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CATEGORY ARCHIVE: SocketSite Readers Report

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?

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 (44) | (email story)

The Grove Heading To Hayes Valley

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?

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)

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

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

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

A plugged-in tipster reports on the development:

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

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

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

Pricing and monthly HOA dues for the Hotaling nine:

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

And yes, all listed parking is leased.

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

Posted by socketadmin at 5:30 AM | Permalink | Comments (11) | (email story)

October 28, 2009

Patrick Blanc "Living Wall" Testimonial And Broderick Street Blueprint

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

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

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

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

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

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

October 27, 2009

The 2151 Green Street Scoop: Wait For It…

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

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

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

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

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

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

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

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

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

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

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

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

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

October 26, 2009

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

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

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

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

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

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

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

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

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

October 23, 2009

Former Thirteen Million Dollar Mansions And New Comps To The South

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

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

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

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

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

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

October 22, 2009

CitiApartments Is No More! Well, Sort Of…

A plugged-in tipster reports:

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

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

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

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

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

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

430 Main/429 Beale Development Delayed

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

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

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

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

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

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

October 21, 2009

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

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

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

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

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

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

October 14, 2009

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

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

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

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

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

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

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

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

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

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

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

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

October 13, 2009

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

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

And once again as was previously proposed:

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

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

Some Plugged-In Perspective On Mortgage Fraud Back In 2008

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

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

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

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

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

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

Posted by socketadmin at 2:00 PM | Permalink | Comments (89) | (email story)

October 9, 2009

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

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

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

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

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

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

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

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

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

October 7, 2009

Schlage Buildings Are Razed So Visitacion Valley Can Rise

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

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

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

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

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

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

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

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

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

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

October 6, 2009

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

A plugged-in reader reports:

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

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

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

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

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

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

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

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

October 5, 2009

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

A plugged-in reader reports:

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

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

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

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

Posted by socketadmin at 10:45 AM | Permalink | Comments (58) | (email story)

October 1, 2009

Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps

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

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

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

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

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

September 28, 2009

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

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

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

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

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

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

September 24, 2009

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

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

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

September 23, 2009

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

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

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

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

September 17, 2009

Where Tony Bennett Left His Heart In San Francisco

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

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

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

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

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

September 16, 2009

Confidential Sales In More Ways Than One: 2430 Broadway

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

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

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

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

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

September 15, 2009

The Dude Buys 2201 Baker ("Confidentially")

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

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

Purchaser is a single dude, believe it or not.

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

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

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

September 9, 2009

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

September 4, 2009

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

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

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

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

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

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

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

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

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

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

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

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

September 3, 2009

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

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

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

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

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

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

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

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

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

September 2, 2009

Going Up: St. Regis Penthouse Construction Nearly Complete

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

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

As a plugged-in tipster adds today:

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

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

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

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

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

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

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

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

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

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

∙ Party of Five [wikipedia.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (35) | (email story)

August 19, 2009

Washingtonia Robusta Now Arriving At Howard And Main

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

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

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

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

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

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

August 18, 2009

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

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

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

And another:

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

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

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

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

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

Like eleven (or so).

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

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

August 17, 2009

Facing Foreclosure 3271 Baker Street Makes A Move In The Marina

As we wrote two weeks ago:

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

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

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

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

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

August 14, 2009

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

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

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

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

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

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

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

UPDATE: From a plugged-in reader:

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

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

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

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

August 11, 2009

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

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

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

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

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

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

Two More Muhawieh Comps Of Yore Head For The Courthouse Steps

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

UPDATE: From a plugged-in legal reader:

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

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

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

August 10, 2009

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

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

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

Posted by socketadmin at 10:15 AM | Permalink | Comments (27) | (email story)

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

From the comments with respect to 2125-2135 Leavenworth:

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

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

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

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

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

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

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

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

August 7, 2009

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

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

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

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

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

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

August 6, 2009

Noe Renovation Goes For A Penny Over Foreclosure Auction Minimum

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

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

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

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

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

From a plugged-in tipster yesterday:

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

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

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

Posted by socketadmin at 7:00 AM | Permalink | Comments (213) | (email story)

August 3, 2009

Back And Not In The Black For 3271 Baker Street

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

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

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

July 31, 2009

2510 Jackson: Foreclosure Sale Tops The Market In Pacific Heights

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

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

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

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

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

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

July 29, 2009

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

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

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

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

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

Sunnyside (Thumbs) Up Or Down?

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

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

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

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

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

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

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

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

July 22, 2009

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

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

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

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

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

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

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

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

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

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

∙ Deconstructed And Reconstructed At 12 Rico Way [SocketSite]

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

July 16, 2009

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

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

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

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

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

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

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

July 14, 2009

A Ringing Endorsement For A Liberty Belle (366 Liberty)

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

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

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

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

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

July 6, 2009

The Bourn Foreclosure (2550 Webster)

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

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

Posted by socketadmin at 7:30 AM | Permalink | Comments (50) | (email story)

July 2, 2009

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

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

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

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

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

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

July 1, 2009

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

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

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

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

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

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

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

June 29, 2009

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

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

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

From a plugged-in reader yesterday:

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

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

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

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

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

June 26, 2009

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

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

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

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

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

June 22, 2009

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

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

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

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

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

And of course, they're dealing. Cheers.

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

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

June 18, 2009

Confidentially Speaking About The Infinity

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

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

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

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

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

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

June 17, 2009

Marcus & Millichap Changes Their San Francisco 2009 Rental Outlook

As we wrote in January:

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

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

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

UPDATE: A plugged-in reader adds:

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

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

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

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

June 16, 2009

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 8, 2009

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

As we wrote this past December:

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

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

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

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

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

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

June 5, 2009

The 1960-1998 Market Street Scoop: Unanimously Approved Design

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

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

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

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

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

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

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

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

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

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

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

May 28, 2009

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

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

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

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

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

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

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

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

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

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

May 27, 2009

Another District Seven Mansion Heads For Foreclosure (2151 Green)

The tip we received last month:

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

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

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

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

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

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

May 15, 2009

The Straight Scoop: Millennium To Offer Select Rentals

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

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

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

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

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

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

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

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

And with construction slated to begin early 2010.

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

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

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

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

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

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

May 14, 2009

The Wrecking Ball Is Rolling Out In Visitacion Valley

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

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

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

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

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

We’ll keep you plugged-in.

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

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

May 7, 2009

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

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

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

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

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

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

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

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

May 6, 2009

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

A plugged-in reader reports:

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

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

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

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

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

UPDATE: Another plugged-in reader adds:

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

We'll let you do the math.

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

May 4, 2009

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

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

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

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

April 30, 2009

The Bourn Boardinghouse (A Lesser Known Sequel)

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

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

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

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

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

April 29, 2009

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

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

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

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

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

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

April 27, 2009

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

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

Fom a plugged-in reader:

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

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

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

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

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

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

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

April 17, 2009

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

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

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

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

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

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

Cheers!

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

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

April 16, 2009

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

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

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

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

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

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

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

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

April 14, 2009

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

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

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

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

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

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

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

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

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

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

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

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

A plugged-in tipster in the market reports:

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

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

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

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

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

Community Meeting Updates: Presidio Main Post And 55 Laguna

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

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

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

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

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

April 7, 2009

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

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

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

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

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

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

April 6, 2009

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

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

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

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

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

April 2, 2009

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

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

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

From the sales office via another:

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

And an editorial comment from said another as well:

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

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

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

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

April 1, 2009

A Plugged-In Perspective On The Local Economics Of Medicine

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

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

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

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

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

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

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

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

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

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

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

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

March 26, 2009

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

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

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

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

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

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

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

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

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

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

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

Cheers.

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

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

March 24, 2009

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

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

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

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

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

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

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

March 23, 2009

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

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

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

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

Little by little, Mission Bay is looking better.

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

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

March 20, 2009

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

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

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

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

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

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

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

Cheers.

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

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

March 16, 2009

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

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

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

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

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

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

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

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

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

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

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

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

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

March 13, 2009

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

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

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

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

Construction is estimated at approximately 20 months from groundbreaking.

UPDATE: From a plugged-in reader:

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

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

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

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

March 11, 2009

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

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

One such nugget:

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

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

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

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

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

UPDATE: The aforementioned design.

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

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

March 10, 2009

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

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

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

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

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

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

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

March 9, 2009

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

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

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

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

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

From one reader with respect to 550 18th Street:

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

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

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

Agreed. And then some.

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

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

March 4, 2009

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

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

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

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

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

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

March 2, 2009

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

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

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

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

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

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

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

February 26, 2009

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

A reader asks:

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

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

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

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

February 25, 2009

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

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

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

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

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

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

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

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

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

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

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

February 23, 2009

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

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

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

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

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

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

February 18, 2009

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

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

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

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

February 13, 2009

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

From a plugged-in reader last June:

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

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

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

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

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

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

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

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

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

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

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

The new starting prices from the sales office:

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

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

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

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

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

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

February 12, 2009

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

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

The pre-sale starting price adjustments according to SFND:

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

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

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

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

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

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

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

February 10, 2009

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

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

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

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

February 6, 2009

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

A plugged-in reader reports:

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

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

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

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

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

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

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

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

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

February 4, 2009

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

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

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

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

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

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

February 3, 2009

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

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

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

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

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

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

From our tipster:

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

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

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

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

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

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

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

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

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

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

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

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

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

January 29, 2009

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

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

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

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

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

January 23, 2009

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

January 22, 2009

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

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

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

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

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

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

January 21, 2009

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week

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

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

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

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

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

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

January 20, 2009

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

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

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

We'll keep you posted and plugged-in.

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

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

January 17, 2009

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

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

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

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

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

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

January 15, 2009

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

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

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

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

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

January 6, 2009

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

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

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

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

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

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

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

As plugged-in reader reports:

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

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

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

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

December 29, 2008

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

A plugged-in (and observant) reader reports:

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

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

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

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

December 22, 2008

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

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

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

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

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

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

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

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

December 10, 2008

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

A plugged-in reader ties it all together:

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

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

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

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

December 8, 2008

Another Infinity Resale (#9E) Within Those "Restricted" Two Years

From a plugged-in tipster and Infinity resident late last week:

A second resale at the Infinity [#9E] is hitting this weekend…I looked at this one back when the sales office first opened and it was listed for just under $900k, if my memory serves me correctly. This resale business seams especially interesting in light of the clause, at least in the contract I signed, that restricts sales for the first two years.

Upgraded and currently asking $885,000. No mention of any relocation. And yes, a complete Infinity update is in the works for later today (or possibly tomorrow).

UPDATE: The listing for that "first" resale (301 Main #4B) was just withdrawn from the MLS.

∙ Listing: 301 Main #9E (2/2) - $885,000 [Climb]
∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (77) | (email story)

From Condos To Apartments And Signature To Hanover At Candlestick

From a plugged-in tipster with respect to development out at Candlestick Cove:

[Ashton Candlestick Cove] was originally part of the Signature Properties project. They sold the parcel and approved plans for the mid rise building to Hanover, a high end apartment developer out of Houston. This is their first foray into the San Francisco market. The units will be marketed as rentals.

It sounds like Signature might be a bit more than simply “cautious” with respect to the current condo market around Candlestick.

∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
∙ The Hanover Company: Portfolio [hanoverco.com]

Posted by socketadmin at 1:00 AM | Permalink | Comments (8) | (email story)

December 5, 2008

The Scoop: Wells Fargo Moves to 50% "Sold" In Order To Fund

The word on the street two months ago was that Wells Fargo was requiring 25% of the units in a new development be in contract or closed before they would fund the first loan. From a plugged-in tipster yesterday:

Wells Fargo had a guideline change this morning, they are now at 50% pre-sale [required].

Not quite a rumor, but yet to be officially confirmed.

UPDATE: Confirmed ("Wells Fargo has formally raised their new construction pre-sale requirement to 50% from 25% placing them on par with Chase and B of A") and effective December 15th.

∙ Developers In San Francisco Getting Squeezed From Both Sides [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (12) | (email story)

December 4, 2008

The Public Health Service Hospital Through A Reader's Eyes And Lens

∙ From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | (email story)

December 3, 2008

Flora Grubb On Guerrero (1074) Is Gone, Nine New Homes Up Next

In the words of a plugged-in tipster two days ago, “The empty lot where Flora Grubb used to be on Guerrero at 23rd is being excavated as we speak!” (Or type.)

Three lots which were first developed in 1895 to house the Stewart Memorial Presbyterian United Church which was cowardly firebombed in 1973 following its conversion to the Metropolitan Community Church with a predominantly gay congregation.

Next up for 1074 Guerrero, nine new homes in all: three two-unit residences along Guerrero, three single-family homes along Ames behind, and courtyards in-between. Renderings should a plugged-in tipster pass them along (hint, hint).

Posted by socketadmin at 6:30 AM | Permalink | Comments (10) | (email story)

November 25, 2008

Early San Francisco Sales Numbers For November: Down Almost 50%

Last week we calculated a 38% single week decline in San Francisco listed sales volume with inventories up 28.4% year-over-year. And now according to a plugged-in reader, listed sales volume in San Francisco for the month of November is currently running 47% lower on a year-over-year basis based on early counts for the first three weeks of the month, while the median sales price has fallen 15% (now in line with 2004).

∙ SocketSite's San Francisco Listed Housing Update: 11/17/08 [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (20) | (email story)

Did We Mention How Much That Third Party Matters?

From the plugged-in listing agent for 835 Foerster:

We received an offer several months [ago] for $855,000. It took months to negotiate this sale price with the lenders (both a 1st and a 2nd), not to mention other costs such as back taxes, expenses, commissions, etc., etc...

The lenders unfortunately took too long to approve the payoff (and their losses), and the buyers just pulled out of the deal, citing personal and financing reasons. So yes, the lenders did approve the $855,000 price, but since the contract was submitted several months ago, we've experienced a big market shift.

We lowered to asking price to $788,000 [yesterday] and hope to take a new offer(s) to the lenders, and re-open negotiations.

As we said, while a seller and lender might agree, it's that third party (i.e., the buyer) that really matters. Once again, purchased with loans totaling $950,000 in July of 2006 up in Miraloma Park (District 4). And as always, thank you for plugging in.

∙ Listing: 835 Foerster (3/2.5) - $788,000 [MLS]
∙ While Those Two Agree, It’s A Third That Really Matters [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (13) | (email story)

November 20, 2008

The SocketSite Scoop And Rumor Confirmed: Artani Suspending Sales

From a reader's rumor last month, to a plugged-in tipster's confirmation today:

The developer of [The Artani] is temporarily suspending sales and will continue to offer these units as rentals. It will be public information soon enough but I'd appreciate it if you kept my name and email anonymous.

Done. And now who's next?

∙ Argenta's Confirmed And Artani's Rumored, Will 77 Van Ness Be Next? [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (20) | (email story)

November 19, 2008

But Keep In Mind, It’s Not Just About The View(s)

As the sun sets (okay, set) over San Francisco we turn to a plugged-in reader’s view from her two-bedroom, two-bath apartment. In the words of our reader:

I felt compelled to send you the picture of my view and tell you how much I pay for it when I saw the [price] the owners of 1200 California #25a are asking for their [one-bedroom] (albeit 30% larger than my place).

I think it would be interesting to compare…the view from $3200/mo rental vs. $2.895M.

Keep in mind that our reader signed the lease on her 965 square foot apartment four and one-half years ago and a comparable unit in the building is asking $4,095 without parking which is valued at $289/mo (and included in our reader’s rent).

And in related 1200 California news, #12D appears to be in contract. Asking $2,295,000.

[Editor's Note: While the sun was setting as we wrote and published, it is indeed rising above. Damn you're tough. And we'd expect nothing less. Cheers.]

∙ Is That A Listing With Big Views (And Price) In Your Pocket Or… [SocketSite]
∙ Listing: 1200 California #12D (2/2) 1,850 sqft - $2,295,000 [MLS]

Posted by socketadmin at 5:15 PM | Permalink | Comments (28) | (email story)

Did Somebody Say Deflation?

From the New York Times today:

In another sign that the struggling economy continues to slow, consumer prices tumbled by a record amount in October, carried lower by skidding energy and transportation prices, raising the specter of deflation.

From a plugged-in reader's comment we promoted last year:

Thanks for the questions regarding how I can be predicting deflation when everyone else seems to be saying inflation (and some price measures are pointing that way). It does seem contradictory, but it's really pretty straightforward when you take it step by step...

It's good to be plugged-in.

∙ Consumer Price Decline Prompts Fear of Deflation [New York Times]
∙ Promoted From Comment To Post: Satchel Does Deflation [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (130) | (email story)

November 14, 2008

And Speaking Of Being Plugged-In To Bay Area Employment Trends…

"Of course, if this was limited to Sun, it probably would not have a huge impact on anything concerning this site. But Sun is obviously just one of many going through this. You can't believe how swamped our labor & employment group is right now with work managing large tech layoffs, most of which are still in the planning stage (the lawyers get involved early on)."

∙ From Underwater To Unemployed (And Sorry, But It’s Just Starting) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | (email story)

November 13, 2008

A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich)

Excerpts from a plugged-in reader's comment on 1968 Greenwich (on which he is in contract):

I've gone apple picking in district 7 (1968 Greenwhich) and would like all of you interested parties to know that you're ALL wrong on your guesses. I've found this sites information very useful and many of you are right on with the correction that is happening.

This house is awesome. It's detached on the second floor and on the right side. It feels like a single family home. It has 11 foot high ceilings and celestial windows in every room...

As for the price, well....I think you'll see that I'm right on where the 'correction' is and that I'm paying what the place is worth. it's been renovated tastefully and is well maintained and turnkey. Frankly, I'm very excited.

The pro's in this house vastly out weigh the cons. The pictures tell you the pros...my only cons are there is no bathroom in the master upstairs. I don't care as a single guy, but for resale in the future it may turn some off. The other, is the size of the living room.

If I wanted, I could add a bathroom in the Master (on the deck off the master)...and in the living room, knock out that back wall of glass and push it back 10 feet (where the current deck is) and build a new deck on top of that section for the master, and put the old deck back off the living room....I'd loose about 10 - 15 feet of the back yard, but there is plenty to spare. There is also permits already to put on a roof deck on top of the master...I could have stairs off the master deck going up to the roof....I haven't seen it up there yet, but I'm assuming I could get some bay and bridge views....of course, all of this is just in my mind right now, but very possible. I think this stuff could be done for less than $200k...and I still wont be at the price they paid in '05.

I'll be curious to hear any comments about my purchase next week. This will be done by Friday. Until then....keep up the good work.... How do you like them apples?

Tasty, keep us posted, and let's not forget those invitations to the housewarming. We'll buy you a drink down at Balboa after. Or better yet, The Brazen Head.

∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (73) | (email story)

November 7, 2008

From A Comment A Year Ago To The Market Today: 3299 Gough

It’s been a while since we’ve talked about 1307 Bay Street. From a plugged-in reader with respect to the building a year ago:

Which unit is the penthouse? I think I know the guy that bought that last, a developer, and gutted it to make it his own private pimp pad.

And from the MLS today:

Full floor Penthouse on the top of a 4 unit building…new doors and windows trimmed in African and Honduran mahogany wood...new Linn high fidelity, integrated sound system in every room and the terrace which provides TV/Video from any of 7 sources (radio, satellite radio, I-Tunes, Satellite TV, CD, DVD), and Cat 5 wiring.

Oh, and a “temperature controlled 'Wine Wall' holding 580 bottles displaying the wine labels to create a unique dining ambiance.” So yes, we're guessing that's the one.

And it is all pretty pimpy. In a damn good way.

∙ Listing: 3299 Gough (3/2.5) - $2,595,000 [MLS]
∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

The Unofficial One Rincon Hill Floor Plan Challenge: It’s Flaneur Time

Another reader (“Flaneur”) responds to our unofficial One Rincon Hill penthouse floor plan challenge with a great attitude (“I can hardly wait for my ‘design review’”), a bit of humility (“I am not an architect, it probably shows”), and an interesting approach: raising the floors in the bedrooms and bathrooms to provide a conduit for any new plumbing/electrical.

And while some might accuse the design of being "amateurish," we applaud the effort and thank Flanuer for provoking some new thought (perhaps sliding doors throughout?).

Now on to the critique. But once again, if you think you can do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]
∙ The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (22) | (email story)

November 6, 2008

The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009?

From a plugged-in tipster with respect to Turnberry's development at 45 Lansing:

They just sold a 50% stake in the project to another group led by Mike Zoi. Expected to start construction early 2009.

Once again, cater-corner to One Rincon Hill, 45 Lansing is slated to become a 40-story tower consisting of around 300 217 uberluxury condominiums (“the most upscale development the new neighborhood has seen, with “exotic” marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems, and 12-foot penthouse ceilings”).

UPDATE: Additional details via GlobeSt.com:

While the financial details of the partnership were not immediately available, GlobeSt.com has learned that...$275-million represents the total development cost of the project, versus a gross sell-out value of approximately $350 million. Turnberry president Bruce Weiner tells GlobeSt.com that all the necessary entitlements and approvals have been finalized, permits have been pulled and impact fees paid and that excavation for the subterranean garage should begin in the first quarter of 2009 and that the entire project should take 30 months to complete.

Due to turmoil in the credit markets, Weiner says final construction financing has been delayed. “That said, the major banking participants are fully committed and the consortium is being assembled,” he adds.

∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Out With The Old: 45 Lansing And The Lot Around Watermark [SocketSite]
∙ Turnberry Sells 50% Stake in Condo Project [GlobeSt.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (38) | (email story)

It’s Official: McGuire Real Estate Acquires Urban Bay Properties

Yesterday's scoop via a plugged-in Charlie Moore (CEO of McGuire):

I wanted to personally give you the official word that McGuire and Urban Bay are merging. The companies have been in discussion for well over a year, and both felt there were strong benefits to joining forces: McGuire has strong traditions and is well-established in north of Market neighborhoods, while the Urban Bay brings more of a "hip" brand to the South of Market neighborhoods. What's more, McGuire has offices in Burlingame and Mill Valley, and Urban Bay has a presence in Oakland's Jack London Square.

And via an “Insider”:

For now UBP will retain current branding but will change color schemes to match the new McGuire coloring. Tom Brown becomes COO of McGuire. No news on closing of the McGuire Davis Street office or the UPB Bluxome street office.

Cheers. And as always, thank you for plugging in.

∙ RandomRumors: McGuire Real Estate/Urban Bay Properties In Talks [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (9) | (email story)

November 4, 2008

The Unofficial One Rincon Hill Floor Plan Challenge: Ryan Responds

Reader Ryan responds to our (unofficial) One Rincon Hill penthouse floor plan challenge:

A little tweak…Done very quickly but you get the idea. Also like [another reader] mentioned plumbing fixtures such as toilets are extremely difficult to play with. Sometimes impossible in highrises. Showers and sinks however are a little easier to add as you'll notice by my layout. Also I didn't cheat. No removal of any column or support.

