostly studios. There are two 1-bedrooms per floor and one two bedroom. The corner studios have some of the best views in the city!
The [penthouse] does include leased parking in the basement - the current penthouse owner paid a significant amount of money to jump the line. That being said the parking list is turning over very fast right now - maybe a year to get to the top. This change could be attributed to the economy. But I do know of some residents who have gave up their cars to walk / use the car shares instead.
The building does have somewhat high dues. Not sure what the dues on the penthouse include but my dues include utilities (water, steam heat, electricity), full time manager, full time maintenance/cleaning staff, 24hr security/doorman, package hold service + reserve fund contribution. We have never had an assessment.
Over the last 10 years, the owners have spent a lot of money to restore the lobby, back patio, ballroom and 16th roof deck along with the regular maintenance for a 80 yr old bldg. Next month we are adding a gym to the building.
I believe the [penthouse] sold for $2.5 mil around 2000.

Cheers and comments on the original thread. Now about those invitations to your next whole floor party...

Pay For 520, But Live Like 800 (With Bonus Points For "Trendyloin") [SocketSite]
High Atop The Hamilton (631 O’Farrell): Penthouse Listing And History [SocketSite]

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

November 24, 2009

Recounting The Height Of The Infinity "Fire Sale" Flames

A plugged-in reader reports:

Lowest price sold 2/2 at Tower II is $535,000 for 1,187 sf. Mid 2009. All 1/1 are now gone and it is unlikely to find any 2/2 left at under 700k - at least not from the developer - in Tower II. Lowest 1/1 sold, I believe was below 400,000.

Assume that's without parking (or not). Don't necessarily assume it's the same sub $600,000 sale we plugged you into back in June.

UPDATE: Make that $510,000 for a two-bedroom (338 Spear #6J) and $350,000 for the lowest know one-bedroom (338 Spear #9G). And on a dollar per square foot basis, the lowest we know about for a two-bedroom was $466 per square foot for the 1,147 square foot 338 Spear Street #4E (closed in July 2009).

Do we hear under $535,000 or $466 per square for a two?

Infinity Tower I Sold Out, Tower II At 70 Percent, 85 Percent Overall [SocketSite]
Confidentially Speaking About The Infinity [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (11) | (email story)

November 17, 2009

The Belli Building NOD And Versus A Different B.A.R. (Builders)

"Perhaps the motivation for this statement [("Family has asked for it to be sold in as is condition within the next 30 days")] was the [Notice of Default] filed on September 24. Ms. Belli recently (end of August) sold off two units at 481 Clementina. Evidently, she did not raise enough capital to prevent the mechanics lien on November 4 for the [722-728] Montgomery property. And, of course, the requisite lawsuit by the builders."

Belli’s Barbary Coast (And At One Time) Belle Of A Building [SocketSite]
B.A.R. BUILDERS VS. NANCY HO BELLI [sftc.org]

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

November 9, 2009

Conservation Of Crime (And Gentrification): Tenderloin To The Marina?

Lombard 90 Day CrimeMAP

While the Marina exports an element to Hayes Valley, a plugged-in tipster reports that the Marina seems to be importing elements of the Tenderloin.

Recently, a friend of mine living in the Marina had their bike stolen from their garage. Since the thief (or thieves) physically broke into a home, the police had to take the report in person – versus over the phone. The police told my friend that there was a very good chance the culprit(s) were living just a few blocks away, in one of the many hotel/motels on Lombard Street.
It seems that as part of the Tenderloin "gentrification," the city has been giving those hotels on Lombard “assistance” with relocating several of the notably more sinister Tenderloin residents in an effort to make the Tenderloin appear more neighborly and better situated for gentrification.
The police claim that the board of supervisors (actually referenced by the patrolmen as the "board of stupidvisors" to my friend) had a big hand in this effort. The police said that at least once per day, the SFPD responds to some type of incident (sounded from them to be typically drug related) either at a hotel or nearby in the Marina, and that the people in question are usually ex-Tenderloin residents.

We can’t confirm any specific "assistance" to which our tipster or the police refer, but our tip line is open (tips@socketsite.com). And our tipster’s closing sentence, "If true, if I was my friend, I would ask their supervisor to personally repay the cost of the stolen bike."