Unfortunately a couple of code issues quickly caught our eye (think exits), but we applaud the effort, never said it would be easy, and thank you for plugging in. Feel free critique. Of course if you think you could do better...

∙ The One Rincon Hill Design(s) For The 60th Floor Of Tower One [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (email story)

November 3, 2008

Some Scary Numbers Behind The Bankruptcy Of "La Casa Verde"

It was three months ago we noted a Notice of Default (NOD) had been filed for “La Casa Verde" (a.k.a. Sunset’s San Francisco Idea House). And now as a plugged-in tipster notes, the developer has declared bankruptcy. Let's focus on the property (not the personal).

A couple of things from the filing that stuck out: A claimed value of $1,400,000 for the duplex with secured claims of $3,070,880 (and unsecured of $353,970); a gross rent from the smaller unit of $3,000 per month (with operating expenses of $1,389); and an "electricity and heating fuel expense" of $1,200 per month.

UPDATE: And if a reader is correct, "The reason the power bills are so high is because she never paid the consultant their final payment to have all the green technology hooked up. The windmill is spinning away, making electricity that goes nowhere. The new owner will be able to hook up all the energy saving features that are filling up the utility room that are currently doing nothing."

∙ It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th) [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (33) | (email story)

The One Rincon Hill Design(s) For The 60th Floor Of Tower One

It was a month ago readers were plugged in to the scoop that all four One Rincon Hill 60th floor penthouses were back on the market. And while individually they might have priced out at just under a collective $13,000,000, according to plugged-in tipster the full 5,900 square foot floor is now being offered by the sales office for $14,000,000 with one potential floor plan above (click to enlarge).

Shaking your head at the back to back second and third bedrooms? Think you could do better? Feel free to send your designs our way. Credit (or anonymity) guaranteed.

∙ The SocketSite Scoop: Four ORH Penthouses Back On The Market [SocketSite]

Posted by socketadmin at 7:50 AM | Permalink | Comments (32) | (email story)

October 31, 2008

The Plugged-In Scoop On The Corner Of 3rd and 19th Streets

A reader asks, a reader (or two) answer, and we once again bow down to Wayne (in a we’re not worthy kind of way):

Here is the real story. This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers. And as always, thank you for plugging in.

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | (email story)

October 30, 2008

Homes On Esprit Park Receives First Certificate Of Occupancy

According to a plugged-in tipster, the first wave of homes at Esprit Park have received thier temporary certificate of occupancy (TCO) and the development will be "moving to close [their] first units imminently." Also noted:

No word on how many new contracts written recently, but several people who have been in contract for a while have been told that the price reductions and refundable deposits announced during October do NOT apply to anyone in contract before October, so if you are in contract for more than they are selling the unit next to yours today, you are SOL.

"First floor of the Minnesota building this week, and supposedly second floor next" (with regard to the TCO). And SOL being another industry acronym of course.

∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (41) | (email story)

The Corner Of 3rd And 19th Streets: A Reader Asks (And So Do We)

“Speaking of blights...does anyone have any information on the development at the corner of third street and 19th street in the central waterfront? Development started years ago (taking a very long time to get framed etc.) and stopped over a year ago. (note - I'm not referring to the nicer development still being developed at 3rd and 18th)."

UPDATE: A plugged-in reader reports: "This building is a complete disaster. The latest is that they have to not only remove all the insulation but all the plumbing, electrical, sheetrock - and - strip off all the stucco and re-do it all."

UPDATE: And the full scoop:

This property has been in construction for 4 years and has seen 2 shoddy contractors come and go. 2 months ago a reputable builder was brought on board and indeed the whole building must be redone, including all the rough electrical and rough plumbing. Much of this has been done over the last 2 months. Fortunately only about 5% of the sheetrock was hung.

The roof is coming off and the ENTIRE stucco too. Scaffold will be erected in the next few weeks so there will be a more visible sign of activity. This project will be rented out and there is no question of foreclosure. Lots of litigation though! Completion late Summer '09.

Cheers Wayne. And as always, thank you for plugging in.

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (13) | (email story)

October 25, 2008

Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)

Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:

∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)

Once again, currently around 55% sold. And with The Hayes cutting prices by up to 21%, the race for buyers in San Francisco is on. And it's plugged-in people that will win.

∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (68) | (email story)

October 24, 2008

The 690 Stanyan Project Update: Conditional Use Approved 6-0

"Last night, the Planning Commission voted 6-0 to approve the Conditional Use for the 690 Stanyan project, the mixed-use proposal with Whole Foods as the anchor tenant."

∙ Comments: The 690 Stanyan Project: Public Venting Vetting Tomorrow [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]

Posted by socketadmin at 3:04 PM | Permalink | Comments (25) | (email story)

Less Money For Nothing From Wells Fargo?

From a plugged-in reader:

Just got a letter and a call from Wells Fargo offering a 1/2 point reduction in our 30 year fixed jumbo-conforming loan ($720K) through October 29th. Our rate would go from 6.375 to 5.875 at no cost to us - no points, no fees, no nothing. Seems odd to me and I can't figure out why or how Wells Fargo is offering this.

Our cynical side calls into question the great recourse versus non-recourse debate for refi's in California. Our less cynical side wonders if they've held the paper, you're performing, and they don't want to take the risk you'll walk away.

And our wisdom is to let others chime in.

UPDATE: From a plugged-in Wells Fargo Loan officer:

Sorry to say folks that this offer is being made to only a very very few select loans on Wells Fargo's books. The reason is that there is some reason in the loan file that makes these particular loans unable to be sold. This can be for such reasons as a missing signature on a loan document, or some other clerical type issue.

The fix is to offer these folks an offer that really is too good to be true, but is. Talk about bank error in your favor! Especially since current rates for the same loan today are over 6.5% with the client paying all the closing costs.

So if you've gotten a phone call or a letter, consider yourself one of the lucky ones and grab it! If you haven't received a letter or call, don't bother trying as this program cannot be offered to you.

And props to a plugged-in "diemos" for being pretty close.

Posted by socketadmin at 7:00 AM | Permalink | Comments (37) | (email story)

October 23, 2008

A Plugged-In Reader Reports (Rather Effusively): Go See 141 Ames

It's not yet listed, but its website just went live. And while we haven’t yet been inside 141 Ames (aka Betty May's School of Tap), a plugged-in reader reports (rather effusively):

I am a neighbor with an interest in design, and this is maybe the finest renovation I have ever seen in San Francisco. It is utterly orginal. An massive rectangular chimney covered with slivers of reclaimed fir thrusts up through a skylight in the center of the space, creating a striking visual impression and dividing the living from the sleeping area.

The bedroom opens onto a lightwell/patio with an irrigated "living wall" designed by Flora Grubb and a custom concrete soaking tub. The kitchen is functional and elegant. The floors are old hardwood, dinged and pock-marked by 40 years of dancing classes. The bathroom skylight doubles as a fixed, transparent table on the roof deck.

I doubt that the entire space is more than 800-900 square feet, but the space is used brilliantly. Asking price is [$695,00]. It sits on its own lot, so technically it's a single family home. (It used to be on the same lot as the 3-unit building that Flora owns adjacent to her old nursery on Guerrero between 22nd and 23rd, but apparently she got permission from the city to do a lot split.)

I know I sound like a promoter but I have no financial or personal interest in this at all. (I live two blocks away and I sometimes buy plants from Flora Grubb--that's the extent of my interest.)

Good eye all around (it's 840 square feet per the architect), and cheers. And for the record, it's a tipster we trust (but we're not about to start naming names).

∙ Listing: 141 Ames (0/1) - $695,000 [141ames.com]

Posted by socketadmin at 2:15 PM | Permalink | Comments (50) | (email story)

October 22, 2008

The Scoop: Argenta (1 Polk) On The Market As An Apartment Building

A plugged-in reader pings us with a question and then offers an answer before we even have a chance to respond: Argenta (One Polk) has been listed with Cushman & Wakefield to be sold as an apartment building.

And while we don’t yet have the number, according to another source the list price will be a challenge to pencil out considering the potential rents for the location. Keep in mind that the listing doesn’t necessarily rule out the possibility of moving forward with the sale of individual units. And as always, details when we (or you) have them.

∙ Argenta (1 Polk) Update: Now Coming First Quarter 2009 [SocketSite]
∙ Argenta (1 Polk) Update: The Scaffolding Starts To Get Stripped [SocketSite]
∙ Argenta (1 Polk): Ground Breaking [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (20) | (email story)

October 16, 2008

Jumbo-Conforming Loans Going, Going, And Almost Gone

A good reminder from Julian Hebron at Residential Pacific Mortgage:

Be advised that super-conforming loans up to $729k will be gone as of December 31. Those loans have to fund, clear all lenders’ books, and be in the hands of Fannie or Freddie by December 31, so many lenders are not accepting these loans past the end of October, but there are some players that will go a bit longer. Anyone looking for these loan amounts needs to consider their timing.

Get them while you can. And keep in mind that once the Economic Stimulus Act of 2008 and it's $729,750 conforming loan limit for San Francisco expires, it's the conforming loan maximum of $625,500 or Jumbo market to which we'll have to turn.

∙ Will San Francisco Suffer From Premature Loan Limit Reduction? No. [SocketSite]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (26) | (email story)

October 6, 2008

Noe Bagel's Days Might Be Numbered. Now About Next Door...

As a plugged-in reader notes, a notice has been hung on 3931-3933 24th Street (the Noe Bagel building). From our reader:

They are planning a 8,000 sqft 4 story mixed use building, near the indefinitely closed [“for renovation”] real food company store. Don't think Noe Bagel will survive this project.

And from the permit application:

Vertical and horizontal addition to existing building. Add 1 additional unit, 2 offices. Reconfigure and remodel alll e (sic) units. Top units to include 2 floors, 2 bedrooms, study, 2 full bath, 1 half bath. Lower unit: 1 bedroom, 1 bath. 1 office 2nd fl. Gr floor 1 office, 1 retail space.

Plans - or the inside scoop on the Real Food site - anyone?

Posted by socketadmin at 2:30 AM | Permalink | Comments (17) | (email story)

October 1, 2008

The SocketSite Scoop: Four ORH Penthouses Back On The Market

From a plugged-in tipster:

As of [yesterday] afternoon, the last contract holder of one of the 4 [penthouses] on the 60th Floor at [One Rincon Hill] canceled on their 2006 Reservation.

ALL 4 Penthouses are now back on the market, and the whole floor prices out just under $13MM. ALL 4 of these PH's were reserved on the sales offices opening night of 2006.

We haven't yet been able to confirm, so for now we'll just have to consider it a "random rumor" (but we do trust this tipster). And yes, it might be time to get those "One Gincons" flowing again in the sales office. Of course that's assuming they aren't already...

UPDATE: Confirmed.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The “Signature Cocktail” Of One Rincon Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (40) | (email story)

An A+ For Ingenuity (And Openness): Infinity Closings Update

From a plugged-in reader and owner in The Infinity:

I walked through the tower last night and counted units that had not yet closed. You can do this by noting which ones are keyed for the master key. It was 63. That is a lot of units to not be closed and I know they are not delaying any closings. The people I know were virtually begged and asked to close asap for the last few months.

Total units in Infinity’s first phase of tower 1 (301 Main) and two mid-rises (333 Main and 318 Spear): 365.

∙ A Listed Infinity Resale (301 Main #4B) And Reader’s Report On Sales [SocketSite]
∙ The Infinity Sales Center: SocketSite’s Inside Scoop [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (51) | (email story)

September 26, 2008

San Francisco Rising And A Fresh Perspective On Millennium Tower

A plugged-in tipster passes along a few shots of San Francisco rising (with room to grow). And a fresh perspective on Millennium Tower (real not rendered).

∙ Four Views From Atop San Francisco’s Topped-Off Millennium Tower [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (16) | (email story)

September 25, 2008

The Development Of 1301 Divisadero: A Plugged-In Reader Reports

A plugged-in tipster reports that the development of 1301 Divisadero (corner of Ellis) “seems to have started construction.” From our tipster:

On Sept 11, 2008 they received permits (#200805051285) to demolish the [Union 76 station]. No other permits have been issued for this site though. I’m going to assume that 76 just did a cleanup right now and they are waiting for clean Phase 1 until they start building.

It’s zoned NC2 and is sitting on a 12,891sf lot. If they haven’t petitioned for a height and density ordinance change, we’re looking at a 40ft building with up to 16 units.

PS: About 12 Chevron Shell stations are for sale in SF. 19th and Lincoln, Lombard and Laguna, California and Pierce and two on 3rd st. So there should be stuff popping up there soon, too.

As far as we know a variance was indeed in the works for 1301 Divisadero, 33 condominiums are on the way, and designs have been distributed (although we haven't seen them). Readers?

Posted by socketadmin at 6:45 AM | Permalink | Comments (15) | (email story)

September 19, 2008

AIA Tour (And Architect’s) Home Hitting The Market: 398 Eureka

From a plugged-in reader with a good eye (and memory):

Vanguard is listing the home of Phil Matthews, AIA. It says "call for price." I am not sure the exact address but it is at the NW corner of 21st and Eureka.

Nothing on Vanguard's website that I could find yet, but it’s a great house. It was on the AIA house tour 3 or 4 years ago.

In terms of the address, that would be 398 Eureka. In terms of the tour, that would have been 2003. And in terms of the design, we found a few more shots (and background) online.

From the architect:

This is my own house, where I currently work and live with my partner, Ed Graziani, who contributed many ideas to the design of the house. We did an initial deconstructive design back in 1992, which was subject to criticisms by some neighbors. We then went on to build 700 Noe Street, in 1995-96. We then re-designed and built this project. A 180 degree turn from the mindless complexities of deconstruction to the simple, bold strength of Louis Sullivan’s Charnley House in Chicago, the so-called ‘first modern house,’ was part of the inspiration for the 1998 re-design.

The price? Let us know when you make the call.

UPDATE (9/26): Officially priced ($2,450,000) and added to the MLS as inventory.

∙ AIA Profile: Philip Mathews Architect [aiasf.org]
∙ Philip Mathews Portfolio: 398 Eureka [mathewsarchitect.com]
∙ Listing: 398 Eureka (3/4) - $2,450,000 [MLS]

Posted by socketadmin at 10:50 AM | Permalink | Comments (11) | (email story)

September 16, 2008

The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports

A plugged-in reader provides the scoop on, and a few shots from atop and within, The Artani (818 Van Ness):

The roof deck is really fantastic. It invites a gathering and party, and you have great views easterly of the skyline (new against old San Francisco, a really great juxtaposition).

Unit pricing seems to be more high right now than competitive. Options are very limited, so what you see, for the most part, is what you get. Several units on each floor are available for checking out. 3rd floor is where a variety of staged units are, and where the office is.

HOA's are all in the $500 range (whether you're wanting a 1bed (1bath), 1bed +den (2bath), or 2bed (2bath)). 1Bed/1Bath have a wild range in pricing ($599k-yes lower floor to $899k-yes higher up with views).

1Bed/+Den/2Bath ranges from $699k to $799k, generally logical pricing with the den units. 2Bed/2Bath really get wild, with pricing from $799k to $989k - and then a heavy jump on the 6th floor to $1.399M (2 bedroom units seem to range from 991 to 1181 square feet).

The $1.399M unit is only about 180 extra square feet bigger than it's $989K sister unit, and perhaps the views make the justification - but it's quite a reach - especially with just a romeo ledge posing as an outdoor space.

The Van Ness corridor is arriving, especially if they can get these prices. If they can't...perhaps arrival is going to be delayed.

Obviously part fact part opinion, but wholly (and as always) appreciated.

∙ The Artani (818 Van Ness) Update: From Unveiled To Unwrapped [SocketSite]
∙ 818 Van Ness: Building Still Wrapped, Name Unveiled (“The Artani”) [SocketSite]
∙ JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (49) | (email story)

September 5, 2008

A Reader's Query: Any Downside To Individual TIC Assessments?

A plugged-in reader seeks an answer we can't definitively provide. And if you own (or plan to own) a TIC, it might be a question you'll one day ponder as well:

I own a TIC unit and recently received with my property tax assessment a "Request for Notification of Individual Assessed Value for TIC units." One who elects the "individual assessed value" option must provide the Assessor with property-attribute information about the individual units in his or her building (size, # of bedrooms and bathrooms, etc.).

As other [plugged-in readers] have noted, the movement toward "individual assessment" of TIC units has had the support of Plan C, a generally sensible organization. I wonder, though, whether the assessor may have something devious up his sleeve. The FAQ sheet which was provided with the Request for Notification says this in response to the question, "Will my assessment change?":

"Generally NO. Your assessment is based upon the fair market value of your unit at the time of transfer or sale, plus any annual inflationary adjustments mandated by law. In rare instances, due to lack of information past TIC assessments may have been incorrectly calculated. The assessor will only correct the assessment prospectively."

I'm quite curious about the "rare instances" contemplated by the Assessor. One can imagine the Assessor trying to use this information to catch insider deals where property is sold to an acquaintance or family member for below market value (perhaps with fraudulent side payments). But if that's the goal, the mechanism is not well designed, because TIC owners are under no obligation to provide the Assessor with the information requested in the "indivualized assessment" form.

For honest TIC owners, is there any downside to providing the requested information? (There is not much upside: Under the regime of "individualized assessments," each TIC partner will receive a tax bill specific to his or her unit, though the TIC partnership as an entity will continue to be on the hook for each partner's assessment in the event of default.)

We don't see it (the downside to providing the information that is), but we'll welcome the thoughts of any readers who can answer definitively or otherwise.

Posted by socketadmin at 1:00 PM | Permalink | Comments (27) | (email story)

Four New Condos, Two Different Tipsters: 660 Natoma Street

In the words of a plugged-in tipster and resident on nearby Minna who’s had an eye on 660 Natoma for quite some time (and first tipped us a while back):

[Four new residences] in the “up-and-coming” area bounded by 7th, 8th, Mission, and Howard. They seem to want a premium for this property, almost $800/sq ft if I’m reading the website right. It’s cute as a button and has some interesting “green” features (plugs for the cars in the garage?!), but the (my) neighborhood might not command that kind of a price.

And in the words of another just yesterday:

I was looking at Soma Grand when I stumbled upon a great new green building project on Natoma. The project, 660 Natoma, is parallel to SOMA grand and hails very low HOA dues, parking deeded to units, fantastic roof decks deeded to three of the four units overlooking great views of the city. Better yet, the project is Green and Solar ready.

Now on the market for just over two months with two of the four condos actively listed (and three of the four likely available).

∙ 660 Natoma [660Natoma.com]
∙ Listing: 660 Natoma Street #2 (1/1) - $549,000 [MLS]
∙ Listing: 660 Natoma Street #4 (2/2.5) - $839,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (14) | (email story)

September 3, 2008

Live Like Fat Mike (And We Mean That With All Due Respect)

According to a plugged-in tipster, punk rocker Fat Mike of NOFX fame is making the move from his “don’t judge a book by its cover” (or rather don't judge a front man by the exterior of his digs) manse at the gateway to St. Francis Wood.

From our tipster: “CRAZY interior design, with an attempt to downplay it with staging.” No word on how the exquisite gardens and cherub fountain affected Fat Mike's street cred.

∙ Listing: 1601 Monterey Boulevard (5/6) - $5,400,000 [MLS]

Posted by socketadmin at 4:30 AM | Permalink | Comments (20) | (email story)

August 27, 2008

Surviving The Bad (And Other Peoples’ Foreclosures) In San Francisco

First and foremost, the proper perspective from a plugged-in reader in San Francisco:

Life is about enjoying the good, but it’s also about surviving the bad. I'm sure there will be things I don’t want to hear, but my skin is pretty thick and gotten thicker going through all of this.

And now for the background and request:

I am an avid reader/watcher of the site and it has certainly become something that gives me a bit of a pulse on what’s going on in the City and not just real estate values. In any case I built my home in the Bayview in 2005, completed in 2006 at which time and upon completion I received an appraisal of $810,000 (via the bank).

In January 2008, facing a divorce the house was again re-appraised at $860,000. Despite some additional work done on the house I too was shocked to see a higher appraised value as I expected lower and really knew it to be lower based on market conditions but was still happy to see that higher number and one that clearly gave me the equity to refinance. Well now truly facing the realities of divorce and trying to re-finance as part of adjusting to one income I recently had another appraisal (bank appointed) and it came back to say that the appraised value was $600,000...

$600,000 for a 2,800 sq ft. 3br/2.5ba!! 1.5 yrs old, quality finishes, etc etc. This appraisal has completely thrown me into a tailspin as it jeopardizes my ability to even re-finance, and in looking at the report every property used as a comp was a either a foreclosure or a bank owned property sale and all of which bear no real comparable quality to my home, yet this is what I am up against.

I know that townhomes have been up for sale over at Candlestick Cove and in having wandered around to take a look I know that they are truly the closest "real" comparable to my home with regard to finish even though my home on average has 700-800 more sq. ft. The problem I am discovering in trying to dispute the appraisal is that because sales of the Candlestick Cove townhomes are not being listed on MLS and being sold through the developer that there seems to be no easily attainable record of the units sold or of the final prices of those units. Can you please tell me if there is a way I can find out what units have sold for? Sites like Zillow, Property Shark and Trulia have not been helpful in the least and utterly useless (especially considering 1.5 years after completion my property still doesn’t even appear on Zillow). I have spoken to the Candlestick Cove office on the phone and been told that they will not hand out that information, even though I am not looking for owners names, and simply seek just property sizes and final sale prices.

I don’t want to lose my house, one I spent time designing, seeing through the horrible permit process and 10 months of construction and one I expect to be in for quite a while, but given this horrible appraisal it may be all I can do but to sell it and eat my losses, while handing over a steal to the next owner. Thank you very much for any help or guidance you might be able to give.

Let’s hear it. And as always, add value or go home.

Posted by socketadmin at 8:40 AM | Permalink | Comments (31) | (email story)

August 25, 2008

Let’s Do The Time Warp Again (In Glen Park): 461 Chenery

It’s a plugged-in tipster with a good memory that notes another price cut for the bank owned 461 Chenery in Glen Park. The property was first noted by a SocketSite reader in May soon after it was bought back by the bank on 5/12/08 for $601,343 and subsequently listed on 5/19/08 for $669,900.

After a month on the market the list price was reduced to $629,900, after another month to $599,900, and after another month (five days ago) to $539,900. As best we can tell, the pre-bank owner had purchased the property for $485,000 in January of 2003 (and had pre-spent a bit of that “appreciation”).

From our tipster (and prior to anyone wrongly screaming “schadenfreude!”):

Interesting to see what it goes for given that it is very much walking distance to BART.

Huge fan of the site and bought a house in the Glen Park area 13 months ago. Jealous of this listing price for sure but let’s see where the sale price comes in because it is still well above 2 bedroom rent for cash flow.

Oh, and the current Zillow “Zestimate”: $776,500 (with a “low” of $628,965).

∙ Listing: 461 Chenery (2/1) - $539,900 [MLS]
∙ March S&P/Case-Shiller: San Francisco MSA Declines, Top Tier Flat [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

August 22, 2008

A Plugged-In Reader Reports: Timing For Esprit Park (900 Minnesota)

"The developers have...sent out letters to buyers at [Esprit Park] saying delivery on the majority of the south court units will be 6 to 8 weeks from now. Original delivery was intended to be July though so who knows. North court won't be until December probably but could be 09."

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]

Posted by socketadmin at 5:15 AM | Permalink | Comments (2) | (email story)

August 12, 2008

The SocketSite Scoop On 1840 Washington: Demo And 26 New Condos

A plugged-in tipster delivers the scoop on 1840 Washington, currently commercial one-story-plus-mezzanine but soon to be nine stories with 26 condos, subterranean parking, commercial on the ground floor, and a roof deck (all despite the fact that they're still not building any more land in Pacific Heights).

Demolition of the current building is tentatively scheduled to begin August 18th, is expected to last three weeks, and “no wrecking ball or explosives” will be used (good to know and by far our favorite line of the tip).

The new building will look similar to Pacific Place (the building to the right), construction is expected to last 18 months, and they'll be working Monday through Friday from 7:30am to 4:30pm (don't shoot the messenger). Renderings when we have them, tipsters?

UPDATE: It came with a couple of caveats ("This is not a very big or great rendering and I don't know if it is current but here ya go...."), but for now it's the best we can do:

Let's keep 'em coming (please).

Posted by socketadmin at 9:30 AM | Permalink | Comments (36) | (email story)

August 11, 2008

Putting A Price On Tenant Buyouts (And On The Market): 1890 Clay

The 74 unit Clay Park Tower at 1890 Clay has been on the market for around a month (asking $39,950,000). And it’s a plugged-in tipster that provides some insight into what the Lembi brothers had been offering tenants in their building to move out:

[CitiApartments bought the building two to three years ago] and did extensive renovations to the exterior and vacant units, which hadn’t been touched since the building was built in 1963. There was also tons of deferred maintenance – roof, plumbing, you name it. (The previous owners just used it like a cash cow until it was dry.) Citi then offered “incentives” to buyers to move out, which ranged from $7K-$75K+. They offered us [around $50K] late last year but we stupidly didn’t take it (mostly due to the taxes, because it would be taxed like income). Admittedly, I was holding out for [around $100K] because we have a large floor plan and I thought we could get more.

If people took the buyouts, Citi then would gut the unit, and rent it furnished as short term housing. Looks pretty from far away (hardwood, granite, stainless steel), but as to be expected the workmanship is really shoddy. I don’t really living in the building now because I feel like I’m in a hotel – new people coming and going all the time. Maybe after summer is over it will slow down.

The comment about workmanship is obviously opinion, the figures on buyouts are fact.

∙ Listing: Clay Park Towers (1890 Clay Street) - $39,950,000 [LoopNet]

Posted by socketadmin at 11:15 AM | Permalink | Comments (117) | (email story)

Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing

A plugged-in reader takes a tour of Cubix Yerba Buena (766 Harrison) and reports back:

Toured Cubix this weekend. Like the architecture a lot, feels solid, natural light is great, finishes are so-so, bathroom doors look nice but are less than soundproof which is a mistake in such a small space. Roof deck A+.

First release of 12 units on lower floors but got the feeling you could write on an upper floor unit if you asked. Occupancy in 45-60 days. HOA’s around $300. Value B-/C+.

Current pricing on the twelve studio condos in the first release:

∙ 766 Harrison #202 (0/1) - $279,000
∙ 766 Harrison #206 (0/1) - $279,000
∙ 766 Harrison #212 (0/1) - $289,000
∙ 766 Harrison #305 (0/1) - $305,000
∙ 766 Harrison #308 (0/1) - $305,000
∙ 766 Harrison #314 (0/1) - $309,000
∙ 766 Harrison #404 (0/1) - $309,000
∙ 766 Harrison #410 (0/1) - $314,000
∙ 766 Harrison #413 (0/1) - $319,000
∙ 766 Harrison #503 (0/1) - $333,000
∙ 766 Harrison #509 (0/1) - $328,000
∙ 766 Harrison #511 (0/1) - $323,000

∙ SocketSite Readers Report: The Square Footage Scoop On Cubix [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (23) | (email story)

August 4, 2008

It's Not That Easy Being Green For “La Casa Verde” (3027-3029 25th)

It appears that a notice a default (NOD) has been filed for 3027-3029 25th Street, otherwise know as the 2007 Sunset Idea House (or “La Casa Verde”). The filing notes a loan balance of $2,974,006.35 and that the “Beneficiary hereby elects to conduct a unified foreclosure sale and to include in the foreclosure personal property & fixtures.”

From a plugged-in tipster:

If most of the stuff was donated or at cost, how could [the developer] have ended up with a $3mil mortgage loan? Unless [the developer] put the house up as collateral on other projects....[And the] reference to fixtures and personal property is unusual. I'm guessing the bank doesn't want all of the vendors who donated products to think they can take them back.

That's probably a good guess. And say what you will, we're digging the green(ery).

∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ An Early Peek Inside “La Casa Verde” (a.k.a. The Future Idea House) [SocketSite]
∙ The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]

Posted by socketadmin at 1:45 AM | Permalink | Comments (17) | (email story)

August 1, 2008

SocketSite Readers Report: The Square Footage Scoop On Cubix

A plugged-in reader tours Cubix Yerba Buena and clarifies:

[T]he largest studio in this building is less than 350 sf and there are only 8 that large. I viewed the units this past week; most are under 300sf. The prices start about 275K up to the low 300's. Not sure when they are going to open. When I stopped by it looked still under construction.

Comments on our original floor plan post.

∙ Goodbye Placeholder, Hello Floor Plans For Cubix YB (766 Harrison) [SocketSite]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | (email story)

July 29, 2008

When Life Gives Us Apples, We Make Apple Pie: 88 Hoff Street #206

While purchased two years ago for $637,500, it’s a plugged-in reader that notes 88 Hoff Street #206 in the Mission closed escrow earlier this month with a reported contract price of $580,000. That represents average annual depreciation of 4.8% over the past two years.

And while we never explicitly featured the listing, it was at the center of an interesting discussion and expectations debate.

∙ What Happens When Expectations Don’t Match The Market? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (29) | (email story)

July 28, 2008

Solaria Sells For About As Much As The Rendered Bugatti In Its Garage

Sixteen months ago we introduced you to “Solaria” (asking $10,700,000 at the time), three months later we shared the scoop (developer ran out of money and notices of default were filed), and yesterday a plugged in tipster dropped us a line:

[166 Buena Vista] caught my eye in today's Chronicle sold list: $1,980,000 on 7/1/08….Would love to know the inside scoop on this one.

As would we. We’re assuming some additional assumed debt besides the reported sale price, but who knows. No really, who knows?

And two bits of irony related to the now defunct marketing site for the property: 1. the reported sale price is well below the combined value of the six cars that were rendered in its garage (and only slightly more than the Bugatti alone), and 2. the “Solaria is a symbol of success” copy.

∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
∙ It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (7) | (email story)

July 23, 2008

Across The Bay But A Plugged-In Reader Recommends: 1824 Magellan

It’s across the bay. And we can’t vouch for it. But a plugged-in tipster recommended it, and there’s a chance you might like, so we’re rolling the dice. In our reader’s words:

My friend has a house up for sale in Montclair that is open this Sunday. I've worked with the same Architect before that remodeled the space for our house which won some awards. This house in Montclair is very well done and worth a look.

Visually the rest of the house is similar to the main living space. Each room has been updated with new electrical, hardware, [hardwood] floors refinished, new exterior paint, new fixtures throughout…and new interior paint in the style of the main remodel.

The 2 bathrooms are currently still period retro from the 30's/40's and are clean and painted, but not remodeled. The owner has designs for the master bath to be remodeled that are included in the sale.

If you happen to take a look, let us know if we should continue to trust this tipster (we do keep track). And yes, while it’s entirely possible that our tipster and his “friend” (or architect) are one and the same, as long as our reader's benefit we really don't care.

∙ Listing: 1824 Magellan Drive, Montclair (2/2) - $818,000 [Berkeley Hills Realty]

Posted by socketadmin at 2:30 PM | Permalink | Comments (63) | (email story)

July 21, 2008

The Heights At Candlestick “On Hold” According To The Sales Center

It was six weeks ago that a plugged-in tipster correctly called the construction hold on 5800 3rd Street and The Heights at Candlestick, and three weeks later that another plugged-in reader added:

The real info on this project as well as the other Bayview project on Jamestown (The Heights at Candlestick) that Noteware Development had completed the first phase of and was ready to start selling, is that their equity partner, Goldman Sachs from New York, panicked over the sub-prime crash and GS' internal projection that the foreclosure market in California as a whole would be extending to S.F., so GS decided to take over the projects from Noteware (any R.E. experience on the Goldman Sachs team? Not a whit!), hence the work stoppages on both projects...

And from a plugged-in tipster today:

Last week, I called the Candlestick Heights Sales Center to inquire about pricing, availability, etc. The agent responded via email: "I'm responding to your request the other day...The update is this new development has been put "on hold". No units are being sold at this time. Unfortunately that's all I can tell you at this time. If you'd like, contact me again in a few weeks....I should know more by then."

We'll keep you posted (and plugged-in).

∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ The Heights At Candlestick [theheightssf.com] [Floor Plans]

Posted by socketadmin at 12:30 PM | Permalink | Comments (5) | (email story)

July 16, 2008

But It’s Glen Park And I’m Told The “Median Sales Price” Is Way Up!

On July 1st 2005 a “Stylish Light & Bright Elegant View Home” in Glen Park sold for $910,000. Three years and a $40,000 kitchen later, 24 Addison closed escrow (after 80 days) with a reported contract price of $975,000. As a plugged-in tipster notes:

So a gross increase of $25,000 in three years. Throw in 7% transaction fees and any concessions needed to get this beast closed. Who says you can't loose money in (fairly) prime SF real estate?

The kicker? Our tipster is the one who happily sold the place in 2005 (and who also adds, “the fireplace screen with a hole in it that a renter left me was highlighted in all the [listing] photos”).

Now granted, this sale still represents effective annual appreciation of just under 1% over the past three years for this single-family Glen Park home, but any guesses as to what’s happened to the neighborhood “median sales price” over that same period of time?

Posted by socketadmin at 12:45 AM | Permalink | Comments (40) | (email story)

July 14, 2008

Countrywide Requiring 25% Down For All Bay Area Jumbo Loans

From a plugged-in tipster late last week:

Just got an email from my mortgage broker...countrywide is now requiring 25% down payments on jumbo mortgages in the bay area.

No word on whether or not that’s both wholesale and retail. Can anybody confirm?

UPDATE: We'll consider it confirmed. And in a related reader report:

I spoke to a reputable agent at length over the weekend about the mortgage market. He said the main players left still writing San Francisco mortgages were the big money center banks (citi, BofA, etc). He said most are requiring 20% down these days. He spoke of one client who did a 10/10, but the second 10% was guaranteed by the guy's employer (~1.2m purchase price). It is pretty amazing that someone "in the market" for 1m+ home can barely scrape together $100K.

He also said the total debt/income ratio was going down from a previous 65% (wow!) to something like 45-50%. He said the bank tightening really only kicked in heavily in the last week or two which implies the market probably is not reflecting this yet.

Posted by socketadmin at 9:30 AM | Permalink | Comments (59) | (email story)

July 11, 2008

Calling All Contractors Or Other Plugged-In People: Cost To Renovate?

A plugged-in reader went to the head of the site fifteen months ago for a must read comment concerning the actual cost of building a home in San Francisco. Our post on 235 Broderick sparked some excellent conversation over the past few days concerning the cost to renovate. And from the listing for the 2,417 square foot 50 Santa Ana Ave today:

Well designed Colonial style home in St. Francis Wood priced for a quick sale to a contractor or knowledgable (sic) buyer prepared to have renovations done. Appears to be structurally sound but needs roof, gutters, paint, kitchen and other cosmetics.

Now we’re not so naïve as to expect any responses from those who might be interested in this particular property, but we’d welcome any back of the envelope calculations, insight or debate from the rest.

∙ The Actual Cost Of Building In San Francisco [SocketSite]
∙ Permits And Plans In Place (For The House, Not The Buyers Sellers) [SocketSite]
∙ Listing: 50 Santa Ana Avenue (3/2.25) - $1,350,000 [MLS] [Map]

Posted by socketadmin at 11:30 AM | Permalink | Comments (44) | (email story)

July 9, 2008

1081 Church Street Closes Escrow And A Reader Wants To Know…

The headline question last month with respect to 1081 Church Street which sold in late March for $1,400,000 and then quickly returned to the market for $1,450,000: “Will A Winner's Curse (And Subsequent Relocation) Be Your Reward?”

From a plugged-in reader today: “1081 church sold for $1.325mm. Who was the closest? and who was the blowhard?”

We've got the answer to our question (yes), but we'll let you make the call on those last two.

∙ Will A Winner's Curse (And Subsequent Relocation) Be Your Reward? [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (46) | (email story)

July 2, 2008

The SocketSite (Reader's) Scoop: Daly's Two-Unit TIC Legislation DOA

We've fielded more than our fair share of questions and concerns over the past month regarding Supervisor Daly's proposal to require two-unit buildings to participate in San Francisco's condo-conversion lottery.

And just as we were about to publish a summary, a plugged-in tipster comes through with the scoop via the office of Supervisor Michela Alioto-Pier:

Thank you for your letter concerning draft ordinance #080820. This ordinance would require that 2 unit buildings go into the condo conversion lottery. You will be glad to know that I spoke with Supervisor Daly's office yesterday and this legislation is not moving forward.

Again, Supervisor Daly's proposed ordinance to require two-unit buildings to enter San Francisco's condominium conversion lottery will not be on the November ballot.

∙ Potential November Ballot Measures: Condo Lottery For Two-Units? [SocketSite]

Posted by socketadmin at 1:08 PM | Permalink | Comments (20) | (email story)

July 1, 2008

One Ecker Place Update: The Condos Rentals Condos Get Unwrapped

The protective wrapper is on its way down over at One Ecker Place (as captured by a plugged-in tipster). And yes, after a brief 180 that quickly turned into a totally radical 360, the sales office for those 51 condos should be re-opening soon.

∙ The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (20) | (email story)

Listed Sales Activity In San Francisco: Down 25-30% In June (YOY)

As you know, San Francisco’s inventory of listed single-family homes, condos, and TICs is currently running 34% higher on a year-over-year basis. As you might not know, on a year-over-year basis sales activity of said homes is running 25-30% lower. From another plugged-in reader:

Total MLS sales for June stand at 381 (at this moment) with an overall median price of $799K. June 2007 had 545 sales at a median of $830K. Jun06 - 617 sales @ $799K, Jun05 - 656 sales @ $800K, Jun04 - 708 sales @ $717K.

The official sales count for June will increase as listings for end of the month transactions are updated (hence our 25-30% range), but the significant downward trend over the past four years will hold true (the rate of which has been increasing rather than decreasing).

∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/30/08 [SocketSite]

Posted by socketadmin at 10:51 AM | Permalink | Comments (48) | (email story)

A Plugged-In Reader Reports: 72 Townsend Not “Coming Soon?”

From a plugged-in tipster nine months ago:

The existing ground floor windows [of 72 Townsend] got a good wash yesterday and are now adorned with the news that [74] Luxury Homes are coming soon starting from the $600s. Development is by Thompson Development, hoping that that plans approved last year is what actually gets built.

And from a plugged-in reader today:

This development could be off again... all the marketing window material has been removed, so we are either getting some new temp retail (no details [visible]) or the building could be back on the market.

Anybody?

UPDATE: And the answer: "the development is on hold. the space will be leased out in the meantime. the condo construction isn't expected for another 3-5 years now." So close, but yet so far.

∙ A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon" [SocketSite]
∙ JustQuotes: 72 Townsend To Become 74 New Condos In San Francisco [SocketSite]

Posted by socketadmin at 8:40 AM | Permalink | Comments (8) | (email story)

June 23, 2008

Our Ritz-Carlton Residences Monday Morning Redux: The Update

From a trusted plugged-in tipster on the heels of this mornings post:

I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit.

∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | (email story)

You’ll Have To Pardon Us If We Avoid Swapping Any Spit (125 Mono)

While we had been waiting for the website for 125 Mono to go live, a plugged-in reader simply reports:

Just went to the open house on Sunday and it is truly one of the best modern "dwell-like" houses in San Francisco with stunning views and very well appointed.

And while so far we've only seen the pictures, we are digging the view from the bed, a few of those fixtures (and features), and most definitely that master bath.

∙ Listing: 125 Mono (3/4) - $2,179,000 [125mono.com] [MLS]

Posted by socketadmin at 1:53 PM | Permalink | Comments (14) | (email story)

When Friia Ruled San Francisco Real Estate (A Reader’s Recollection)

Our piece on 1001 California resurrected the name Vincent Friia, a flamboyant fixture of a bygone era in San Francisco (and its real estate). A reader recollects (slightly edited for republication):

Whatever happened to Vincent Friia?

Indeed! For those who have lived in this city for less than ten years, you cannot imagine what a different place used to be. Vincent Friia's parties and other "activities" are part of what was a city you would not recognize.

Melvin Belli running naked from his mansion (outer Broadway) firing a pistol at his wife who hosted a real estate show for the highest priced properties on television, Noe Valley was an affordable neighborhood that a school teacher could buy a home in. The Castro and Soma were actually neighborhoods that had REAL nightlife with clubs staying open till 7am, not places where homes could be flipped and condos could have an "edge".

What I miss most is that it was a city that wanted to have fun, instead of a city that produces another IPO or Dwell Victorians. I am 43 years old, but am really feeling nostalgic for a city that I cannot even describe to people who move here now. Thank goodness I bought my home when this city was affordable (and it WAS!).

And speaking of affordable San Francisco real estate, from a 1995 Herb Caen column (in which Friia is referenced earlier in the piece):

At 1 a.m. Sunday, Beth (Mrs. Jim) Dunbar handed $3 to a Gate Bridge tollkeeper, who let out a noisy yawn. "Am I keeping you up?" inquired Beth. "No," said the guardian of the gate, "but my mortgage is."

And in terms of actually answering the question of whatever happened to Vincent Friia, unfortunately we don't have the scoop (but perhaps a plugged-in reader or two might).

∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
∙ San Franciscaena [SFGate]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

June 19, 2008

Neighbor(hood) Perspective: Happily Ensconced In Visitacion Valley

From a plugged-in reader happily ensconced in San Francisco's Visitacion Valley:

Nine safe years in my 1907 Victorian across 101 on Goettingen Street. Bay Views, Mountain View, ten minute walk to McLaren Park, one of the city's most under-appreciated amazing parks.

The demographic of [Visitacion] Valley, which is just over the highway from 101, is diverse in a way you find in few SF neighborhoods. And so much change is afoot in this neighborhood. Yes, we are lacking the services I'd like to see, but it's remarkable how the dark and scary attitude about southeast SF is shared by folks, generally living north of Cesar Chavez, that have never bothered to explore the area.

The city is only about 160 years old, and change is coming--what Cortland avenue on Bernal was 15 years ago will be Leland Street in Vis Valley in not too many years.

∙ New Twist: The First Resale Short Sale At Candlestick Point - The Cove [SocketSite]
∙ Welcome to John McLaren Park [jennalex.com]
∙ Unlocking The Potential Of Visitacion Valley: The Former Schlage Site [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (25) | (email story)

June 18, 2008

From Relative Value To Recently Renovated, 1083 Hollister Returns

Our thoughts on the listing for 1083 Hollister seventeen months ago (listed for $499,000 at the time). A take-charge (which we love) reader’s survey of the property and location soon thereafter. And the “newly renovated” listing today (asking $688,000).

∙ Listing: 1083 Hollister (7/4) - $688,000 [MLS]
∙ Relative Value From Top To Bottom [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (12) | (email story)

June 17, 2008

535 Mission Update: Parking Lot Closed And About To Break Ground?

From a plugged-in reader:

I was reading the forum over at skyscraperpage.com and it seems that 535 Mission is preparing to break ground. The parking lot is now closed and a few workers were on site. Can anyone confirm? Photo is courtesey of Downtown Dave at Skyscraperpage.com....

In other words, is it about to get even louder inside Salt House at lunch?

UPDATE (6/18): From a seriously plugged-in reader: "The workers onsite are surveyors starting to put up the "grid lines" Should see dirt moving real soon."

∙ Approved For Residential, But Building Commercial (535 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (11) | (email story)

June 16, 2008

Homebuilder Confidence Falls: From The Fringes To San Francisco?

A plugged-in reader reports (and posits):

I was on a conference call today with the National Association of Home Builders (NAHB) CEO Jerry Howard and Chief Economist David Seiders where they were presenting the June Housing Market Index (HMI).

It was pretty bad. They were basically pleading with all news organizations and others to put pressure on the federal government to bail out the housing meltdown.

Jerry even went so far as to say that it is effecting senior citizens and it is just not right that they are losing their equity.

The NAHB reported that the index is at an all time record low of 18. Down from 19 in May. (a rating of 50 is neutral, greater than 50 means a majority of positive responses. less than 50 means a majority of negative)

David did say that he expects further declines since the current index does not reflect the recent rise in interest rates.

I really wish I could describe in words the sense of desperation that came from the call.

It seems easy to look at particular neighborhoods and say that a major downturn is not coming but I would have to agree with those whom have studied bubble and mass movement mentality. The drastic movement starts at the fringes and moves in over time.

Stockton -> Contra Costa -> Specific Districts in SF -> Top of Russian Hill

If we look back in 5 years I will be very surprised if those prime districts have not followed suit.

∙ Homebuilder Confidence Index Unexpectedly Fell to 18 [Bloomberg]
∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/16/08 [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (34) | (email story)

June 13, 2008

The New And Improved (And Approved) Design For 300 Grant Avenue

From a seriously plugged-in tipster:

Per your request...the approved project elevations [for 300 Grant]. I am sure there will be much discussion about the changes! With all the back and forth on the design, and with neighbor opposition, the developers went back to the drawing board numerous times. Parking is accessed by driving into car elevators off of Harlan and then driving to your space. Interesting idea. In between stackers and a normal garage."