UPDATE: According to CrimeMAPS, and as mapped above, a total of 295 offenses were logged for the half-mile radius around Lombard and Fillmore over the past 90 days. The top five offenses by count: Larceny/Theft (114); Burglary (66); Vandalism (41); Assault (31); Vehicle Theft (17).

That being said, and recognizing it’s far from sound science, back in January 2007 we mapped a 30 day count for the quarter-mile radius around 3208 Pierce Street which returned a total of 38 offenses. The count for the same radius and past 30 days: 29.

The Grove Heading To Hayes Valley [SocketSite]
Food For Thought: SFPD CrimeMAPS Summary Reports [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (50) | (email story)

The Grove Heading To Hayes Valley

231 Franklin at the corner of Hayes (www.SocketSite.com)

As the scaffolding is stripped from the mixed-use development at the corner of Franklin and Hayes (231 Franklin), a plugged-in reader delivers the scoop on what’s heading into that corner retail space: "The Grove" (currently of Chestnut and Fillmore fame).

231 Franklin Starts To Strip Its Scaffolding [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

November 6, 2009

The Captain’s House Goes For To A Cruise?

300 Sea Cliff (www.SocketSite.com)

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

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

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

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

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

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

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

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

Behind The Door Of 25 Hotaling (And The Street)

25 Hotaling Place (SocketSite.com)

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.

25 Hotaling Place Interior

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

25 Hotaling Place Kitchen

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 (16) | (email story)

October 28, 2009

Patrick Blanc "Living Wall" Testimonial And Broderick Street Blueprint

Patrick Blanc Living Wall Madrid (www.SocketSite.com)

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…

2151 Green Street

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 (27) | (email story)

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

74 New Montgomery #502

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

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

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

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

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

Posted by socketadmin at 12:30 PM | Permalink | Comments (66) | (email story)

October 26, 2009

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

2830 Garber Street, Berkeley

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.

2830 Garber Inside

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 (25) | (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 (6) | (email story)

430 Main/429 Beale Development Delayed

430 Main / 429 Beale Rendering (Image Source: AB Design Studios)

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.

430 Main / 429 Beale: Aerial Rendering (Image Source: AB Design Studios)

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?

2151 Green Street

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 (26) | (email story)

October 14, 2009

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

4033 26th Street (www.SocketSite.com)

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:

4027-4033 26th Street Exterior

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

111 Hoffman

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 (11) | (email story)

October 13, 2009

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

1409 Sanchez: 10/13/09 (www.SocketSite.com)

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:

1409 Sanchez As Currently Is (www.SocketSite)

And once again as was previously proposed:

1409 Sanchez: Plan

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 (22) | (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 (89) | (email story)

October 9, 2009

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

318 Arleta Avenue (Image Source: visvalleygrapevine.com)

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

“City records indicate that the house located at 318 Arleta Ave. was built in 1900. The house still stands today, but its looks a bit run down. The paint has faded and peeled, weeds sprout from cracks in the sidewalk, and a water department ‘shut off’ notice is pasted on a boarded up window. From the outside it looks as if 318 Arleta Ave. might not last another year let alone another century.”
“The property was sold in August of 2007 for the princely sum of $1,029,500 to a Mr. Sergio Iantorno….The million dollar plus sales price may seem stratospheric for this quiet block of Visitacion Valley if not for the fact that 318 Arleta Ave. sits on a 7,500 square foot lot. This is three times the size of the standard 2,500 square foot lot. There are two structures on the lot. The old farmhouse, which sits dead center on the property, and a small detached garage to its left. The right side of the lot is vacant.”
“In February of 2008, a Department of Building Inspection permit was issued to do interiors remodeling, enclose all property line windows, modify stairs and a rear deck, and relocate the entry door to “unit #316.” The new owner later applied to subdivide the 7,500 square foot lot into three 2,500 square foot lots on November 11, 2008. On December 31, 2008 a permit was flied to demolish the garage on the left side of the property. As of April 2009, no permits or plans have been posted for a replacement structure on this lot but it is likely that it will be a new single family home. Also on December 31, 2008 permits were submitted to construct a new two story single family house on the newly created lot to the right of 318 Arleta Ave…”
“Given the fact that significant improvements are planned for the adjacent lots, a fair question to ask: What will happen to 318 Arleta Ave.? Will it be totally remodeled or is it being willfully neglected to justify a demolition? Only the owner can answer those questions, but a few facts should be considered until the community knows for certain. First, the interior was gutted down to the stubs after purchase, but nothing has happened since. This may well be part of the “interior remodel” listed on the February 2008 permit. However, it’s been well over a year. Plenty of time to begin even the most extensive rehab. Secondly, several windows have been removed or intentionally left open leaving the building exposed to the elements and vandalism.”