We hereby call dibs on a penthouse. And we once again bow down to plugged-in readers everywhere. You're the best.

∙ The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (35) | (email story)

Unlocking The Potential Of Visitacion Valley: The Former Schlage Site

From a plugged-in tipster last week:

One project that might be interesting to keep your eye on is the former Schlage Lock Factory site in [Visitacion] Valley. For the last two years this has been a survey area, and a Citizen's Advisory Committee (on which I sit) was formed to explore creating a redevelopment district (which includes not only the old lock factory and a piece of former Southern Pacific rail yards, but also a portion of the commercial district on Leland Avenue, which is the neighborhood's main commercial street).

If all goes to plan, in the not too distant future demolition and cleanup of the site might commence, with a view of increasing the number of dwelling units from the current estimated 200 in the project area, to approximately 1800, along with the neighborhood serving retail and new open space. Our efforts are in hope that the project will create jobs in the community, create new transit-oriented neighborhoods, and establish a model of green development in what has traditionally been an overlooked and underappreciated corner of the city. We also hope we will help set the tone for additional developments that may follow in the Baylands to the south, owned by the city of Brisbane.

The CAC meets second Tuesday of each month from 6-8PM, and our meetings generally take place at 401 Tunnel Avenue (at SF Recycling, aka "the dump").

From James Temple today:

The owner of Visitacion Valley's Schlage Lock Co. factory has settled a decade-old contamination lawsuit and transferred the property, clearing one of the biggest obstacles blocking a community-blessed plan to convert the boarded-up site into housing, parks, offices and stores.

And from J.K. Dineen:

The agreement comes a week after the San Francisco Redevelopment Agency published an environmental impact report on the Schlage site. The plan for the site includes 100,000 square feet of retail in addition to the 1,200 homes. It also includes a large park and the restoration of the historic Schlage Lock headquarters. The cleanup [which is slated to last 30 months] will start as soon as the city approves the EIR, [Paragon General Manager Steven Hanson] said.

∙ San Francisco Redevelopment Agency: Visitacion Valley Survey Area [SFGov]
∙ Draft Visitacion Valley Redevelopment Plan (PDF) [SFGov]
∙ Old Schlage Lock factory in S.F. finally sold [SFGate]
∙ Deal struck on S.F. site for 1,200 homes [Business Times]

Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)

June 6, 2008

The 98 “Sophisticated/Stylish” Apartments Condos Of 766 Harrison

It’s a plugged-in tipster that first notes that the ninety-eight (98) studios of 766 Harrison aren’t going the rental route but are rather about to hit the market as condominiums. Additional details when we have them.

∙ From Rendering To Reality (Although Not Quite Finality): 766 Harrison [SocketSite]
∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

June 4, 2008

The Early MLS Count For May: Listed Sales Down 18% Year-Over-Year

According to a plugged-in reader the early count for listed sales volume of single-family homes, condos, and TICs in San Francisco last month is currently running 18% under that of May 2007 (29% under May 2004). Expect a slight bump for late reportings.

Keep in mind that listed sales volume was down 13% on a year-over-year basis the month prior (April) while recorded sales volume was up 6.5% (think new construction closings). And listed inventory is currently up 45% year-over-year.

∙ SocketSite's San Francisco Listed Housing Inventory Update: 6/2/08 [SocketSite]
∙ San Francisco Recorded Sales Activity In April: Up 6.5% YOY [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (27) | (email story)

RandomRumors: Construction Comes To A Halt On 5800 3rd Street?

Six months ago construction was well underway on 338 condominiums and San Francisco's first Fresh & Easy market at 5800 3rd Street in Bayview. According to a plugged-in tipster, however, it appears as though construction has come to a complete stop:

You might want to check into the apparent work stoppages at the 2 residential projects being done by Noteware Development w/ financing from Goldman Sachs. The sites are the former Coke plant at 5800 3rd St (including the Fresh and Easy grocery tenant) and a smaller project on Jamestown St above Candlestick. There have been some fairly large liens published in the [San Francisco Business Times] in recent weeks. There is no activity at either site during working hours.

We'll do some checking. In the meantime, can any other plugged-in readers confirm?

∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)

A Reader Wonders: What’s Happening At Van Ness And Washington?

From a reader:

I couldn't help but notice the surface parking lot (operated by Liberty Park Management, Inc.) is now fenced off. The Location: 1800 Block of Van Ness at Washington (It is the South and East Corner). Any news on this one?

That is was 1898 Van Ness (will be 1868 Van Ness). And while we don’t have any news (but can note what appears to be an eight-story building lingering in the background of a rendering for what was to be Sunrise’s “Sterling of San Francisco” on the corner of Clay and Van Ness), perhaps another plugged-in reader might.

And as always, big bonus points for renderings and photographs (tips@socketsite.com).

UPDATE: A plugged-in reader responds: "It's approved for an 80 ft. building with 35 units. 3,000 SF of ground floor retail & 35 below grade parking spots." Now about those renderings...

UPDATE: While the address of the former corner gas station was 1898 Van Ness, a plugged-in reader correctly notes the address of the new development will be 1868 Van Ness (which we probably should have figured out and explains a/the lot).

∙ Serving Up The Seniors (Rather Than The Copies) At 1754 Clay Street [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)

May 29, 2008

Damn That Planning Department To Hell! Oh, Wait A Minute…

There’s always another perspective to consider. And with regard to who’s to blame for “bad” design in San Francisco, here it is (slightly edited for spelling and flow):

You can blame bureaucracy all you want, but in the end, it's simply not the problem with bad design in San Francisco. Over 90% of all the projects in SF are "designed" by hacks. In fact, a large majority of the new buildings are not even designed by architects, but by engineers and production architects who just churn out one project after another.

The architectural world refuses to criticize itself and you'll never see an architect show up at a Planning Commission meeting and say about someone else's project, "this proposal is trash and this architect is a hack." The architectural field loves to hand out awards to the better among them, but they never lambaste their own and search within. There are too many faux-"architects" and engineers who get too much work in this town.

Planners don't design the buildings -- they can't make a bad designer design a good building. If you were in their shoes, you'd get a sense of what it's like to have 1 decent proposal come across your desk for every 99 pieces of crap, all by the same 10 firms.

And a response that made us chuckle (and offers some perspective for all):

Architects not critical of one another's work? You've got to be kidding. Hyper critical is more like it. The problem is that we have habituated to it and most of us, including the hacks, have skin like rhinoceros hide. So telling us a project is trash just doesn't have the effect it would on a normal, sane person. Besides, if our work is any good someone is guaranteed to hate it. So we might just take it as a sign of greatness.

∙ Comments: Damn All Those Untalented Architects To Hell! Oh, Wait… [SocketSite]
∙ JustQuotes: What's/Who’s To Blame For “Bad” Building Design In SF? [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | (email story)

May 23, 2008

The Sun Sets Over San Francisco (And This Week At SocketSite HQ)

The sun sets over San Francisco as seen from the 23rd floor of One Rincon Hill. Have a great Memorial Day weekend. And safe travels if you are (traveling that is).

∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | (email story)

May 22, 2008

Proposition 98: An Interesting Perspective And Opportunity For "Play"

As we wrote two months ago: Proposition 98 would prohibit the use of eminent domain for private development and phase out rent control, while the competing Proposition 99 would simply prohibit the use of eminent domain on single-family homes and condominiums.

As a reader writes today (or rather yesterday):

i'm a little mystified that prop 98 is not getting more play in SF. prop 98 is the state-wide initiative on the june 3 [ballot] that limits eminent domain, and importantly for SF, phases out rent control.

given the huge significance of this, i am amazed that the realtor community is not heavily pushing this. but more peculiar, i am only seeing limited involvement from SF apartment advocates, and the larger apartment holders in the city (i.e. citiapartments, etc.) it's clear that prop 98 will not pass within SF proper, but that does not matter as it's the massive outlying suburbia that will have the voting power to push it through. still, i'd think that cities like SF would want to make a lot of noise about it, so the rest of the state can see how significant it is.

so now i am of two thoughts about it: 1) the collective SF real estate community is basically acting like wimps, in case 98 fails. this would hedge the 'antagonist' quotient with the myriad socialist renter advocacy groups and a largely insane board of supervisors. but why does this matter? if it fails, it fails. if it passes, it is certain that the aforementioned groups will literally go ape shit challenging it in court.

2) in a perverse sense, i think many SF apartment owners are ambivalent or silently against prop 98. on the surface, it seems obvious that phasing our rent control would benefit them. but that would make the SF apartment market like any other city. with RC, SF apartment owners get to play in an exclusive fiefdom, which many out of area investors are just too scared to touch. RC also causes a large dynamic in rents between long term tenants and recently vacated ones. savvy apartment owners quietly go about effecting tenant turnover, and add huge rental gains in one fell swoop.

An interesting perspective (especially with regard to the second point). And while we're anti-rent control (as it currently exists) we're not necessarily anti-eminent domain (think the Hugo Hotel).

∙ A Few June Ballot Measures Guaranteed To Raise Some Ire [SocketSite]
∙ And Now Back To The Hugo Hotel (And Eminent Domain On Sixth) [SocketSite]

Posted by socketadmin at 5:45 AM | Permalink | Comments (62) | (email story)

May 21, 2008

The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo

While we can’t verify the given reason for the latest 180 (and now a complete 360), according to a plugged-in tipster One Ecker Place is back to being a condo project and the sales office should reopen soon. From our tipster:

I had one of the condos at "One Ecker" under contract.. As you know those condos were switching to rentals.. well a couple days ago I was contacted by a sales rep. he said that the condos are once again going on the market. He said that the reason behind the change of mind was because it looked like they were going to get a high rise permit approved. So they were going to lease Ecker for a few years, then start construction on a tower. Well I guess that didn't fly/ get approved so they are going to stick to the original plan of selling them. They said they are doing showings for their model unit next week by appointment only...

Perhaps a reader or two would be kind enough to shed some light on the aforementioned permit, tower and now ex-plan. Regardless, and as always, thank you for plugging in (and for the tips).

UPDATE: From another plugged-in reader: "I too was in escrow at One Ecker. I told them to get lost after the 360. What a waste of my time. He can't get a tower permit. That's silly to even think about. Besides, the Fleishacker family sold the transferable development rights over 10 years ago, and the property is under the same historic restriction as any other 1906 building."

∙ The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)

May 20, 2008

ReadersReport: First Twelve Floors Of Fox Plaza On The Market?

From a plugged-in tipster:

I have it on by a good source that the Archstone Fox Plaza is on the market again. The new owner evidently does not want the Fox Plaza in its portfolio.

The main lobby has been recently remodeled. The Ruth Asawa fountain sculpture was ripped out and redecorated with black river rock; the oxnyx columns covered with dark wood; a retro 1950s carpet.

The “new owner” reference leads us to believe it’s only the first twelve floors of the 29-story building that’s being shopped (i.e., office not residential), unfortunately no update on the 250 condos on the corner (tipsters?), and we’ll now observe a moment of silence for the Asawa (and note the second reference in as many weeks).

UPDATE: Forget the first twelve floors, according to a plugged-in reader: "the whole building is being quietly offered by archstone-smith. 150M."

∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)

May 15, 2008

A Reader Reports: Apples To Apples On Potrero Hill (1304 De Haro)

From a plugged-in reader with respect to the listing for 1304 De Haro:

My wife and I were bidding on this exact condo a year ago and did not counter to the multiple bid. It is interesting to see it back on the market with no improvements or changes. Beautiful flat but I will say that it is concerning to see it on the market after exactly 1 year.

And if PropertyShark is correct: last changed hands on 6/11/2007 for $775,000.

∙ Listing: 1304 De Haro (3/2) - $749,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (35) | (email story)

May 12, 2008

Not Only Appliances, But A Shower Door And Some Light Fixtures Too

A plugged-in tipster reports back on the bank owned condo in the Beacon that we pointed out ten days ago (260 King #957).

...3 offers...the [foreclosed upon] seller had stripped everything out of it before leaving...even the shower glass door, light fixtures, power cover outlets, all appliances!

No word on the accepted contract price but we’ll let you know as soon as it closes (as you might recall, it was listed at $644,900 despite having previously sold for around $860,000). And if a plugged-in reader happens to be the buyer, let's not forget those invitations to the housewarming.

∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]

Posted by socketadmin at 6:49 AM | Permalink | Comments (22) | (email story)

May 8, 2008

Not Exactly Cheap, But A Bit Below Their Initial Great Expectations

Granted, it was officially listed at just over 4,000 square feet (but according to one appraiser, is closer to 5,000); and it does offer an in-law unit, six parking spaces, and some fine woodwork (all in a package fit for Miss Havisham).

But the initial list price of $3,000,000 for 2645 Lincoln Way in Parkway Terrace (central Sunset) still managed to shock quite a few (and likely sent the neighbors into a frenzy). And while the asking price on the home was subsequently reduced down to $2,375,000, according to a plugged-in tipster it just closed (or is about to close) escrow for $1,900,000.

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

May 5, 2008

Reader’s Reports: Homes On Esprit Park Now Starting From $549,000

A plugged-in reader in the market for a home at Homes on Esprit Park receives an email from the sales office alluding to some new pricing (“can't release the pricing via email”) with a request to call.

I just spoke with them, and found that some 855 SqF units have just been released for $549k, well under the $600k they were asking for similars across the courtyard just a few weeks ago when I went on a hard hat tour of the site.

Interested parties (and price guarantee holders) take note (or action).

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (email story)

May 2, 2008

What Happens When Expectations Don’t Match The Market? (Redux)

As with stories, their are two sides/perspectives to every (potential) transaction. You've heard from one (the seller), now here's the other:

Ok, so I’m the buyer in question (someone I’m acquainted with forwarded me a link to this discussion).

First, I’d like to say that I’m quite sympathetic to the seller. We considered not making an offer at all since they appear to have bought pretty much at the peak of the San Francisco housing market, we even told the seller’s realtor that we would consider dual agency to try and soften the blow (so they could hopefully reduce their commission). However you have to understand that we don’t want to find ourselves in the same situation as the current seller as prices continue to fall in San Francisco over the next couple of years.

The public records on this loft at Hoff say it has 954 square feet. A 2 bedroom, 2 full bath, top floor loft at 17th and Bryant with 1126 square feet just sold for $15,000 less than what the seller wants for this unit, and that is in a significantly safer part of the Mission.

We’re already concerned that in a year it will be worth substantially less than what we offered. I’m sorry if our offer offended anybody, we will just go look at other places – we’re not in a rush. If someone bought a few years before the peak it might be less painful to deal with today's prices.

The topic might be uncomfortable - or even unfathomable - to some, but it's a healthy and highly relevant discussion, and we thank both sides for opening up. All comments on the original thread in order to maintain the flow.

∙ What Happens When Expectations Don’t Match The Market? [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | (email story)

May 1, 2008

What Happens When Expectations Don’t Match The Market?

A plugged-in reader writes to vent:

I’m selling a Loft [in the Mission]. We just dropped our price 20K and got an offer over the weekend for 89K UNDER our new lower offering price. Are you kidding me?! Is this really what people are thinking they can get away with? Now I guess I’m lucky – because this apartment doesn’t HAVE to sell, I just WANT to sell it. So I told the people that made the offer to – well, you can guess what I told them.

Personally, I am shocked that it hasn’t sold for asking. It’s a fun, happening area, and that’s the kind of apartment it is – I guess people don’t buy fun when the market is like this. *Sigh*

As far as we’re concerned, it’s an anecdote about managing expectations of buyers and sellers alike. (And to be honest, the “Motivated Seller!” language in the listing might not be helping with either.)

UPDATE (5/2): And the offering party weighs in with his perspective.

Posted by socketadmin at 11:00 AM | Permalink | Comments (95) | (email story)

April 30, 2008

A Plugged-In Reader's Report: Crime Starts Hitting Closer To Home

A plugged-in reader reports:

I was in Baretta restaurant on 23rd and Valencia last night while it was robbed at gunpoint. The gunman had us all lie on the floor and look down. He proceeded to rob the till. Very scary stuff. I know of a recent home invasion on North Potrero. A friend of mine had his wife's laptop stolen while he was in the shower in his own home in Noe Valley. Then there's the rash of muggings in Bernal and Glen Park. I saw a guy roll up on another guy and then get shot at by the driver of the car he meant to himself assail two weeks ago on the corner of Cesar Chavez and South Van Ness. They sped off down Cesar Chavez street at 100 mph. One of the kids who was killed by that asshole over pizza in the Sunset lived in a friend of mine's building. He was shot in the face. The killer remains at large because his girlfriend wouldn't i.d. him. That was the best they could come up with. San Francisco needs to step up the policing. It's getting ridiculous.

And ads: "[T]hat octopus risotto [at Baretta] is awesome."

UPDATE (5/2): "My neighbor in Ashbury Heights was mugged at gun point last night at 10:00, half a block from her house. We're all very shaken."

∙ High Crime Rates Are One Thing, Random Muggings Quite Another [SocketSite]

Posted by socketadmin at 1:58 PM | Permalink | Comments (105) | (email story)

April 28, 2008

The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental

From a plugged-in tipster:

One Ecker is going the route of Apartments. After pre-selling 10 of 51 units, the building refunded deposits and is going to rent instead of sell.

No word on the proposed rents nor whether or not the official explanation will be unexpected strength in the rental market (versus unexpected weakness in demand for the condos).

∙ One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
∙ A Heller Manus Renovation Of 1 Ecker Place [SocketSite]

Posted by socketadmin at 9:31 AM | Permalink | Comments (28) | (email story)

April 21, 2008

A Plugged-In Reader Reports: Mission Valencia Reduction/Impression

Initially priced at $659,000 as part of “Valencia Triangle” (subsequently reduced to $585,000), and then initially priced at $599,000 as part of “Mission Valencia,” a plugged-in reader notes that 3184 Mission Street #302 is now on the market for $549,000 and offers some thoughts and impressions.

I wanted to post my recent impressions of Mission Valencia since some of the only info I could find about the place came [from this site]. I saw several of the units at an open house last week and was most interested in #302, which is currently on the market for $549K (reduced price) with 2 yrs paid HOA. This is one of the smaller, cheaper units.

The unit was very nice and new with a great kitchen and living room. However, the bedrooms were tiny and the bathroom layout seemed odd with the washer/ dryer taking up a lot of the space. The unit also overlooks busy Mission St. and the BART grates, and when the trains went by (which is very often) it was quite loud. There was almost no storage space in the unit, just small closets in the bedrooms. I did not see evidence of the pigeon problem that I had read about [here], but there was a fake owl on the balcony. The balcony was really small and not very usable--I would've rather had storage space.

You have to make your own decision about the neighborhood and how safe you feel there, so I won't go into that. The parking is secured and overall the building seemed secure. You can walk to 24th St. BART and there is bus service on Mission right outside the building. But other than the bars and restaurants in the immediate vicinity of the building, I don't think you'd be able to walk to very many fun places (Noe Valley, Bernal Heights) very easily. But they would be a short drive/trip away.

Overall, the building is nice and new, but the unit still seemed overpriced for what you get even with the incentives and price reductions. However, if you are looking in this price range, it is one of the nicer things I have seen for below 600K. If the price comes down another 50K, I think it would be a great buy. Hopefully, this will help someone out there.

UPDATE: And from another: "Word is that they are really willing to negotiate on these prices. For those interested in 2BR 2BA 1Pkg, it's probably difficult to find a better deal. I think you could get most of the units for 10% less than the listed price, which is already reduced. And don't be bamboozled by the realtor telling you only a few are for sale- they're all for sale. I think only the 2BMR units closed and one unit is in contract. This project has been a financial disaster for the builder as a result of having the condo approvals pulled in spring 2006."

∙ Listing: 3184 Mission #302 (2/1.5) - $549,000 [MLS]
∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

SWL 351 And The Proposed 8 Washington Street Project: Port Hearing

An update from Frederick Allardyce (President of the Barbary Coast Neighborhood Association) on the proposed development of Seawall Lot 351 (and by extension, the proposed 8 Washington Street Project):

This lot probably is the most valuable parcel (individually or by $ per square foot) not only in the Ports portfolio, but perhaps in the entire city. The success of the Port’s development of this parcel, may lead the Port into successfully developing the other [seawall] lots north of Market Street, which still have State Lands Use Zoning (which does not allow residential use). This parcel has been proposed as the central portion of a 170 unit luxury condominium project, of which many of the proposed units would sell for higher than any of the units at the Millennium ($2,000 to $3,000 per sq ft).

The Ports first hearing on this project was Monday, April 14th at which several hundred interested parties came and participated in a “neighborhood” analysis of the various possible uses” of this parcel and other parcels on the Waterfront. The SF Planning Department, which led 9 different discussion groups at the meeting found that the vast majority (some groups as high as 85%) wanted SWL 351 to remain as “Open Space and or Recreational”. Of the over 150 in attendance only 1 voted for an 84 foot tall building (which is 52% higher than the 55 ft tall Embarcadero Freeway). The vast majority wanted recreational facilities and a new bus system from the Ferry Building to the existing parking at the Alcoa Building (One Maritime Plaza) and the Embarcadero Center that could replace the possible removal of parking adjacent to the Ferry Building.

Any guesses as to the makeup of those 150 interested parties (and what "interests" they represented)?

∙ The SocketSite Scoop On The 8 Washington Street Project [SocketSite]
∙ Seawall Lot (SWL) 351 [SFGov]
∙ San Francisco Seawall Lot Rezoning Public Forum (5/14/07) [SocketSite]
∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]

Posted by socketadmin at 11:27 AM | Permalink | Comments (10) | (email story)

April 7, 2008

From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness

Four months ago we called out a Craigslist ad which read:

I have a modern kitchen by Pedini for sale. With the appliance I paid apx $55,000 for it….Its current installed in my condo. It was never used….You have to take out and install it your self. Includes all the appliances….Im located in off Vanness. Send me your offers. Please no under bidders I need it. sold asap.

Last week we called out a Marquee building condo that's missing a kitchen, is touting a “motivated” seller (Merrill Lynch Mortgage Lending), and is listed for $620,000 ($245,000 less than its last open market sale eighteen months ago).

And this weekend a plugged-in reader put the pieces together (which a few others saw coming a mile away).

∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (36) | (email story)

April 2, 2008

A Plugged-In Reader’s Update: 55 Laguna Poised For Strong Support

“Sup. Mirkarimi, in response to my email, writes: "[T]he entire plan [for 55 Laguna] successfully emerged from the Land Use Committee on Monday. It now goes to the full Board next week where it's poised for strong support."

Since I live in the Haight, I go by the campus every day on the bus and on foot, and something about that big, blank, street-deadening wall really bugs me. So I've been following this saga pretty closely, and while it's been frustrating to watch the planning process drag on for so long, all the haggling does seem to have produced a decent project. My impression is that, as usual, Mirkarimi played a key role in bringing everyone to the table.

So I guess the lessons to be learned are twofold: (1) Elect good supervisors, and (2) Don't let the loud anti-everything minority be the only voice they hear once they're in office.”

[Editor's Note: And perhaps: (3) It pays to get plugged-in.]

∙ Supervisor Peskin Engineers An End-Run (And Ending) For 55 Laguna [SocketSite]
∙ 55 Laguna: Approved On Appeal And In Front Of San Francisco’s BOS [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (3) | (email story)

From The Emails Of Tipsters: 34 Presidio Terrace Closing Escrow

According to a seriously plugged-in tipster, the sale of 34 Presidio Terrace will close escrow this week (but no word on the contract price). A few additional factoids:

Was listed by Malin Giddins at 10.4. Has been on and off of the market a few times over the last few years.

Used to be the home of Mayor Joe Alioto, so served as the unofficial mayor's mansion of San Francisco in the 70's and 80's. Was bombed in 1975 during a union strike in SF.

Beautiful house. Over 8000 square feet. Quarter acre lot. Great entertaining house while also being a very practical family house.

Buyer was represented by Steven Mavromihalis. Steven and Malin are two of the top agents in the city, and they were successful in getting the deal done...

As always, let’s not forget those invitations to the housewarming. (And thank you for plugging in.)

∙ Listing: 34 Presidio Terrace (5/6.5) - $10,900,000 [sfproperties.com]
∙ Another Reduction In Uberexclusive Presidio Terrace [SocketSite]
∙ New Year, New Price For 34 Presidio Terrace [SocketSite]
∙ What’s Moving (Or Not) And For How Much (Or Little): Withdrawn [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (13) | (email story)

March 28, 2008

A SocketSite Reader Reports: 65 Caselli Returns With Just One DOM

As we wrote a little over two weeks ago:

The listing for 65 Caselli expired without generating a sale (as far as we know). If the seller is in fact "motivated" to sell, we wouldn't be surprised to see the properties return under a new broker. (And perhaps another new price...)

As a plugged-in Trip writes today:

I see that 65 Caselli, oft-featured here for the, um, interesting, bathroom, and significant price reductions is newly listed again. I believe it's now at an even further reduced price, and, of course, "officially" now on the market for 1 day.

And in summary: Originally listed a little over four months ago at $2,295,000, expired a few weeks ago at $1,699,000, and back on the market today at $1,649,000.

∙ Listing: 65 Caselli Avenue (3/4) - $1,649,000 [MLS]
∙ And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]
∙ We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!) [SocketSite]

Posted by socketadmin at 8:57 AM | Permalink | Comments (16) | (email story)

As Succinct As They Come: An Address, A Picture, And A Price

The entirety of the succinct (and unfortunately unconfirmed) plugged-in reader's tip: An address (2504 Scott Street), a picture (above), and a price ($14,000,000).

UPDATE: And once again, a plugged-in tipster is right on the money.

∙ Listing: 2504 Scott Street (6/6.5) - $14,000,000 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

March 20, 2008

While Arterra Starts To Strip, The Hayes Starts To Close (And Open)

While Arterra starts to strip, according to a plugged-in tipster The Hayes has started closing ("as of yesterday") and "[a] grand opening (with the sales office on site) is scheduled for Wednesday, March 26." Let’s not forget those invitations to the housewarming(s).

∙ Arterra (300 Berry) Selectively Starts To Shed Its Bovis Blue Wrapper [SocketSite]
∙ The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (5) | (email story)

March 18, 2008

1575 South Van Ness: NIMBY Neighbors Actually Arguing For Density?

According to a plugged-in tipster, ICI Paints acquired the remaining 17-year lease for 1575 South Van Ness from Hollywood Video's bankruptcy auction (“outbidding the owner and several other bidders”) and was seeking a conditional use permit to establish “a formula retail use paint store (dba ICI Paints) within an NC-3 (Moderate-Scale Neighborhood Commercial) Zoning District.”

The application for the conditional use permit was, however, denied (although "ICI says they'll fight this "to the top""). And once again according to our tipster: “Neighbors wanted a mixed-use building with ground-floor retail, not a single-storey building sitting on only 40% of the property - while the rest is surface parking - on a site zoned for a 50' building.” NIMBY neighbors actually arguing for density? What a concept.

Posted by socketadmin at 9:35 AM | Permalink | Comments (37) | (email story)

March 17, 2008

Inside One Rincon Hill In Specific (And “No Flip” Clauses In General)

If you actually attended yesterday’s open house for 425 1st Street #2403 (and aren’t just looking at the pictures), now's your chance to share your impressions. And even if you’re not interested in One Rincon Hill in specific, perhaps the ensuing discussion regarding the enforceability of new development “no flip” clauses in general might be worth the read.

∙ The First “Official” Resale (And Open House) At One Rincon Hill? [SocketSite]

Posted by socketadmin at 9:41 AM | Permalink | (email story)

March 16, 2008

Sunday Night Special: The Bear Stearns Blowup (And Balance Sheets)

From a market capitalization of over $10.8 billion last month ($20.2 billion last year), to $3.6 billion on Friday, to an implied $240 million today, roughly $10.5 billion in Bear Stearns’ shareholder equity has evaporated over the past six weeks. And with a third of the bank owned by its employees, employee wealth has been reduced by at least $3.5b during the same period (dropping over $1 billion since Friday alone)*.

From a plugged-in reader who was listening in on the Bear Stearns (BSC) JPMorgan Chase (JPM) conference call earlier this evening:

In effect, JPM is "writing down" the value of nearly $33B in BSC mortgage-related assets to approximately $13B (after giving effect to the $20B of Fed backstop related specifically to these assets). Yes, the value of the mortgage assets on BSC's books, of which only $2B is estimated to be subprime specifically, has been marked to market at a greater than 50% discount to the market value as of 2/29/08. Now, clearly JPM was able to leverage the imminent liquidation of BSC to drive the mark to market value of these assets below the JPM-perceived value of the assets (or they wouldn't have done the deal), but why aren't the rest of the banks going to be forced to further write down the value of their mortgage-backed assets by some amount greater than what's already been done (since the true mark to market value of these assets now lies somewhere between par and more than 50% less than par)? And what does this mean to the value of the average household balance sheet, where the value of the home is a large part, if not a majority, of the "book value" of the average American household?

And then of course there’s the fact that the Fed is operating in complete crisis mode. Don’t think these things will affect all levels of our lilttle local real estate market way out here (from credit to rates to values)? You might want to think again.

*Note: Updated to include shares beyond those in the employee-incentive plan.

∙ JPMorgan Chase to Buy Bear Stearns for $240 Million [Bloomberg]
∙ Fed Lowers Discount Rate, Expands Lending to Prevent Meltdown [Bloomberg]

Posted by socketadmin at 11:43 PM | Permalink | Comments (63) | (email story)

March 14, 2008

The Only Appropriate Headline: “What The Hell Were They Thinking?”

The original photo of 2221 Baker Street:

The altered version that briefly made an appearance as part of the listing:

And the obvious question, what the hell were they thinking?

∙ Say Hello To My Little Friend Frond (And An Orchid) At 2221 Baker [SocketSite]

Posted by socketadmin at 12:10 PM | Permalink | Comments (50) | (email story)

March 13, 2008

If The Plugged-In Readers Are Right, Jumbo-Conformings Are Here

From a plugged-in reader last week:

[E]ffective date of the conforming limit increase, it's going to happen 3/14 (not public knowledge yet).

From a plugged-in reader today:

My mortgage broker just called me and told me [he] had one provider (indymac) who was now providing CA jumbo loans under the new limits ($700k+ vs $417k). He said the spread between the new Jumbo rates versus non-conforming (<=$417k) is 50 basis points as opposed to the 100-150 basis point spread a few months ago.

∙ Fannie Mae's New "Jumbo-Confirming" Loan Guidelines (In Summary) [SocketSite]

Posted by socketadmin at 10:44 AM | Permalink | Comments (26) | (email story)

March 7, 2008

Fannie Mae's New "Jumbo-Confirming" Loan Guidelines (In Summary)

A summary of the new "jumbo-conforming" guidelines (and a link to Fannie Mae's updated sales guide) by way of a plugged-in "ex SF-er":

- 30 yr fixed, 15 yr fixed, 5 year ARM, and 5 year IO ARM only
- 1st lien mortgages ONLY; no cash out refinances
- Can refinance a first loan, but cannot refinance a first and second into the new loan; if there is a second loan it must re-subordinate

- Maximum Loan to Value ratio (LTV) is 90% on fixed mortgage
- Maximum LTV is 80% on an adjustable
- Maximum LTV is 60% on an investment property
- Private mortgage insurance must be bought for all loans with LTV >80%

- Max Debt to Income ratio (DTI) of 45%
- FULL documentation of everything required

UPDATE: A couple of points that we’ll add as well:

- For loans originated between 3/1/2008 and 12/31/2008
- Fixed-rate paper available as soon as April 1, 2008
- Adjustable-rate paper available as soon as May 1, 2008
- Not available for Cooperative or multi-unit properties

- Fixed-rate loans will be subject to a .25% price adjustment (LLPA)
- Adjustable-rate loans will be subject to a .75% price adjustment (LLPA)

∙ Temporary Increase to Conventional Loan Limits: Selling Guide (pdf) [efanniemae.com]

Posted by socketadmin at 7:40 AM | Permalink | Comments (38) | (email story)

March 6, 2008

We Know About Losing A Deposit, But What About Getting One Back?

We’ve heard the stories of contract holders losing their deposits, but a plugged-in reader is hoping for a little guidance from somebody who hasn’t.

I put down a nonrefundable deposit a year ago at a new development. Now that I am about to close on my unit, there's been a change in my financial circumstances for the worse (because of the recession and through absolutely no fault of mine) and I can no longer obtain loan approval. I did obtain preliminary loan approval when I first signed the contract, so that contingency has already been taken out of my contract.

I need to cancel my contract, and it seems like the developer will insist on keeping my deposit. I've heard that in San Francisco, developers will often give money back to the buyers because it is so easy to find another buyer. Is this really true? And if so, is this changing due to the worsening market? I'm interested to see if any other SocketSite reader has cancelled his/her contract and has been able to get their deposit back.

We’re not so sure about that “often,” although we do know of a few big developers who have made exceptions based on significant changes in circumstances (for which you might be able to make an argument). And we can’t tell you how it’s going to play out moving forward. But perhaps a reader (or a friend of a reader) can share a success story (or two).

∙ Infinity And One Rincon Hill: Closings By The Numbers To Date (2/29) [SocketSite]

Posted by socketadmin at 10:13 AM | Permalink | Comments (46) | (email story)

March 5, 2008

733 Front Street Update: 84% Sold (And The First Attempted Resale?)

According to a plugged-in tipster, 733 Front Street is now 84% sold with eleven (11) of the original 69 condos remaining (which represents net new sales of ~12 units over the past five months). From our tipster:

Both of the incentive packages you previously noted remain available [as well as twice-monthly housekeeping services and gourmet meal delivery by Cook!SF for one year]. Interestingly, sales staff are openly discussing price reductions (though of course none of the listing prices have changed), unlike at some other newer developments (170 Off Third comes to mind) where developers are resolutely refusing to discuss such things.

The current “list” prices for six of those eleven remaining units:

733 Front Street #203 (1/1) 949 sqft - $735,000
733 Front Street #207 (1/1) 846 sqft - $695,000
733 Front Street #301 (1/1) 1,004 sqft - $750,000
733 Front Street #307 (1/1) 846 sqft - $715,000
733 Front Street #311 (1/1) 885 sqft - $735,000
733 Front Street #605 (2/2) 1,543 sqft - $1,950,000

And while the developer is offering incentives (and reductions) in order to close the last eleven, 733 Front #213 has hit the resale market with a list price of $659,000 (including “HOA dues paid til Aug. 2008”). As far as we know it was originally offered by the developers for $550,000. And yes, we’ll keep you posted.

∙ Listing: 733 Front Street #213 (1/1) - $659,000 [MLS]
∙ 733 Front: 66% In Escrow And Evidence Of A Few Price Reductions [SocketSite]
∙ The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa [SocketSite]
∙ New Incentives (And Effective Reductions) At 733 Front Street [SocketSite]
∙ 733 Front Sales Update: 32% In Contract (Almost All Two-Bedrooms) [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (10) | (email story)

March 4, 2008

A Chance For You Your Broker To Be Riding In Style

From a plugged-in tipster who’s not a broker (“no idea why they would send me this”) but nonetheless received the following email from Pacific Marketing Associates:

Subject: Brokers! Don't miss your chance to drive a brand new C-Class Mercedes on us!!!

To quote our tipster, "would hate to think my broker is showing me something so he/she could enter a contest!" Keep in mind that your broker will only get one entry into the grand prize lease drawing for a tour. But for an accepted contract, it's another five.

∙ Your Agent Might See Value, But Be Sure To Ask For Whom [SocketSite]

Full Disclosure: SoMa Grand advertises on SocketSite, but has provided no compensation for (nor had any prior knowledge of) this post.

Posted by socketadmin at 8:20 AM | Permalink | Comments (28) | (email story)

February 25, 2008

From Tough Love Comes Positive Change Over At One Rincon Hill

From "One Rincon Hill Resident" (the reader formerly known as “FrustratedBuyer”):

I was told by the excellent sales team at One Rincon Hill that the developer would be changing its policies and procedures. Based on the last couple of comments (NewRinconResident at February 23, 2008 12:40 PM; ORHBuyersAgent at February 23, 2008 12:50 PM), that appears to be the case, and the pre-closing walk through should now be a positive experience for both buyer and seller. The developer is inspecting and making obvious corrections before releasing the units for the walk through and has loosened up on the policy of prohibiting helpful professionals not on title from participation; and the customer service representative who conducts the walk through has cleaned up his act. [SocketSite] is an excellent site for new residents to have a serious exchange of ideas concerning our new homes -- and our comments are noted by the sales staff.

We love it when a plan comes together. And here's to a plugged-in One Rincon Hill Resident for being so "picky" (not to mention having "too much time on his/her hands").

∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

Posted by socketadmin at 1:56 PM | Permalink | (email story)

A “Bitter” Renter Reports: Repossessed In Lower Pacific Heights

The listing for 1944-1948 Buchanan, a three-unit building in Lower Pacific Heights, notes “Nice building in good condition with good rents” (which add up to $6,425). The listing also notes “REO [bank owned], will entertain all offers” (apparently the good rents didn't cover the good mortgage).

And it’s actually a tipster who’s responsible for a portion (at most $2,825) of those rents.

I’m one of the tenants there and sold my condo 2 years ago to wait for the pending crash before getting in the market again. Now I find myself potentially having to rent again for higher rent OR buy before I’m ready and before market hits bottom, BUT of more interest to your readers is WHERE this happened and is it a harbinger of many more to come in the hood?

And also, what should I do? Stick it out ‘til evicted under Ellis? Or get back in market again?

Questions, questions, questions.

∙ Listing: 1944-1948 Buchanan - $1,795,000 [MLS]

Posted by socketadmin at 5:30 AM | Permalink | Comments (56) | (email story)

February 22, 2008

Conversion Of 140 New Montgomery Moves To Environmental Review

It was nine months ago that the news broke about Meany Sullivan’s purchase of the 26-story Pacific Telephone Building at 140 New Montgomery with plans of converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.” And according to a plugged-in tipster that lives nearby (and in the picture), the project's environmental review notice is making its rounds.

The proposed project is a seismic retrofit and a conversion of the approximately 377,000-square-foot, historic Pacific Telephone and Telegraph Co. Building from office to residential use. The proposed project would contain approximately 135 residential units on the 2nd floor to the 26th floor of the building for a total of about 368,000 square feet of residential space, and an approximately 8,500 square foot restaurant on the ground floor. The height of the building would remain unchanged. An existing below-grade parking garage, accessible from Natoma Street, would be used to accommodate up to 70 valet-parked cars. The proposed project would also include construction of a single-storey horizontal addition to the building on an existing parking lot on the south side of the building to support the residential use.

Also noted by our tipster: "There's no mention...if this is a watered down version of the 5-star-luxury hotel residence that was mentioned last year, but it's good to hear that the building will hopefully eventually move away from being derelict!"

Now about that "You didn't hear it from me...The Waldorf-Astoria, San Francisco" comment a reader left last May...

∙ Another Office To Hotel/Condo Conversion: 140 New Montgomery [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (11) | (email story)

February 21, 2008

Infinity And One Rincon Hill: Comments On Closings And Walkthroughs

One plugged-in reader in contract at Infinity needs a new lender (“my loan provider citibank is dropping Infinity as an approved project”) and seeks some other readers’ thoughts on choosing between Wells, Chase or Countrywide.

While another plugged-in reader in contract at One Rincon Hill offers some tough love and thoughts on navigating your walkthrough (and closing).

∙ Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry [SocketSite]
∙ RandomRumors: One Rincon Hill Walkthroughs Without An Agent? [SocketSite]

Posted by socketadmin at 2:40 PM | Permalink | (email story)

February 13, 2008

JustQuotes: And So Have We (Noticed The Graffiti That Is)

"I lived a couple of blocks south of anonfedup's mom [in Cow Hollow] and instead of poop, I would find used condoms all over the sidewalk....The car break-ins off Union have gotten out of control. I've also noticed a lot more tagging over the last couple few months."

∙ Comment: Apparently San Francisco Attracts A Lot Of Negative People [SocketSite]

Posted by socketadmin at 1:57 PM | Permalink | (email story)

February 11, 2008

SocketSite Readers Report: The Grand Opening of The Greenwich

The twenty-nine new condos at The Greenwich (1501 Greenwich) officially opened this weekend and a few readers have shared their thoughts. And while we're still in search of a complete price list (email tips@socketsite.com), it appears that prices range from $589,000 to $1,949,000 (based on the two units listed on the MLS).

∙ The Greenwich (1501 Greenwich): Website Live And Floor Plans Return [SocketSite]
∙ Listing: 1501 Greenwich #202 (2/2) - $929,000
∙ Listing: 1501 Greenwich #306 (1/1) - $589,000 [MLS]
∙ Listing: 1501 Greenwich #601 (3/2.5) - $1,949,000 [MLS]

Posted by socketadmin at 1:02 PM | Permalink | Comments (29) | (email story)

Another Apple Is Ripening On The Tree In District Nine: 701 Minna #19

Three months ago we received the following note from a plugged-in reader:

I used to live at [701 Minna #19]. In April 06 I had it listed for $930k and ended up selling for $890k, thinking I made a good choice. Though at the current asking (already been lowered from $1195k to $1095k), it would give the owner about $200k appreciation for only spending maybe $2 to $3k for the motorized sunshade/skylight, maybe the paint job cost an arm and a leg.

And while our reader might have been second guessing himself in November, a tip we received yesterday might put his mind at ease (and some others' not):

Check this one out - first listed early Nov. for $1,195,000 then dropped to $1,095,000, then dropped to $899,000 for a few days and now available for $700,000. Purchased in 2006 for $889,000. It's loaded with loans (check out Property Shark) and sits in the glutted cookie cutter loft ghetto. Looks like a desperate short sale.

And speaking of "others," we'll note that the list price on 701 Minna #3 (about 600 square feet smaller than #19) was recently reduced from $664,900 to $629,900 (the listing still notes: “Seller wants this off the books for jan. Fax any offer today.”).

∙ Listing: 701 Minna #19 (2/2.5) 1,781 sqft – $700,000 [Prudential via Pacific Union]
∙ Listing: 701 Minna #3 (1/1.5) 1,173 sqft – $629,000 [MLS]

Posted by socketadmin at 11:09 AM | Permalink | Comments (38) | (email story)

February 4, 2008

Infinity Update: Closings, Move-Ins And Even Kitchen Cabinetry

We’re still working on an “official” update with regard to Infinity closings and move-ins, but a plugged-in reader and uberexcited contract holder swings by the building and reports:

Update on closing dates...We just went by the building...the lobby is pretty much up and running, just needs furniture. There are now doormen at the front desk. We spoke with one of them briefly and he said the first move in will be this coming Monday [2/4]. I was a bit uncertain of this as I thought they were still waiting for the final "white paper" from the CA Dept of Real Estate.

We're now scheduled for a walk through mid February with an end of Feb. close...can hardly wait.

Also, if you've not been to the Studio Becker showroom (8th and Townsend), I'd encourage you to do so. They can help you with adding additional storage in the kitchen (e.g. adding to the island, converting the upper [cabinetry] to fully functional storage versus closed/fixed fronts, etc.) The team there is outstanding.

∙ Walkthroughs At Infinity: A Chance To Share Your Impressions [SocketSite]
∙ Infinity Update: Construction, Tower Two, And Possibly Even Sales [SocketSite]

Posted by socketadmin at 8:53 AM | Permalink | Comments (120) | (email story)

January 24, 2008

The Hayes (55 Page) Strips Off (And Reveals) A Little Bit More

The Hayes (55 Page) is one step closer to architectural judgment (and occupancy) as the majority of blue window wraps have been removed. And while at least one plugged-in reader looks forward to an “early ‘08” move-in, another who was planning on “late ‘07” will no longer be making the move (we’re trying to confirm details on exactly why and what happened to the deposit).

Keep in mind that it was ten months ago that another reader reported 30% sold with sales office expectations of selling out (and moving people in) by the end of 2007. And in terms of net new sales, word on the street is very little movement since our last report of 60% in contract three months ago.

∙ The Hayes (55 Page): Starts To Get Unwrapped And Revealed [SocketSite]
∙ A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold” [SocketSite]
∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (31) | (email story)

January 23, 2008

The First Physical Sign (Quite Literally) Of Home Depot Development

A plugged-in reader reports: “As I was driving by today, there were four guys standing on the awning removing the "Home Depot YES" sign and replacing it with a "Home Depot Coming Soon" sign.”

UPDATE: And Bayview Hunters Point Home Blog scores the photographic proof.

∙ Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble! [SocketSite]
∙ Home Depot Coming Soon [Bayview Hunters Point Home Blog]

Posted by socketadmin at 2:29 PM | Permalink | (email story)

A Reader Reports: 1286-1298 Treat Avenue Goes Up In Flames. Twice.

The Ellis Act eviction notices were served in December 2006, the evictions carried out a year later, and three units at 1286-1298 Treat Avenue returned to the market as TICs not too long ago. And according to a plugged-in tipster, they’ve gone up in flames.