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

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

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

October 7, 2009

Schlage Buildings Are Razed So Visitacion Valley Can Rise

Schlage Lock Factory Site on 5/14/09 (click to enlarge)

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)

501 Beale #PH1E: Living

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 (33) | (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 (59) | (email story)

October 1, 2009

Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps

207 Clipper in 2007

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 (13) | (email story)

September 28, 2009

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

California high-speed train in the new Transbay Terminal (Image Source: NC3D)

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

2140 Jefferson

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

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

Posted by socketadmin at 7:00 AM | Permalink | Comments (46) | (email story)

September 17, 2009

Where Tony Bennett Left His Heart In San Francisco

1133-1143 Taylor

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).

1133-1143 Taylor: Master Deck View

∙ 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

2430 Broadway Back

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."

2430 Broadway Library

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 (27) | (email story)

September 15, 2009

The Dude Buys 2201 Baker ("Confidentially")

2201 Baker Street: Modern By Design SF

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 (86) | (email story)

September 9, 2009

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

2550 Webster Side Gate (www.SocketSite.com)


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.

2550 Webster Detail (www.SocketSite.com)

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...

2550 Webster Kitchen Appliances (www.SocketSite.com)

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

2550 Webster Kitchen (www.SocketSite.com)

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

2550 Webster Bathroom (www.SocketSite.com)

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.

2550%20Webster%20Secret%20Passage.jpg

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

2550 Webster Solarium (www.SocketSite.com)

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 (53) | (email story)

September 4, 2009

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

2712 Broadway (www.SocketSite.com)

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

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

2712 Broadway: View (www.SocketSite.com)

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

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

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

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

2712 Broadway: Floor Plan

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

2712 Broadway: View From The Study (www.SocketSite.com)

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

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

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

Posted by socketadmin at 4:00 PM | Permalink | Comments (51) | (email story)

September 3, 2009

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

Spear Mini-Park (Image Source: The Sluice Box)

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

St. Regis Penthouse: Living

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

2311 Broadway (Image Source: travelpod.com)

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 (36) | (email story)

August 19, 2009

Washingtonia Robusta Now Arriving At Howard And Main

Temporary Transbay Terminal Palms Arrive (www.SocketSite.com)

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:

Transbay Terminal Palms Aerial (www.SocketSite.com)

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?

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

3271 Baker Street

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 (82) | (email story)

August 14, 2009

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

647 Grand View Avenue In 2007 (Image Source: MapJack.com)

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.

647 Grand View #1: Kitchen

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 (113) | (email story)

August 11, 2009

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

737 Second Street #405 (OAK): Penthouse

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 (48) | (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

saveleavenworthstreet.com flyer (www.socketsite.com)

From the comments with respect to 2125-2135 Leavenworth:

I rent a block north of these. The local homeowners were up in arms with this project and there were posters circulated to "Save Leavenworth Street." I think the neighbor to the south of these was particularly peeved: theirs is a beautiful & stately Julia Morgan home.
Story goes, as I understand it from the public hearings...was that someone purchased the place and then intimated to one and all that they were going to rehab the place and live in it with extended family. Whether or not that was ever the intention, they then requested to transform the existing and deteriorating 3 (or 4) units into the current six units. The owners/developers claimed that the existing structure was in too far a state of neglect to be saved, including troubled foundation. The locals/neighbors claimed that the owner was leaving the place in intentional neglect to facilitate the desired teardown/development.

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

I love how they made the picture of the proposed condos in B&W and to appear threatening or haunted in a Vincent Price sort of way. The pictures of the proposed rehab of the existing structure is in happy color and even has three Telegraph Hill parrots flying happily over it.
That didn't apparently persuade the planning commission...but I figure the delay the locals created cost the developers a hell of a lot of money, since if this has been started in 2004 and completed in 2006, they would have been in the thick of insanity and have pulled down Big Ca$h on each condo very quickly.

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

2125-2135 Leavenworth (www.SocketSite.com)

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

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

August 7, 2009

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

2550 Webster (www.SocketSite.com)

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 (32) | (email story)

August 6, 2009

Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum

4251-4253 23rd Street

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.