"[1286-1298 Treat Avenue] was torched the night of 1/21 and then mysteriously rekindled itself Tuesday morning. All that seems salvageable is the realtor’s sign, untouched by the blaze."

Borrowing a line from our story about a suspicious fire at 2626 Sutter: "Our first thought? We hope nobody got hurt. Our second thought? Well, let's just say it was probably the same as yours."

∙ Attempt to evict Treat Ave. residents [El Tecolote]
∙ Listing: 1286-1298 Treat Avenue [Vanguard]
∙ 2626 Sutter: Little Did We Know (Or Perhaps We Did) [SocketSite]

Posted by socketadmin at 12:11 PM | Permalink | Comments (41) | (email story)

January 10, 2008

A Plugged-In Reader Vents (And We Honestly Can’t Fault Either Side)

It wouldn’t exactly be going out on a limb to predict that 2016 Pacific #203 will end up selling for “over asking!” Especially considering the note we recently received from a plugged-in (and frustrated) reader in the hunt.

[I’m] writing to vent about 2016 Pacific #203...I heard about it before it went on the market and asked my agent to do some digging because I thought there might be potential to purchase before it was listed.

2 bedroom, 2.5 baths, 2 story, no view, one car parking.

They listed for $1.295M (first open was 1/6) but they'd already gotten a pre-emptive offer at $1.35M before it was listed, which they turned down. As a buyer, it is incredibly frustrating when agents don't price properties at market but rather below-market. Seems to me that the reason is either 1) they want to hit a segment of buyers who might draw their limit at below $1.3M in hopes of enticing them to generate multiple-bid situations; and 2) be able to say that the price sold 'OVER ASKING.' I know many of my friends share the same sentiment and frustration as me... 'over asking' is b.s....

Huh. Perhaps we’re not the only ones who understand that “over asking” is currently more indicative of pricing strategy than anything else. And as an aside, we can’t fault either side for their frustration or approach.

UPDATE: 2016 Pacific Avenue #203 closed escrow on 1/25/08 with a contract price of $1,375,000 (6.2% over asking).

∙ Listing: 2016 Pacific Avenue #203 (2/2.5) - $1,295,000 [MLS]

Posted by socketadmin at 3:15 AM | Permalink | Comments (47) | (email story)

January 9, 2008

The Difference Between "Appreciation" And Actively Adding Value

It’s a plugged-in reader’s comment that serves to demonstrate the difference between passive market "appreciation" and actively adding value (or improvements).

We bought a six unit in NOPA early 05; removed tenants, swapped old cabinets and appliances for new, re-did the floors, added w/d and painted. Paid $282/sq ft to complete ALL of the above. Sold in early 07 for $454/sq ft net after [commissions] and transfer taxes. Made a nifty $986k or 62% ROI. Despite the fact that it took a full 14 months to remove the tenants, it was a fun project.

And of course, it’s also food for thought with regard to what’s driving an increase in many area's "median sales price" (or even price per square foot).

Posted by socketadmin at 12:08 PM | Permalink | Comments (48) | (email story)

January 8, 2008

One Rincon Hill: Closings, Walkthroughs, And (Almost) Anything Else

Okay, so perhaps we were a bit naïve in thinking readers could wait 24 hours to engage in a discussion about walkthroughs and closings specific to One Rincon Hill, so without further ado: "I've been calling One Rincon to ask when I could get into the building and they said they are working on it. Does anyone know when they’ll let people in?"

∙ One Rincon Hill: An Official Update And A Few Confirmed Facts [SocketSite]

Posted by socketadmin at 12:08 PM | Permalink | Comments (19) | (email story)

Walkthroughs At Infinity: A Chance To Share Your Impressions

From a plugged-in reader and contract holder at Infinity:

I'm an infinity buyer and recently received a call from the sales office to come in for my walkthrough...It would be great [to allow readers] to post their experiences with their particular walkthroughs: impressions, problems, surprises, etc. With a good number of responses, it could serve as a nice tool for those of us who have not yet done our walkthrough.

Great idea and consider this the community’s opportunity. An extra special thanks to any plugged-in readers who choose to forward a photo or video to share (tips@socketsite.com). And yes, off topic comments will be summarily censored deleted without apology (and we’ll provide a similar opportunity for buyers at One Rincon Hill tomorrow today).

Oh, and not to spoil the surprise for the buyer(s) of #28A, but that’s the actual view from your unit above (and let's not forget those invitations to the housewarming(s)).

∙ The Infinity: The “Official” Dates And Update (8/24/07) [SocketSite]

Posted by socketadmin at 8:05 AM | Permalink | Comments (36) | (email story)

January 7, 2008

Thirteen More "Anecdotes" Of Distressed Listings In Districts 8 And 9

From a plugged-in Damion Matthews at LiveInSF:

I did just do some research last night on Short Sale and REO listings in districts 8 and 9 – there’s quite a bit. Not as much as in other parts of the state, of course, but more than we’ve seen in those neighborhoods before. I found 13 listings, and 8 of them are lofts. They’re all under $1 million.

Included in the mix is 950 Harrison Street #202 which is 1,120 square feet, has been on the market for two months, and is currently listed for $575,000 (“sold last year for $699,000”). And #S2303 at The Metropolitan (355 1st Street) which is now bank owned, 691 square feet, and listed at $519,000 $599,000 (see UPDATE below).

And no, neither of those two "anomalies" we noted last week (246 2nd Street #1302 and 41 Federal #42) are included in Damion’s thirteen. Nor are any of these in District 10.

UPDATE: Since publishing this story this morning the list price on 355 1st #S2303 has in fact been raised from $519,000 to $599,000. Sorry about that folks.

∙ Distress Deals [LiveInSF]
∙ Listing: 950 Harrison Street #202 (1/1.5) - $575,000 [MLS]
∙ Listing: 355 1st Street #S2303 (1/1) - $519,000 $599,000 [MLS]
∙ One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]

Posted by socketadmin at 9:40 AM | Permalink | Comments (26) | (email story)

January 4, 2008

JustQuotes: Oakland Is In The House

"We still own a flat in Noe.... we moved to Oakland because of it's great livability, great hills schools, the weather, swift commute,etc. etc. It's a mistake to assume a person is broke and desperate to move out of SF..... you can have your East Bay sunshine and still get dinner at Firefly, coffee at Tartine, and lunch at the Burger Joint with a move to Oakland. Or you can eat at Wood Tavern and Bakesale Betty's......

Everybody raise their hands if they remember when they too thought the coolest thing on earth was the ability to roll out of bed and go hook up with your friends at the Fillmore, Union, "insert any street name here"... Street Fairs. Remember how "hip" it was to wait for a brunch table at Kate's Kitchen, to go hear the great music at Radio Valencia???? Byron..... grow up." (Cashing Out: If It Can Happen There, Can It Happen Anywhere?)

Posted by socketadmin at 3:30 AM | Permalink | (email story)

December 24, 2007

525 Laidley Sells For Over Asking! (But Less Than Previously Paid)

It’s a plugged-in tipster that notes 525 Laidley in Glen Park recently closed escrow rather quickly for “over asking” (listed for $1,295,000 and closed for $1,340,000) and quite possibly with “multiple offers.” And we’ll note that the “median sales price” for single family homes in District 5 (which includes Glen Park) is up 4.1% over the past year.

And while all those stats (over asking, multiple offers, and median sales price up) are sure to be seen as signs of market strength by some, the sellers might have a different perspective:

The previous owners bought it in a private sale for $1,406,000 in April 2007 (yes, eight months ago). This was not intended to be a flip but they put it on the market two months later because one of them got a new job out of state. In the meantime, they had put maybe $10K into the house. The listing price was $1,395,000. They received multiple offers but it didn't sell because "the number" they were holding out for was $1,465,000, as anyone who attended an open house was told. I guess that was the number that would cover their brokerage cost?

They then took it off the market for a while and relisted it a few weeks ago with a new agent at $1,295,000. They did no work on the house in the meantime but the major positioning change was that they now quoted and advertised the number of square feet (3200). Before, that number had been left blank. The house sold quickly for $1,340,000, much less than the offers they had turned down a few months before.

All of which leaves our tipster wondering: 1) “I understand pricing a house lower than you think it will sell for in order to spark a bidding war. But why would you price a house lower than you will accept?” And 2) “Under what circumstances does an agent NOT list the square footage and what could have changed in a couple of months? My guess was unwarranted additions but I don't see any permits filed to correct that.”

Posted by socketadmin at 3:30 AM | Permalink | Comments (22) | (email story)

December 21, 2007

SoMa Grand: A Reader’s Unofficial Sales Update And Insight

From a plugged-in reader who’s now in contract at SoMa Grand:

SoMa Grand is currently at about 35% contracted or occupied, reporting 90 under contract of [246] units as of this past weekend…. While no official incentives are available, they are willing to throw in upgrades, especially if you buy without parking. Their design center is also open now in a model unit.

As you might recall, we reported an official 30% in contract six weeks ago (a difference of roughly 15 units).

∙ Soma Grand (1160 Mission): Status And Sales Update [SocketSite]

Posted by socketadmin at 2:46 PM | Permalink | Comments (11) | (email story)

1330 Greenwich: From Listed, To Sold, To Owned (With Perspective)

As we wrote about 1330 Greenwich Street on November 8: “…it’s unique and it might have potential. And yes, we just so happen to be partial to both.”

As Cece commented on December 14: “MLS say this property sold and closed yesterday for $1,015,000.” [It was listed for $849,000.]

And as Janet added on December 19: “And we're the new owners! I loved reading all of the comments - we love it for its quirkiness and yes, charm. If you could have seen our last project....before and after, that is.”

[Note to Janet: Congratulations (on both the purchase and perspective); we’d love to see before and after shots (of either project); and don’t forget those invitations to the housewarming.]

∙ We’re Going With Unique And Perhaps Potential (1330 Greenwich) [SocketSite]

Posted by socketadmin at 10:54 AM | Permalink | (email story)

December 19, 2007

Promoted From Comment To Post: Satchel Does Deflation

We’re not sure whether to call it a guest editorial or a soapbox, but in either case we’re handing plugged-in reader Satchel the mike.

Thanks for the questions regarding how I can be predicting deflation when everyone else seems to be saying inflation (and some price measures are pointing that way). It does seem contradictory, but it's really pretty straightforward when you take it step by step. Apologies to anyone who finds this pedantic or useless. And of course for some of you this will be very obvious. But maybe some of you would find this interesting? As usual, it is long…

First, real wealth is not the same as monetary value (prices). Real wealth (sometimes called real assets) consists of things like real estate, useful goods (like, say, a nice handmade guitar or maybe a store of grain) and control of the factors of production (people typically think equities, but it's really much broader - intellectual capital, the ability of a mother to teach her young children in their earliest years, small unlisted businesses, etc.). Most real assets are assigned a monetary value or price, especially if they are to be exchanged. This is obvious with real estate or equity prices. But think out of the box. Think about how people sometimes say, "I need to monetize my idea" or "monetize my time". Wealth is a pretty broad concept.

Real wealth grows slowly, and is correlated with productivity growth, which is a small number, and, although the tech guys will not like to hear this, is actually today lower than pre-WWII. Lots of debate, and no real reason to go into it here, but suffice it to say, we're talking gains of roughly 1-2% per year per capita. So, real wealth grows slowly, and if too much government gets in the way, it can turn negative (think USSR post- about 1980). (Please guys, don’t tell me about the recent uptrend in trend productivity. I’ve seen the NY Fed data – they’re wrong as far as I can tell, because they’re derived from a deflator that is understated; I guess this is arcane, but for those of you who understand this, you’ll also understand why the government has a systematic bias in favor of understating price inflation measures for obvious reasons.)

In a fiat system, money is debt. Simple as that. Money is literally borrowed into existence. Think about when you buy a house in SF in 1999. Its monetary value then was $1MM. In 2005, say, its monetary value is $2MM. The real value (or wealth) inherent in the house has not increased (technically, there is a slight increase or decrease, but people are already complaining about the bandwith I use, so forgive me if I skip that wrinkle) because it is the SAME house. Same utility. Same wealth. Same real value.

Now, if you borrow $500,000K against it, you get money. Where did that money come from? It was borrowed into existence. That's how it works. In the old days, before Dr. Greedscam, the amount of borrowing available was limited by reserve requirements, so that the Fed could control the rate of growth, at least somewhat (not that they really did). Following 1991, these limits gradually disappeared, as securitization took hold. In its most extreme and current iteration, one could literally create money out of nothing. All you needed was a willing investor (hello silly Asian savers and Eurosclerotics) in a SIV (or conduit, or ABS tranche, or CDO, or CLO, get the picture?), and you could always find a willing American Debt-Serf. By now the fed had basically relinquished all control over borrowing, especially as it was unwilling to disappoint the masses who were increasingly tricked into thinking debt was wealth (and this confusion was a very happy happenstance for the banks and corporations BTW). Nominal debt (and derivatives) EXPLODED – literally into the hundreds of trillions of dollars, although some of these net against each other. Wall Street siphoned off a little bit every time they created one of these things, then took a little more every time they traded, and for good measure even bought them and traded against the infinitely less sophisticated public officials, pension funds, money market funds and, yes, even homebuyers (through excessive fees siphoned off by brokers, re agents, etc). It was literally a slaughter.

Following the example, after you create the $500K of money, you are no more wealthy. This is important. You have exchanged your future earnings (with interest of course) for the newly-created money. In other words, you have exchanged part of your FUTURE wealth (your earnings power and productive capacity or your ability to consume in the future) for current wealth. (You might sometimes hear people throw around the term “Riccardian equivalence” which is basically this idea.) There is an illusion of increased wealth, because of all the money flying around, but wealth is the same on a net basis (across time), increasing slowly as it does. Actually, you take a hit to your wealth – LOL! That’s why all the hedge fund guys are buying yachts and mansions!! – but you won’t realize that until later, if ever. Where do you think Wall Street got all the hundreds of billions in bonuses in the last 6 years while equity markets returned approximately 0% (excluding the fraudulently small dividends received)? Now that return was for the broad S&P. If you happened to be invested in tech stocks generally…..well, you know it was a(nother) slaughter. Hmmm, BTW, where did all that money go?? I’ll let you figure that out, but I’ll give you a hint – drive around Atherton or, even better, Greenwich, Connecticut for some clues…..

Back to your questions now. I think your confusion about inflation is that you are only thinking about it as prices. Think of it as money (credit) supply. As the credit supply is expanded (through borrowing) it is inflated. As it contracts, it deflates. Inflation/deflation. That’s it. But think about the effect on monetary values (prices) of things when credit inflates. The extra money created “chases” some asset prices and goods/services up. Generally, these items are what amateur trader/economists call “houses and haircuts” – that is, fixed assets and services that cannot be arbitraged. You can’t get a haircut from China. You can’t get a house from China. And you can’t eat out at a restaurant in China on a Staurday night and still be home for bedtime. So that created money tends to flow here, raising prices for houses, haircuts and restaurant meals. For things that you can get from China, well, you know the story. Price deflation, which is what you would expect because as productivity rises things become cheaper to make (in real terms).

There’s no real reason prices should go up in the aggregate, absent credit creation. In fact, before we had a fiat money system (basically prior to 1913), you might be surprised to learn that a house in 1780 cost basically the same as it did in 1900! Imagine that. Real estate didn’t go up over a 120 year period!! Well, of course that makes sense, because the REAL VALUE doesn’t really change too much. It never does, not even today. (This is of course super oversimplified, but you get the idea.) Incidentally, over this period, living standards and real income increased dramatically, as many prices fell (through increased productivity), freeing people up to enjoy the fruits of their increased productivity.

Sometimes when credit is expanded recklessly, and under apparent mass psychology conditions that no one can really figure out, the public’s attention is turned to a particular asset or asset class. It could be tulips in Holland, could be land in Florida 1925-26, equities in the 1920s, railroad stocks in the 1840s, a crazy company that no one really could figure out what it was supposed to do (except somehow exchange stock for newly created government debt) in the 1720s England, the twin Japanese real estate and stock bubbles of the late 1980s, the NASDAQ in the late 1990s, or, most unfortunately for some of us, what looks to be the biggest bubble of them all, the (almost) global housing bubble. Although no one wants to admit that SF suffers from it, it would be strange for it to sit out the party, don’t you think, since it is usually on the cutting edge and all??

We’re getting to the good part. What happens when there is deflation? That is, when money/credit is destroyed? And what effects will this process likely have on asset prices, and can certain consumer prices (like food or oil, for instance) still rise in an environment like this, or its variant, what is often thought of as stagflation?

I’ll post more tomorrow. If anyone appreciates this at all, or wants me to absolutely stop, either way, put up a comment, and I’ll try to be a “people pleaser” – as I’m sure you can tell, something that does NOT come naturally to me!

Editor's Note: We're not all that interested in lowest common denominator thoughts, so please don't worry about trying to be a "people pleaser" on this post. And as always, thank you for plugging in (and provoking thought).

Posted by socketadmin at 9:46 AM | Permalink | Comments (40) | (email story)

December 13, 2007

888 Seventh Street: The Three Bedroom Units Going Fast?

While the 888 Seventh Street website still notes “Sales Office Opening Soon,” and the online floor plans would suggest that all fifty-four market rate condos remain “Available,” according to a plugged-in tipster “[t]he 4 (3 bedroom units) in the cafe building [pictured above] are going fast" with the top two already in contract. Needless to say, something seems a bit off (perhaps in more ways than one).

∙ Fifty-Four Market Rate Condos At 888 Seventh Street Coming Soon [SocketSite]

Posted by socketadmin at 3:20 AM | Permalink | Comments (14) | (email story)

Another Reader’s Reality: Living Off Of Third Street In Bayview

On Monday it was one reader’s reality versus perception regarding life around Sixth Street in mid-SoMa/Market/town. Today we highlight another reader’s reality, and this time it’s living off of Third Street in Bayview.

[L]ike many areas of San Francisco you have to be cautious and use common sense. I live on Palou Ave at Lane about a block from 3rd. I have lived there since July. Got a pretty decent deal on a 1200 square foot, 1925 2bedroom house in good shape with views, decent yard, original nice details. I did talk with a few neighbors before getting in. Many long-time owners, also new folks to the neighborhood. Young Latino families, Asian, and several 30 something white gay couples.

I feel reasonably safe, but I have heard gunshots. Only once. I used to live in the Mission and heard them more often. This development [5800 Third Street] and grocery will definitely help establish the neighborhood as a nice and "affordable" for many SF citizens. The grocery is especially needed.

The condo's do have to be pretty nice and large to sell from the mid 500's as I bought my house for $550,000 and there are currently many houses in the $500K to $600K range. I think most people will want a house as opposed to a condo in a 300+ unit condo complex.

∙ Neighborhood Perception Versus (At Least One Reader’s) Reality [SocketSite]
∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (11) | (email story)

December 10, 2007

Neighborhood Perception Versus (At Least One Reader’s) Reality

It's neighborhood perception versus (at least one reader’s) reality:

As someone who has lived within two blocks of [the SoMa Grand] for the last 15 years, I think it deserves mention that this neighborhood has already changed a lot. When I moved into an apartment on Tehama between 5th and 6th back in 1992, there were smash-and-grabs every day, often multiple times a day. I have seen people being zipped up in body bags, shootings, and trannies giving tricks right on the street. But things started changing with the dot-com boom. I believed in the trend enough to purchase a loft on Minna between 6th and 7th in 1992, and felt (barely) safe enough to start a family.

I would never had guessed 15 years ago that there would be a nearby park (Victoria M.) I can actually take kids to. Sure, I still feel out of place when we walk up Sixth to Tu Lan's, but nobody bothers us. And I hate that people use the entry way to our building as their restroom, but even my friends in Pac Heights have to deal with that every once in a while.

Why do I stay? I love being able to walk to work, and to be so close to Yerba Buena Gardens, MOMA, Metreon, Westfield, Union Square, the shops and cafes on Folsom Street, and the Sunday Farmers Market--just to name a few.

So if things get better, great. But as long as they don't get worse I'm cool.

And a question for those in the know, how long has Stan’s stay been extended?

UPDATE: Thanks to Bob, we have the update on Stan's stay: "Stan" was extended to April 15, 2008 by the Recreation and Parks Commission (this was the rare case where everyone from the neighborhood who showed up to testify seemed to love an art installation)."

∙ We Tried To Warn Tell You, The Neighborhood Is A Changing [SocketSite]
∙ Grand-opening of Victoria Manalo Draves Park [BeyondChron]
∙ Stan in SOMA park [Black Rock Arts Foundation]

Posted by socketadmin at 3:30 AM | Permalink | Comments (15) | (email story)

December 6, 2007

A Peek Inside 610 El Camino Del Mar (And Yes, We’re With “Barbco")

When we first featured the Albert Farr designed 610 El Camino Del Mar there weren’t any photos of the interior online (other than of the pool). But having been inside, “barbco” did quite pique our interest with the following comment:

I saw the interior of this home and it is an amazing piece of true Spanish Med, not the knock off stuff you see everywhere. Floor tiles imported from Cuba, Mission and conquistador hand painted tiles on the walls, chunky beams imported from Spain. The home is not "grand" with low ceilings and a 70's kitchen. The pool is probably the best indoor residential pool in the City. It is a "work of art" but you have to live and breathe Spanish Med to the tenth power in every room.

And now that we (and you) can peek inside, we’d have to agree. We're fans (especially of the Cuban tiles). Just don't get us started on the parking lot out back.

∙ Listing: 610 El Camino Del Mar (4/5) - $6,200,000 [610ecdm.com]
∙ An Albert Farr Design Breaks Free (610 El Camino Del Mar) [SocketSite]

Posted by socketadmin at 8:07 AM | Permalink | Comments (19) | (email story)

December 5, 2007

Single-Family Apples To Apples (And A Reader’s Perspective)

It’s a plugged-in reader that alerts us to the sale of 226 Caselli Avenue, a renovated single-family home in Eureka Valley that closed escrow last week for $1,420,200. And it’s the same reader that notes that the home had previously sold for $1,515,000 two years ago (on 8/16/05).

But quite honestly, it's not this home's drop in value over the past couple of years which grabbed our attention (okay, so perhaps a bit). No, it was our plugged-in reader’s side note that did the trick:

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. After all, there seems to be such a strong demarcation between the renting "bears" and the homeowning "bulls" in the comments' section of the blog. 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. Yes, we may lose money...but cheerleading real estate from the top of our nearest real estate blog will not change that, and declaring that our house is appreciating 10% this year will not make it so.

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].

In betting terms, that’s what we'd call a sure thing. Thank you for reminding us that the average SocketSite reader is anything but (average). And as always, thank you for plugging in.

∙ The Average SocketSite Reader (Is Anything But) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (102) | (email story)

December 4, 2007

JustQuotes: We Missed It (But Would Welcome Any Other Reports)

“Hopefully, some of you were also at the SPUR lunchtime presentation by Hines about the Transit Tower. One exciting potential they mentioned was linking some of the other surrounding buildings to the City Park on top of the transit center itself.”

UPDATE (12/5): And once again, Jamie delivers (and teases us with mention of a "desired" BART connection).

∙ Event: In depth look at the Transit Center tower [SPUR]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]

Posted by socketadmin at 2:19 PM | Permalink | Comments (3) | (email story)

November 27, 2007

Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid?

A plugged-in tipster notes another price reduction on the listing for 1580 Masonic (this time by $200,000 or 5.6%). And while the price reduction might not be all that telling (in and of itself), and perhaps it simply wasn’t “priced right” to begin with (as some like to say), our tipster also notes that this nicely finished Ashbury Heights home is now listed for $105,000 less than what the sellers paid for it in March of 2006 ($3,500,000).

And no, asking price and selling price aren't the same thing. But we will keep you posted (and plugged-in).

∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $3,395,000 [1580masonic.com] [Alain Pinel]
∙ Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (72) | (email story)

November 15, 2007

But Did He Have Special Assessment Insurance? (1101 Green Street)

Don't get us wrong, we're still fans of San Francisco's Bellaire Tower (1101 Green Street). But what happens when residents rally together for years to resist any major increases in monthly HOA dues (and investment in the building)? It's called deferred maintenance.

And now all of those residents (and any new ones) are getting hit with a significant special assessment (and according to a plugged-in tipster, a multi-year resurfacing and window replacement project) to right the wrongs. It's a good thing the Mayor still has his day job.

∙ The Mayor Is Moving On Up! [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

November 12, 2007

SocketSite Readers Report: The New Age Of Civilized Urban Landscape

From a plugged-in reader: “These are the small quiet gems which transform a great city into a new age of civilized urban landscape. Thank goodness the 1980's trend of look-alike contexualism is dead. ([Or] is it?)” We couldn’t have put it any better ourselves.

And in case you’re wondering, that's 113 Germania Street there in the middle.

And while Stanley Saitowitz | Natoma Architects get the credit for the interior remodel (circa 2006), we don’t know if they orchestrated the exterior overhaul (which isn’t yet complete) as well. Any plugged-in readers have the inside design scoop (or care to take the credit)?

Posted by socketadmin at 2:15 PM | Permalink | Comments (47) | (email story)

November 9, 2007

Where (Or Rather With Whom) Is The Beef?

From a plugged-in reader's comment and link: "Someone has been having fun with all of the Park Terrace signs in the area; I have to wonder what their beef is with this place."

And while we can’t speak for that "someone" (unless of course they decide to drop us a note or leave a comment), we can’t help but wonder if it’s more of a “beef” with the signs in general than with the Park Terrace in specific.

∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

Posted by socketadmin at 11:36 AM | Permalink | Comments (18) | (email story)

November 5, 2007

Weekend Wrap-Up And Reader Recommendation(s): 525 Jersey (Noe)

One plugged-in reader provides a succinct report: “525 Jersey is gorgeous; former home of artist. Floor plan slightly screwed up [see online] but good one for your readers; slightly too expensive for me."

And with that we open up the comments to other interesting weekend open house finds that might not have been right for you (be sure to note why), but might be right for another (again, be sure to note why).

And yes, spammy behavior will be met with public ridicule (if not simply an unapologetic tap of the delete key).

∙ Listing: 525 Jersey (3/2) - $1,695,000 [MLS]

Posted by socketadmin at 9:09 AM | Permalink | Comments (23) | (email story)

November 2, 2007

A Few Reader Comments Of Particular Note (For Various Reasons)

1. Phil Matthews (the architect behind the remodel of 39-41 Ord) weighs in with additional insight and perspective (and handles the critics with aplomb).
2. An actual resident of Mission Valencia weighs in with one unhappy opinion (and others chime in on the neighborhood).
3. And a soon to be resident of SoMa weighs in on its future and compares it to New Jersey (trust us, it works).

∙ 39-41 Ord Street Before And After (And On The Market?) [SocketSite]
∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Last Night’s Week's Gathering: A Reader Driven Wrap Up (We Hope) [SocketSite]

Posted by socketadmin at 11:05 AM | Permalink | (email story)

October 26, 2007

A Plugged-In Reader And Hayes (55 Page) Buyer Reports: 60% “Sold”

A plugged-in reader with a deposit at The Hayes (55 Page) takes a hard had tour and reports 60% of the 128 condos “sold” (i.e., in contract with a deposit):

I did a hard hat walkthrough at 55 Page this week, as I have a deposit down on a unit at The Hayes. The complex is 60% sold. I was very impressed. It is going to be a stunning building, and they are not scrimping on the materials or the quality (and that's not from marketing - I talked to several of the guys actually working on the building.) They have maximized light and view potential everywhere they could. I met several of the people who will be living in the building, and we all agreed we felt very much we had bought the right place at the right time. Not only will it be a really nice place to live, but I do not doubt it will be a good investment over the next 10-15 years.

At sixty percent sold, that’s around 40 net new contracts over the past seven months (and another 50 or so to go).

∙ The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion) [SocketSite]

Posted by socketadmin at 7:39 AM | Permalink | Comments (43) | (email story)

October 12, 2007

A Plugged-In Tipster Reports: 72 Townsend Is Now “Coming Soon”

A plugged-in tipster provides an update on the warehouse to condo transformation of 72 Townsend down in SoMa:

The existing ground floor windows got a good wash yesterday and are now adorned with the news that [74] Luxury Homes are coming soon starting from the $600s. Development is by Thompson Development, hoping that that plans approved last year is what actually gets built.

And yes, "soon" is very much relative (and in this case likely measured in years).

UPDATE: Our tipster also notes the original (prior to changing developers) EIR for 72 Townsend (pdf) and wonders (as well as hopes): is this what will actually get built?

∙ JustQuotes: 72 Townsend To Become 74 New Condos In San Francisco [SocketSite]
∙ 72 Townsend Street: Draft Environmental Impact Report (pdf) [SFGov]

Posted by socketadmin at 3:00 AM | Permalink | Comments (10) | (email story)

October 8, 2007

1501 Greenwich: A Plugged-In Reader Finds The Floor Plans

While the website for 1501 Greenwich isn’t officially live (“the home page isn't up yet, and the guestbook signup is broken”), a plugged-in reader finds the floor plans for the one, two, and three bedroom condos. If interested, you might want to get 'em while you can.

UPDATE: As a reader finds out, we really weren’t kidding about getting them while you can (we figure your window was about 20 minutes from when we first published the story to when they pulled the pages). For now you’ll just have to settle for the three-bedroom plan above. Oh, and the two-bedroom plan below:

UPDATE: And thanks to the cache of another plugged-in reader, we're now three for three (at least on the floor plans):

∙ 1501 Greenwich: Floor plans [1501greenwich.com]
∙ 1501 Greenwich: Twenty-Nine New Condominiums Coming Soon [SocketSite]

Posted by socketadmin at 1:44 PM | Permalink | Comments (17) | (email story)

October 4, 2007

New Condos Behind A Historic Mural (And An Evolving Neighborhood)

A plugged-in tipster drops us a note:

I thought you may be interested in this very unique development near us in the Inner Mission. It's an old mural covered church on 24th Street between Florida and Alabama [2917 24th Street] that has housed various commercial enterprises over the years, most recently Mixed Use (now on telegraph hill). This block has been getting nicer and nicer recently (thank God).

Anyway, they've gutted it and are putting in five 3-bedroom condos and a commercial ground floor space. Each unit is different, and they've kept the original mural covered church façade. It seems pretty cool, and is a refreshing change from the usual bland hideous neighborhood unfriendly loft projects.

Interested (we were) and a refreshing change (it is) indeed.

The mural is a 1978 project of Precita Eyes. And in terms of the condos, at this point little more than floor plans are available on line.

Rest assured, however, that we’ll keep you posted and plugged-in. Or in this case, perhaps vice versa (if we're lucky).

∙ 2917 24th Street Floor Plans (and listing to be) [2917mural.com]
∙ Precita Eyes Mural Arts [precitaeyes.org]

Posted by socketadmin at 4:00 AM | Permalink | Comments (24) | (email story)

September 28, 2007

The SocketSite Scoop: Half Of The Sunset Idea House Hits The Market

A plugged-in tipster forwards an email exchange between two incredulous San Francisco real estate watchers. The basic gist:

A: Half of that “freaky-eco project” on Alabama and 25th just hit the market. Open this weekend. For free!
M: $900/sqft for a TIC in this part of the Mission? And after selling tickets to see it this past Sunday? That’s so wrong.
A: No, that’s some funny sh&*! [And destined for SocketSite]

That’s right, 1303 Alabama (half of Sunset’s 2007 San Francisco Idea House) will be open this Sunday (9/30). No ticket (or donation) necessary. Although tips (email tips@socketsite.com) are always appreciated.

And no, we can't imagine Sunset is all too pleased.

∙ Listing: 1303 Alabama (2/2.5) -$1,089,000 (TIC) [MLS]
∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ Lotus House Rising (And A Plug For SF’s Build It Green Home Tour) [SocketSite]
∙ An Early Peek Inside “La Casa Verde” (a.k.a. The Future Idea House) [SocketSite]

Posted by socketadmin at 3:12 AM | Permalink | Comments (33) | (email story)

September 26, 2007

RandomRumors And Readers Report: Countrywide Cuts Commence

From a plugged-in tipster: "I talked to my friend who was just let go [at Countrywide]. Seems they're going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird to begin letting people go on a Weds as well." And yes, unconfirmed (for now).

∙ From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]

Posted by socketadmin at 11:41 AM | Permalink | Comments (11) | (email story)

September 21, 2007

Not Exactly A Flip, But Possibly A Push, Over At One Rincon Hill

According to a plugged-in tipster, a coveted “02” series two-bedroom/two-bath condo at One Rincon Hill is quietly being shopped by a contract holder.

The 1,300+ square foot unit is reported to have been secured with a non-refundable deposit of $65,000 and at a contract price of $1,595,000. And apparently the contract can be amended to reflect a new buyer prior to close (which we haven’t confirmed).

The asking price? $1,595,000. Or more accurately $65,000 to make the contract holder whole on his deposit. It's a bit different story than a reader reported fourteen months ago, but it's also but a single data point. (And we're at least waiting until after the first wave of closings before drawing too many conclusions on the health of the hill.)

And at the same time, we have been hearing rumors of a rather significant waiting list of buyers willing to pay big money for penthouse units that should happen to fall out of contract prior to closing. Again, unconfirmed (but no real reason to be doubted).

UPDATE: There’s a reason we originally filed this one under “Interesting Opportunities.” If you believe in the building, and like the floor plan, then it is (and as a plugged-in person, you now have the number to call). And if not, at the very least it's another interesting opportunity for some unique insight (into One Rincon Hill) and discussion (about the market).

∙ A Quick Flip At One Rincon Hill? [SocketSite]
∙ What Happens When It’s Time To Fund? We’ll Have To Wait And See [SocketSite]
∙ One Rincon Hill: An Unofficial Update On The Timing Of The Two Towers [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (174) | (email story)

September 17, 2007

San Francisco Living: Home Tours (A Chance To Comment In General)

If you participated in the San Francisco Living: Home Tours this weekend and care to share your thoughts about any of the homes other than 55 Sheridan or 306 Mullen (such as 431 Tehama above which a plugged-in reader first called to our attention six months ago), this is the place to do it.

And yes, comments on those other two homes are more than welcome as well, but we’re asking that you consider doing so on their property specific threads for the sake of continuity.

∙ No Words (Just Drool): Reader's Comment [SocketSite]
∙ San Francisco Living: Home Tours [AIA SF]
∙ The SocketSite Scoop: A Peek At 55 Sheridan From The Inside [SocketSite]
∙ Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]
∙ Fougeron Architecture [fougeron.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (9) | (email story)

September 5, 2007

Why Get All Gussied Up When It's "Location, Location, Location!"

A plugged-in reader is confident that she’s found a listing to rival that ‘lived in’ look that we pointed out earlier this year. But hey, it is “Location Location Location!”

UPDATE: And as is quickly noted by a reader, "Possession: Subject to Tenant Rights."

∙ Listing: 2136 18th Street (1/1) - $750,000 [MLS]
∙ No Staging Or Photoshopping Happening Here (We Hope) [SocketSite]

Posted by socketadmin at 12:51 PM | Permalink | Comments (40) | (email story)

August 27, 2007

An Early Peek Inside “La Casa Verde” (a.k.a. The Future Idea House)

A reader notes that one “Chicken John” will be holding a political fundraiser this evening at “La Casa Verde.” And if the location (corner of 25th and Alabama) and design (a showcase for green tech) sound strangely familiar, well…they should (at least if you're plugged-in).

[Editor’s Note: This should not be construed as any type of political endorsement. But comments are encouraged (about the house, not Chicken John) should you attend.]

∙ Sunset’s 2007 San Francisco Idea House: 3027 25th Street [SocketSite]
∙ La Casa Verde, the showcase house for green tech [voteforchicken.com]

Posted by socketadmin at 12:20 PM | Permalink | Comments (11) | (email story)

August 21, 2007

London Calling: A San Francisco To London Neighborhood Comparison

A young couple living in London, but making the move to San Francisco next month, drops us a note looking for some guidance on San Francisco neighborhoods. Or rather more specifically, “[i]f you know London, please try to compare areas!” And as much as we love London (and know San Francisco), beyond the superficial we can't. Any plugged-in ex-Londoners up for the challenge? (We’ll summarize any comments later this week.)

Oh, and then there’s the real reason they wrote, “we're looking to buy a place, for around $500k…[and] finding it pretty hard to find what we want…a nice 2 bed or large 1 bed in a safe part of town.” Of course “nice,” “safe,” "large," and “town” are all subjective (hence the first question). And we can only hope they meant £500,000 and not $500,000. But if not, let's just consider it another little challenge…

UPDATE: A bit more information about our Londoners: They are “planning on staying in SF for about 5 years but an absolute minimum of 3,” and currently live in Hampstead/Golders Green (which they consider “nice, safe, green”).

Posted by socketadmin at 8:11 AM | Permalink | Comments (96) | (email story)

August 20, 2007

Park Terrace (325 Berry): The Grand Opening Weekend

While early buyers have already taken occupancy, Park Terrace (325 Berry) held their “Grand Opening” this weekend (roughly eleven months after their first release of condos). From a tipster:

"50% sold according to the agent that gave us a tour but it looked closer to 30% based on his sales sheet. My request for a full list of available units and prices was met with a car salesman's “they won’t let us give them out because they keep raising prices every two weeks” reponse. Decent finishes and we liked a few of the terrace units that faced the water. Surprisingly difficult to find street parking. Do you know if they're planning to build any public parking garages in the area?"

We can’t confirm any price increases to date (nor the sales figures), but we have previously noted some (minor) evidence of the opposite. And in terms of any planned public parking garages, we don't (know).

∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
∙ Park Terrace (325 Berry): A Few Prices (And A Terrace) [SocketSite]
∙ Park Terrace (325 Berry): A Few More Prices (And A Townhouse) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (35) | (email story)

August 17, 2007

QuickLinks: 1234 Howard: A Few List Prices (And A Reader’s Review)

∙ Listing: 1234 Howard Street #2B (2/2) 1,279 sqft - $809,000 [MLS]
∙ Listing: 1234 Howard Street #2D (1/1) 880 sqft - $619,000 [MLS]
∙ Listing: 1234 Howard Street #2E (0/1) 436 sqft - $429,000 [MLS]
∙ A Plugged-In Reader's Review of 1234 Howard (in the form of a comment) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (10) | (email story)

August 16, 2007

SocketSite ReadersReport: 55 Sheridan Rising

A reader walks by 55 Sheridan, snaps a picture and notes, “looking way cool.” Any other readers have the inside scoop on what's being built (and potentially sold)?

UPDATE (8/17): As a few plugged-in readers quickly surmised (as we should have as well), this is in fact 55 Sheridan (not 25 as originally identified), it is a single family home (with studio) that's rising, and it's not hitting the market anytime soon (sorry).

Posted by socketadmin at 6:54 AM | Permalink | Comments (18) | (email story)

August 9, 2007

There’s Gold Up In Them There Hills! (Eureka Gardens Edition)

It was five months ago that a reader wondered about all the construction up at Eureka Gardens (4150 17th Street). And it was moments later that a few other plugged-in readers provided the scoop and noted the potential (hopefully you were plugged-in at the time).

And as a tipster now notes, 4150 17th Street #19 was recently listed at $1,800,000. Perhaps all those fixes are starting to pay off. Then again, number nineteen is “being sold furnished, including all art, furnishing, accessories, chandelier, window coverings, as well as a 1994 S320 Black/Tan Mercedes with 60,000 miles.”

As always, don’t forget those invitations to the housewarming (or in this case, perhaps the closing dinner). And feel free to send the car.

∙ Listings: 4150 17th Street #19 (3/2.5) - $1,800,000 [Joel Goodrich] [MLS]
∙ Reader’s Questions: That Eureka Moment [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (19) | (email story)

August 2, 2007

JustQuotes, RandomRumors, And Readers Report: Alt-A All In One

“At this time Wells Fargo...is no longer accepting Alt-A loans. Period. I also have CONFIRMATION that IndyMac is also tightening significantly: http://www.theimbreport.com. I have UNCONFIRMED reports that WaMu, BofA, and Wachovia are also significantly restricting Alt-A loans as of today.

Again, there will ALWAYS be some market for Alt-A and subprime...[b]ut it will be much more expensive to use those products. We are seeing more demand for down payments, more income verification, decreased loan amounts, etc. The days of 100% financing using IO or option ARMs at low rates [are] over. Some lenders will still offer 100% financing, some will still offer option ARMs or IO ARMs... but it will cost more.”

UPDATE: "Rumor modification -- I just checked with my Wells mortgage agent. He hadn't heard that they were no longer offering Alt-A. So I cruised some mortgage broker blogs. The rumor seems to be that Wells is no longer offering Alt-A's to brokers and correspondent banks, reserving them for their own branches instead."

∙ JustQuotes: Forget Subprime In San Francisco, But How About Alt-A? [SocketSite]

Posted by socketadmin at 11:03 AM | Permalink | Comments (62) | (email story)

August 1, 2007

Moving Pictures: Can You Help A Reader (And Us) Out?

From a plugged-in reader riding the N Judah with camera phone in hand (see above):

[T]here is a great apartment building at 415 Carl Street on the N Judah Line (literally) that I've always liked. Now, someone is in the process of doing a much needed upgrade and restoration of this diamond in the rough.

What I was trying to find out was if it was being converted to condominiums or TICs...I can't imagine all that work just to make it rentals, but who knows?

We don’t (other than not condos straightaway), but we wouldn’t dismiss rentals out of hand (think rising rents and little new supply). And while 415 Carl might look to be one development comprised of twelve units (which would preclude any condo conversion), it appears that the twelve units are actually spread over five separate parcels (which might open the door for TIC/condo conversions). Any plugged-in readers have a definitive answer or any additional insight to share?

UPDATE: From the plugged-in architects: "It is in fact 5 parcels with 12 units, 6 TIC's and 6 Condo's. They will be on the market middle of September."

Posted by socketadmin at 8:15 AM | Permalink | Comments (10) | (email story)

July 23, 2007

Symphony Towers: A SocketSite Reader Reports On Opening Day

We might not have an official tally for this past weekend’s “grand opening” of Symphony Towers, but we do have one plugged-in reader’s report (and photo):

Buyers (including many investors) starting lining up at 6am for a chance at one of those 350k studios. From the look of things, Symphony was well on their way to selling out their first 50 homes... We were there till 1pm [on Saturday] and by then 30+ units were already reserved.

Any visitors to the sales office on Sunday care to report in on day two?

∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ Symphony Towers (750 Van Ness Avenue) [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (35) | (email story)

July 11, 2007

A TJPA Offer You Really Can’t Refuse

Another seriously plugged in reader; another big development; and another big question:

The Transbay Joint Powers Admin [TJPA] over that past few weeks has been sending out offer letters to purchase properties around the Transbay Terminal. The TJPA is moving forward with their acquisition plan for 20+ properties (maybe 33 if memory serves me correct) for their right of way needs. It's very hush hush as they do not want the "offers" to be made public - but "fair market" values are being tossed out there to the land owners. "Fair Market" - mind you the only people the land owners can sell to is the TJPA.

Negotiations will go on for the next few months, but if no final "fair" price is agreed to, then the TJPA will go the [Board of Supervisors] and play the eminent domain card.

And the question: “If these land owners could sell their properties to the big time developers they could be making an additional 25% on these "fair market" values. So the question is - what is truly fair market?”

Posted by socketadmin at 4:00 AM | Permalink | Comments (7) | (email story)

July 10, 2007

One Rincon Hill: Another Fontana Or Transamerica In The Making?

As far as we’re concerned, it’s simply too soon to judge. And of course, it’s too soon to know. But a reader puts it quite well, “Is One Rincon the Fontana Building, or the Transamerica Pyramid, of the first decade of the 21st Century?”

The Fontana Building has been derided ever since it was built, and time has not healed those wounds. It changed what people thought of new development, particularly in existing neighborhoods.

The Transamerica Pyramid on the other hand, was equally derided for aesthetics, and was part of the dreaded "manhattanization" of SF that led to an annual cap on development imposed in the 80's. Yet, over time, the Pyramid became an icon of SF, and is extremely popular today.

Frankly, I'm not sure which one Rincon is. I loathe its design, and to me it is way too bulky to be the "slender tower" that the Rincon Hill plan promised. It learned so few lessons from Vancouver that it makes a mockery of the ideas that are supposedly behind the Rincon Hill plan. It is so tall, so big, so omnipresent, and so damn close to the bridge that it cannot be avoided in the viewscape. But, I have to admit, part of me thrills when I round a corner somewhere in the city, and suddenly there it is.

Our reader also ads, “…of course I don't have an answer, but SocketSite readers are sure to have an opinion.” And at the very least, on that we can likely all agree.

Posted by socketadmin at 7:10 AM | Permalink | Comments (118) | (email story)

July 9, 2007

Glassworks: Going Once, Going Twice At Two PM Today

An eagle-eyed reader notices that condo number 401 in the Glassworks (207 King Street) is tentatively scheduled to be auctioned off on the steps of City Hall at 2:00 PM today (7/9/07). And if PropertyShark is correct, while the condo last changed hands on 1/9/2004 for $820,000 (and looks to have been 100% financed at the time), on 9/21/05 it was refinanced and the unpaid debt obligation on the condo currently stands at $1,050,020.