4251-4253 23rd Street: Dining

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.

4251-4253 23rd Street: Kitchen

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

2510 Jackson (www.SocketSite.com)

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 (9) | (email story)

July 29, 2009

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

Arden Estates Under Construction

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.

2763 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 (26) | (email story)

Sunnyside (Thumbs) Up Or Down?

Sunnyside District Map

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

412-416%20Bosworth.jpg

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."

412-416%20Bosworth%20Rendering.jpg

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 (15) | (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

12 Rico Way: Living Room Before

12 Rico Way: Living Room After

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..."

12 Rico Way: Kitchen Before

12 Rico Way: Kitchen After

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"

Radiance Prices 7/9/09

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)

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.

366 Liberty: 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)

2550 Webster (www.SocketSite.com)

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 (50) | (email story)

July 2, 2009

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

74 New Montgomery

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?

3159 Baker Street: San Francisco's Top Chef 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 (21) | (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)

2799 Pacific (Image Source: noehill.com)

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

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

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

Posted by socketadmin at 6:00 AM | Permalink | Comments (36) | (email story)

June 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

525 Golden Gate Ave (www.SocketSite.com)

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

21 Buena Vista Avenue

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 (23) | (email story)

June 8, 2009

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

2219 Pacific (www.SocketSite.com)

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

1960-1998 Market: Revised 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):

1960-1998 Marke Street: Revised Design

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 (26) | (email story)

May 28, 2009

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

690 Stanyan Site (www.SocketSite.com)

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):

690 Stanyan Project: Revised Design

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)

2151 Green Street

The tip we received last month:

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

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

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

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

2157 Green Street: Rendering (Image Source: 2157green.com)

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

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

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

430 Main / 429 Beale Rendering (Image Source: AB Design Studios)

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.

430 Main / 429 Beale: Aerial Rendering (Image Source: AB Design Studios)

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

Visitacion Valley Redevelopment Zone 1

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!

Schlage Lock Factory Site on 5/14/09 (click to enlarge)

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

Cubix%20Closed.jpg

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

228 Mallorca Way: Kitchen

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 (56) | (email story)

April 27, 2009

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

Gold Mine Hill (click to enlarge) via SocketSite.com)

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.

Gold Mine Hill (click to enlarge) via SocketSite.com

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 (30) | (email story)

April 17, 2009

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

1960-1998 Market Design (click to enlarge)

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

118 Cervantes Boulevard: 4/14/09 (www.SocketSite.com)

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.

118 Cervantes Boulevard (www.SocketSite.com)

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

338 Spear Street: Two-Bedroom Floor Plan

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

3175 California Living

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

Trees on Mission in front of The Millennium (www.SocketSite.com)

"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 (14) | (email story)

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

2310 Broadway

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

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

Cheers.

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

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

March 24, 2009

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 (42) | (email story)

March 23, 2009

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

Third Street Palm Planting (www.SocketSite.com)

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

333 Harrison: Neighborhood Context (Image Source: dbarchitect.com)

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.

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

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.

333 Harrison: Plan

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

1650 Broadway: Original Design

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?

Market and Buchanan: 3/11/09 (www.SocketSite.com)

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 (45) | (email story)

March 10, 2009

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

700 Valencia: 2/25/09 (Brian Stokle via SocketSite.com)

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: 3/4/09 (Brian Stokle via SocketSite.com)

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?

2465 Van Ness (www.SocketSite.com)

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 (33) | (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."

550 18th Street: 3rd Street Facade

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)

550 18th Street (www.SocketSite.com)

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

550 18th Street: Kitchen

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.

550 18th Street (www.SocketSite.com)

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%

San Francisco Listed Sales And Inventory: February 2004-2009 (www.SocketSite.com)

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?

6th and Jessie (Image Source: Local Live)

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.

942 Mission (Image Source: Local Live)

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 (70) | (email story)

February 23, 2009

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

Bamboo Colony Sale

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

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

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

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

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

February 18, 2009

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

161-165 Collingwood Sign

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

830 El Camino Del Mar

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.

830 El Camino Del Mar: Living

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.

830 El Camino Del Mar: Roof and expansion area

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

74 New Montgomery

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%)

BLŪ (www.SocketSite.com)

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 (50) | (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)

Argenta (www.SocketSite.com)

The SocketSite scoop three months ago: the 179-unit Argenta (1 Polk) was