UPDATE: The auction for 207 King Street #401 was postponed until next week (July 17) “at the beneficiaries request.” Same bat time, same bat place.

∙ The Glassworks (207 King Street) [SocketSite]

Posted by socketadmin at 3:50 AM | Permalink | Comments (23) | (email story)

June 21, 2007

Plugged-In Readers Ask, Plugged-In Readers Answer (We Hope)

1. “Anybody know what's up at 13th & Harrison (across from the esteemed Eagle)? The ramshackle building on the corner (part of the whole block complex that's been fenced off for years) was finally demolished this weekend. Including all the defunct buildings on the site (the only functioning business on the block is the U-Haul lot off 11th), it's a huge slice of SOMA; anything interesting in the works?”

2. “I noticed that Sports Basement is moving out from their warehouse on 16th and De Haro St at the bottom of Potrero Hill. Jamba Juice corporate offices warehouse that occupied the other half of the same block is also vacant as of few months ago...it makes me wonder if there is another big condo project about to commence. Any "plugged-in" knowledge?”

Posted by socketadmin at 3:22 AM | Permalink | Comments (8) | (email story)

June 20, 2007

Out With The Old: 45 Lansing And The Lot Around Watermark

Paul Hwang of Skybox Realty captures the demolition of 45 Lansing. Cater-corner to One Rincon Hill, 45 Lansing is slated to become 305 uberluxury condominiums (“the most upscale development the new neighborhood has seen, with “exotic” marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, individual security systems, and 12-foot penthouse ceilings”) in a 40-story tower.

And a little to the south east, another pluggged-in reader notices the parking lot surrounding Watermark is being broken up and wonders what's in the works. Anyone have the inside scoop (or even just a camera)?

∙ True Luxury Condos At 45 Lansing? [SocketSite]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (33) | (email story)

June 14, 2007

There Was And There Is: A Reader Reports on 118 Joost

From a plugged-in tipster: “Just to follow up on your listing of 118 Joost. I just talked to my broker who informed me the seller received 7 offers with the winning bid going 100K over.”

∙ There’s Something To Be Said For Pride Of Ownership (When There Is) [SocketSite]

Posted by socketadmin at 3:39 AM | Permalink | Comments (4) | (email story)

June 13, 2007

Readers Report: Big Demand For Big Rentals (For Big Money)

While we can’t confirm a reader’s comment yesterday about recently renting 2786 Broadway, it does remind us that we’ve been remiss in publishing another contribution from Seb (a seriously plugged-in reader):

Big Demand For Big Rentals (For Big Money)
If you don’t want to buy in Pacific or Presidio Heights, and you need more than 4,000 square feet or 5+ bedrooms, you can always rent. But beware, properties are now moving fast. Since the beginning of 2007 high-end rentals have on average moved within a couple of weeks. Recent rentals include:

A choice property near the Egyptian Consulate General’s for a little over $10,000/month.

A grand Chateau near the Korean Consulate General’s for around $15,000/month.

And a majestic view home near the Japanese Consulate General’s for $32,000/month.

[Editor’s Note: If that last one looks familiar, it should. And as far as we know, it’s still available. We’ll let you run your own rent versus buy calculations (but feel free to share).]

∙ Comment: 2786 Broadway: Reduced 12.8% (Again) [SocketSite]
∙ Million Dollar Views (For A Million Dollars Less) [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 8:14 AM | Permalink | Comments (25) | (email story)

June 12, 2007

A SocketSite Reader Reports: 130 Santa Ana Avenue

A plugged-in SocketSite reader reports: “Just stopped in at 130 Santa Ana…Very cool house, and like a mini-time capsule (and not in a bad way). According to the statement it was built in 1949 and is on the market for the first time. The owner was State Senator Gene McAteer (McAteer High School) and the architect was Angus McSweeney (he did St. Mary's Cathedral on Gough).

It's the first time on the market, and nothing has been updated. But this is one of those houses that is cooler to see because of that. I'm sure that whoever buys it will want to do lots of updating, although as a testament to good design as well as (apparently) meticulous upkeep, you could easily live in the house as it is.

Although it's just a decorative feature, a highlight is the full wall-sized wallpaper map of the world that is in one of the upstairs bedrooms. It is so pristine that I had to ask if it was actually original to the house. It is, although the printing of the map definitely pre-dates the house as it still shows the "Japanese Empire". It was worth the open house visit just to see the map (I like those things....).

Unfortunately the pictures on the listing website are largely terrible and for some inexplicable reason highlight the mediocre staging furniture rather than the bones of the house. [Editor's Note: Additional photos on the MLS.]

Others might not share my view, but I found it really fun to see a bit of history and excellent design (to this amateur's eye) in a house that hasn't been subject to yet another cookie-cutter "tasteful" beige/granite/clad-window remodel....”

Did you see something this weekend that’s worth writing about (for one reason or another)? If so, drop us a note (tips@socketsite.com). And no, we don’t expect you to wax poetic about a property you’re seriously considering for yourself (and out apologies when we do).

∙ Listing: 130 Santa Ana Avenue (4/3.5) - $1,795,000 [Barbagelata] [MLS]

Posted by socketadmin at 8:12 AM | Permalink | Comments (2) | (email story)

June 8, 2007

Weekend Reminders: SocketSite Survey And San Jose Gathering

1. Two days left to take the SocketSite reader survey (which ends Sunday at 5).
2. Thirty (or so) spots left for our San Jose gathering (next Thursday at 6).

Posted by socketadmin at 6:00 PM | Permalink | (email story)

June 6, 2007

A Plugged-In Reader Recommends: 119 Hancock Street

A longtime reader recommends taking a look, and we have to agree. If not for the Bertazzoni (in the kitchen), custom sound dampening (it is the lower unit), and lighting/green technology (“…the owner is an energy conservation and lighting expert, the remodel has been designed with Green technologies and renewables”), then simply to check out the great use of a blog to cleanly present the property and its details. Now if only there were floor plans...

∙ Listing: 119 Hancock Street (2/2) - $899,000 (TIC) [blogspot] [McGuire]

Posted by socketadmin at 3:30 AM | Permalink | Comments (18) | (email story)

June 4, 2007

Twenty Easy Questions: Who Are You And What Do You Think?

It has been almost two years since our last reader survey (in which the majority of respondents predicted an increase in housing prices through the end of 2007). During that time we've gone from attracting 10,000 unique visitors a month to well over 10,000 a day. And while we think we know who you are (and write accordingly), it’s past time we find out for sure. As such, we’re asking for your help with a quick (and painless) reader survey: SocketSite's Reader Survey: June 2007.

Please help us understand who you are (and what you think). We promise not to share your information (except in the aggregate), that it won’t take you but a few minutes to complete, and that we'll listen to your suggestions (as best we can). Regardless, and as always, thank you for “plugging in.” You're the best (and we don't need no stinkin' survey to tell us that).

UPDATE: Damn that SurveyMonkey. Our apologies to anyone that experienced any difficulty submitting their survey (either because of validation errors or overloaded servers). If you were able to complete the survey, thank you! And if not, we can only hope that you’ll consider giving it another try as we have restructured the questions that originally required (but did not always allow for) a “whole number” response.

∙ SocketSite's Reader Survey: June 2007 [SurveyMonkey]
∙ Survey Says... [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | (email story)

June 1, 2007

Another Reader’s Dilemma (And Chance To Play Armchair Analyst)

A “plugged-in” reader first flatters us (good thinking) and then hits us up for some other readers’ thoughts (even better):

“There's a unit at The Palms that I'm interested in. It's a 2 bedroom/2.5 bath/2 car-parking (tandem) 2-level penthouse unit (~1,054 sq ft.) with an outdoor terrace (~150 sq ft.) that's got a view of the city skyline selling at around $1,000/sq ft. The Infinity, however, has a 2 bedroom/2 bath/1 car-parking unit (~1,100) on the 5th floor (no view, no balcony) that's also selling at around $1,000/sq ft.

Which of the two units is better investment, 5 to 10 years down the line?”

As it’s Friday we’re tempted to simply quote Devo (“Freedom of choice is what you got, freedom from choice is what you want…”) and direct him to the SocketSite Forums, but instead we’ll open it up to the readers. And yes, flattery will get you everywhere (something about loving the site and forwarding it to all his family and friends).

Posted by socketadmin at 8:20 AM | Permalink | Comments (60) | (email story)

May 15, 2007

A Reader’s Report: The State Of Single Family Fixers

A plugged-in reader reports:

Thought you might be interested in this: 1462 14th Avenue was on the market and priced at $769,000. It's a proper 3-bedroom SFR in the Inner Sunset, near the N-Judah so it drew a lot of interest. However, the home is in an awful state and needs a *tremendous* amount of updating. And yet, it received 51 offers and sold for.....$1,005,000.

Clearly, it was under-priced, though comps for this area would indicate that theoretically, it was only slightly off. We're would-be first-time buyers looking for a home suitable for a young family and have been encountering fierce competition for the few suitable properties in decent neighborhoods at this price point. But this is unlike anything we've seen thus far...

Interested indeed (although it was probably the "I love your site, by the way and read it daily” line that really caught our attention) and thank you for "plugging in."

∙ Listing: 1462 14th Avenue (3/1.5) - $769,000 (Sold $1,005,000) [via MLS]

Posted by socketadmin at 7:37 AM | Permalink | Comments (53) | (email story)

May 2, 2007

A SocketSite Reader’s Report*: Fixers Flying Fast

33% over asking in Presidio Heights
A splendid 5,354 square foot fixer on a great block in Presidio Heights sold within a week of listing. In fact, a half a dozen bidders dueled it out pushing the final price for 3840 Clay to $4M - 33% over the $3M asking.

Again, it’s a fixer and back in 1999 the architect opened up most of the walls and ceilings and put them back in a very temporary fashion – think no taping, plastering or painting anywhere. Indeed, there isn’t even a kitchen, the back fence is propped up by a drainpipe and the garden currently sports a derelict car collection.

The prior owners, who never lived in the house, had approved plans for a swimming pool in the basement and parking for more than six cars - in addition to any that could be squeezed onto the grass…

[*Editor’s Note: This reader report is brought to you by the “plugged-in” Seb (who was nearly bidder number seven).]

∙ A SocketSite Reader’s Report*: Inside 930 Chestnut [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (9) | (email story)

April 30, 2007

A Reader Reports: Landmark Sarcasm (We Can Only Hope)

A reader photographs and reports:

Your posting "not for the faint of heart" reminded me about the run-down, boarded up theater in North Beach, opposite the beautiful Washington Square park. What an eyesore! Is this another…landmark? I work nearby, and I heard rumors that efforts to make it a Walgreens or Rite Aid failed miserably. So now we're stuck with this!

And we wonder: anybody have the inside scoop on what’s in the works (if anything)?

UPDATE: According to a seriously plugged-in reader, that would be a Rite-Aid, taqueria, formula retail and “[a]s of April 2005, the new owners wanted to tear the 98-year-old (now 100-year-old) place down and build something on the site. Uh. Oh. Stalemate.”

∙ Not For The Faint Of Heart (Or Wallet): Landmark Edition [SocketSite]

Posted by socketadmin at 11:37 AM | Permalink | Comments (7) | (email story)

April 27, 2007

Modern High-Rise Living In Older Pacific Heights

A “plugged-in” tipster directs us to a listing in 2200 Sacramento and declares, “Prettiest condo for under $1000/psf I've seen in Pac Heights….” And while it might not have the views or amenities offered by some of the newer developments, it can definitely compete on location and interior (marble counters, limestone floors, custom cabinets, etc.).

UPDATE (6/6): Sold on 5/31/07 for $975,000 (5% over asking).

∙ Listing: 2200 Sacramento #108 (2/2) - $929,000 [MLS]

Posted by socketadmin at 12:13 PM | Permalink | Comments (39) | (email story)

April 19, 2007

The Port, The Piers, The Parking And The Terminal

Frederick comes through with the skinny on the potential development of AT&T’s parking lot A (as well as parcels to the north) and a meeting this afternoon concerning the future of San Francisco’s cruise ship terminal:

“[Yesterday], April 18, 2007, the Port of SF announced plans to consider development of Seawall Lot 337 (Parking Lot A, south of Pac Bell Park). The proposals included a mixture of Residential housing, office, hotel, recreation, parking and retail.

This same change in the zoning of "Seawall" parcels that the Port controls could affect the future use of Port parking lots north of Pac Bell Park, all the way to Pier 35. All of these parcels, if the legislation as proposed is approved in the State legislature, could include housing (market rate or other types of hosing). This would affect supply of hosing in the central and north waterfront for years to come.

Also, [today], April 19th the Port is considering improving Piers 35 and 27 to possibly replace Piers 30-32 as the future Primary Cruise Terminals for the City. The meeting is open to the public at Pier 1, 3 to 6 PM. The "Primary Pier" selection is scheduled for 5:30 to 5:45 PM.”

UPDATE: Frederick expands on why, "if you are a developer or interested in new housing near or next to the SF waterfront,” you should really consider attending “the upcoming Port meetings regarding the Seawall lot future uses.”

UPDATE (4/20): And Frederick keeps us all "plugged in" by reporting back on yesterday’s port meeting: “The net of that meeting was that the cost to develop two 1,000 ft long piers at Piers 30-32 was $150M, while two 1,000 ft long Piers at 27 would be $35M to $50M.”

∙ Why You Should Care About All Those New Developments (Part I) [SocketSite]
∙ Proposed SF Cruise Ship Terminal Sunk [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (35) | (email story)

April 9, 2007

Transbay Transit Center: Community Insight (And Involvement)

Jamie Whitaker from RinconHillSF.org provides the SocketSite community with his take on the Transbay Transit Center as well as a rundown of resources to help keep you “plugged-in” to community meetings and progress around the developing Transbay neighborhood:

The new Transbay Transit Center and Transbay Redevelopment Area plans are moving right along. Community meetings about the projects will be scheduled throughout the year with upcoming dates posted on the Transbay Joint Powers Authority (TJPA) web site.

The main reasons for building a new Transbay Transit Center include:
∙ Alleviating traffic congestion downtown by encouraging the use of public transit
∙ Provide a safe/essential community facility where community groups can hold meetings
∙ Spur additional economic growth with new jobs, new business developments, increased real estate values, and more affordable housing

The new Transbay Transit Center is tentatively scheduled to be built and ready for use by buses only at the start of 2014 while there are plans for an underground tunnel to connect the new Center to the Montgomery BART station, providing a relative easy travel option to reach many East Bay communities from the south peninsula down to San Jose. San Francisco's Transbay Transit Center could be a one-stop transit hub between Oakland and San Jose, with each City having its own international airport and other resources for residents and businesses.

Another big piece of the plan (pending funding) includes extending Caltrain from the current terminal at 4th and Townsend to the new Transbay Transit Center. One hurdle for the Caltrain extension is that the locomotives convert from diesel fuel to electricity as their primary power source. A glance at the rail electrification fact sheet on the Caltrain web site indicates the construction phase of this project starts in 2009 and tentatively ends in 2012. The TJPA project schedule shows Caltrain actively running to the Transbay Transit Center in downtown San Francisco from San Jose at the start of 2018.

The current path planned for the Caltrain extension includes mining and cutting and covering a tunnel northeast under Townsend Street and bending north under Second St. The current plan is to have four tracks along this route for Caltrain engines and cars to travel. An alternative to this plan is to run two tracks along Second St. and, if the demand for Caltrain service from the Transbay Transit Center justifies it, run another set of tracks up Main St. (although it wasn't clear how the Main St. track would connect to the 4th and King St. tracks in the last community presentation).

The Transbay Transit Center project plan also includes building the foundations below ground for bullet train service (you may have read about a bullet train that can transport passengers from San Francisco to Los Angeles in 2.5 hours), but it is too early to tell whether the bullet train idea will ever come to fruition. You can learn more about California's bullet train plans at the California High-Speed Rail Authority web site.

For those who wish to be involved and stay informed, there are at least two Citizens Advisory Committees (CAC) that provide a venue for public input for the plans and implementation of those plans. One is called the TJPA CAC and the other is called the Transbay CAC.

The TJPA CAC is mostly concerned with the Transbay Transit Center itself and the accompanying Transit Tower Project. You can keep up with the meeting dates and other information of the TJPA CAC on the Transbay Center web site. The first meeting of the TJPA CAC happens on Tuesday, April 10th where mostly administrative issues for the CAC will be addressed. The Transbay CAC is related to the City's Redevelopment Agency and will focus on the Transbay Redevelopment Area plan.

The State of California is giving the City about 12 acres of land where highway used to stand before the 1989 earthquake. The land, mostly between Howard and Folsom and 2nd and Main Streets, is terribly underutilized at the moment as surface parking lots. You can keep up with the meeting dates and other information about the Transbay CAC on the Transbay Redevelopment Project Area web site.

(Submitted by Jamie Whitaker, author of the RinconHillSF.org community web log.)

∙ The Rincon Hill Weblog: A New Virtual Neighborhood Association [SocketSite]
∙ The Transbay Redevelopment [SocketSite]
∙ Transbay Joint Powers Authority (TJPA) [TransbayCenter.org]
∙ Foster + Partners Dropped From Transbay Terminal Design Comp [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (19) | (email story)

April 3, 2007

The Infinity: A Reader’s Insight Into Pricing (And Those "Increases")

Perhaps it was our “plugged-in” reader’s rundown of pricing and availability (as of about two weeks ago) for almost fifty of The Infinity’s corner condos that caught our attention.

Then again, perhaps it was the reader’s suggestion that the much ballyhooed “price increases” that occurred last Monday (3/26/07) were not across the board, but rather “1% on a few one bedrooms and 2% on a few 2 bedrooms.” Unofficially of course…

∙ The Infinity: Pent-up Demand (For Discussion) [SocketSite]

Posted by socketadmin at 7:37 AM | Permalink | Comments (37) | (email story)

March 28, 2007

SocketSite Reader’s Report: Living In North Mission Bay (For Real)

Last October we solicited feedback from “past, current, or prospective inhabitants" of the ClockTower Lofts in order to “shed some light on the development in general, and the impact of the Bay Bridge [traffic] in specific.” We limited comments to those with first-hand knowledge rather than simply conjecture, and we compiled some great responses (and neighborhood insight).

Today we do it again. Only this time, the topic is living in North Mission Bay. And we’re using a slightly edited reader’s comment as our starting point:

I lived on King St for almost 2 years before I had to move due to work. I lived in the Avalon Phase 1 tower (pretty high up) and then in the midrise in Avalon Phase 2, and both the times I was facing King Street and the Caltrain depot. The points I want to make:

1) It's fun living in the area as you can commute using Caltrain or Muni/Bart to most of the places in Bay Area (East/Valley).
2) It’s very convenient to catch a cab anytime of the day.
3) There's always a police car right in front of the caltrain depot.
4) Safeway is very conveniently located.
5) Noise from the street or trains was never a problem (in the high rise or in the midrise where I was on the 4th floor and close to the street).
6) Ball games (including the phase when Barry Bonds was close to breaking the record) were "NEVER HELL". You would only hit some delays driving into the city via 280 (traffic flow was usually well managed).
7) Lastly, I used to park in Lot A of the ball park (had a 24X7 permit) and never had my car broken into.

I think it is comparatively safe as compared to lot of other neighborhoods in the city and I was seriously considering buying a condo in the area (and still might). I think it's very easy to hit all the hotspots in the city from this neighborhood either by Muni (Bus & Transit) or cab. Overall I would say it’s a nice neighborhood and I see it only improving from here on.

And now we'll welcome comments from, or directed to, other readers who actually live (or have lived) in North Mission Bay. Care to share your experiences and perspective?

∙ The ClockTower Lofts (461 2nd Street) [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]

Posted by socketadmin at 4:45 AM | Permalink | Comments (34) | (email story)

March 20, 2007

A “Plugged In” Reader Recommends: 108 Stanyan

A “plugged in” reader reports (and recommends): "Went and checked this out (I live across the street), excellent value, and you get 2 car tandem plus 1 in the driveway." As always, don’t forget our invitation to the housewarming. And let's not forget to invite our reader (and your new neighbor) as well.

Don't worry about our invitation to the housewarming on this one, but let's definitely extend one to our reader - and your new neighbor - if this happens to be the one for you.

∙ Listing: 108 Stanyan (2/2) - $799,000 [108stanyan.com] [MLS]

Posted by socketadmin at 11:22 AM | Permalink | Comments (10) | (email story)

March 13, 2007

The Hayes (55 Page): A Plugged In Buyer’s Facts (And Opinion)

Another “plugged in” reader provides both facts (sales/views/timing) and opinon for The Hayes (55 Page):

I am considering buying at The Hayes, did a long walk around there last week, did a lot of info digging, and can report:

Fact section:
∙ About 30% sold overall – seems slow but steady
∙ Folks on the Page street side (higher floors) will have some decent views, including City Hall
∙ Folks on the Rose street side (garage side) will have a stunning view of the trash bins for the restaurant
∙ Incentives may be had further on, as they want to sell it out by opening, [realistically] Nov./Dec. 2007
∙ They’re working on the fourth story at this point

My Opinion section:
This development is a gamble, but it could pay off. It is central to everything (arts/transit/SOMA/Mission/Castro/Civic Center) and this development could really help the area, especially with all the retail planned for the ground floor. There’s plenty of homeless encamped around, but the Octavia side is really nice, and Franklin Street side is fine. If I were a trader, I would say buy, this area’s stock will go up."

Okay, who’s next? [email tips at socketsite.com]

∙ The Hayes (55 Page): Now Starting In The $300,000s ($399,000) [SocketSite]
∙ The Hayes: 55 Page Street [SocketSite]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 8:02 AM | Permalink | Comments (42) | (email story)

A SocketSite Reader’s Report*: Inside 930 Chestnut

No slow down at the top end.
One of the three oldest houses on Russian Hill had its first open house on Sunday ["by appointment only"]. A 3,000 square feet fixer with resplendent original ornate ceilings, fireplaces and Tommy Church garden. Not much has been done since the new kitchen was chronicled as the height of luxury in Homes & Gardens circa 1969.

Shame that the neighbor is a six storey box-like apartment building 100 years newer than this 1861 jewel. And . . . there is no garage, which given the Planning Commission’s recent ruling, makes the $1,125 per square foot price tag seem steep. [Offers by 3/19 at noon.]

[*Editor’s Note: This open house report brought to you by Seb, a “plugged in” reader just like you. Okay, considering the price point perhaps not exactly like you, but a “plugged in” reader nonetheless.]

∙ Listing: 930 Chestnut (4/3.5) - $3,300,000 [MLS]

Posted by socketadmin at 7:53 AM | Permalink | Comments (6) | (email story)