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CATEGORY ARCHIVE: SocketSite Readers Report

May 16, 2012

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

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

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

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

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

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

May 15, 2012

8 Washington Watch: Development Approved!

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

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

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

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

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

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

Posted by socketadmin at 3:05 PM | Permalink | Comments (25) | (email story)

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

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

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

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

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

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

May 11, 2012

Bonus Points For Number Of Offers In Addition To Price

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

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

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

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

Posted by socketadmin at 6:30 AM | Permalink | Comments (7) | (email story)

May 9, 2012

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

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

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.

With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

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

I think I know South Beach. And I know this building, although I've not seen this particular unit. If it's the floor plan I'm thinking of, it's really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.

That said, dumb tech money is back in Soma, so I don't think the ask is outside the realm of possibility. I don't follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I'll guess $1.35 to hedge myself.

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

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

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

May 8, 2012

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

From a plugged-in reader yesterday:

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

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

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

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

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

Posted by socketadmin at 10:00 AM | Permalink | Comments (78) | (email story)

May 1, 2012

Offers On The Illegally Gutted House At 33 Fountain Overflow

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

Having sold for $675,000 a year ago, and with a permit to simply remodel the kitchen and bathrooms in-kind pulled since, the single-family home at 33 Fountain was gutted instead.

And while there might be plans to expand and double to size of the home, and it’s listed on the MLS [for $999,900] with the four bedrooms and baths that don’t yet exist, keep in mind said plans and pictured new framing haven’t been submitted to Planning, much less approved.

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

∙ Buyer (And DBI) Beware [SocketSite]

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

April 26, 2012

How One Rincon Could Really Become A Giant Ionic Breeze

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

As a photocatalyst, titanium dioxide interacts with sunlight to break down organic matter both on and floating around the surface of the building panels, leaving the organic matter sitting on the surface of the Reynobond panel, ready to be washed away. When it rains, water doesn’t bead on the surface. Instead, it collapses and runs evenly off the building, taking most of the broken down pollutants with it.

Reynobond with EcoClean actively works to remove pollutants by using sunlight, water vapor, and oxygen in the air to clean the air itself. In fact, 1,000 sqm / 10,000 sq ft² of Reynobond with EcoClean on your building can have approximately enough cleansing power to offset the smog created by the pollution output of four cars every day, which is the approximate air cleansing power of 80 trees every day.

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

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

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

April 25, 2012

The Designs For Sixth And Howard Before Redevelopment Was Razed

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

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

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

April 16, 2012

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

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

From a plugged-in tipster this weekend:

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

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

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

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

April 4, 2012

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

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

Anne Ellinwood died this year, it was she that saved this house from being torn down in the 70's and the property sub divided. It was worth 350K at the time in 1976. I worked in that house for a year on and off for Miss Ellinwood, it was an amazing depository of all and everything Victorian and saved from a long line of savers.

Miss Ellinwood had grand plans for the house and restoring it to its 1893 grander was one of them. She had restored all but the basement and it was a spooky basement at that. I kid you not there was a ghost in that house and other persons that worked there felt the presence too. Anne made many bad decisions in regards to selling and marketing that grand house and in the end lost the house to a predatory lender.

In regards to Ellinwood's grandfather, Dr. C.N. Ellinwood, Anne and her Father, Lathrop Mc Dowell Ellinwood, spent their lives trying to right the wrong that had been done to Dr. Ellinwood by the overzealous Dr. Rix and the faculty at the time of Cooper Medical University.

A bit of history: The Ellinwood property in 1893 comprised all the property the depth of the main property and all the way down to the corner on the lower hill of Divisadero [to Clay], Divisadero was the end of the city limits.

Dr. Ellinwood kept a carriage and a buggy in the barn / carriage house and a full complement of horses to pull [the carriage, driven by] Carl the coachman whose father was the coachman to the king of Sweden.

Prior to the new swimming pool being added [atop the carriage house], there was a Cecile Brunner rose bush that had been given to Mrs. Charles Norman Ellinwood, Dr. Ellinwoods wife, by Queen Victoria herself.

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

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

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

March 27, 2012

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

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

Construction is anticipated to start approximately June 1, 2012 and be completed in an estimated 26 months. The building design, unit size and unit mix can be summarized as a 50 story version of Phase I as displayed at the scale model located in the sales office.

For the floor plans and unit layouts, Phase II will combine the two adjacent small one bedroom units at the center of the building curve above floor 25 into one two bedroom unit. The number of two bedroom units will increase and the number of one bedroom units will correspondingly be reduced. Approximately 60% of Phase II unit plans are the same as Phase I.

Significant improvements in the Phase II building will include a 3,600 square foot exercise facility and a top floor 4,000 square foot penthouse "Sky Lounge." (As comparison, current Phase I amenities include a 750 square foot exercise room and an 1,100 square foot Party Room). All amenities, including the existing swimming pool and spa deck facilities, will be available to occupants of both towers.

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

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

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

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

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

March 26, 2012

The Super Confidential Sale Price And Raw Scoop For 2701 Broadway

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

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

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

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

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

March 23, 2012

CityPlace Parcels Lost To Foreclosure

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

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

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

March 13, 2012

The Busy Streets Of Presidio Heights

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

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

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

March 12, 2012

CityPlace Parcels Along Market Scheduled For Foreclosure This Week

As we first reported last year:

Five parcels along Market Street between 5th and 6th Streets have been hit with Notices of Default (NOD's) including 935-939 Market, 943 Market, and 949-961 Market.

If that stretch of Market sounds familiar, it should. For as plugged-in people know, and PropertyShark catches, those parcels comprise the site of the proposed and approved CityPlace development.

Apparently Connecticut-based Commonfund Realty, which partnered with San Francisco based Urban Realty on the CityPlace development, "has stopped investment in real estate projects as it seeks to restructure a $1 billion fund that lost most of its value."

As best we can tell there’s approximately $36 million of cross collateralized debt on the three parcels and it’s a $9,680,000 note from 2007 which filed the notice of default.

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

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

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

March 7, 2012

The Bluepeter Building Loses Its Battle

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

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

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

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

Going Up (And Perhaps Coming Down This Weekend)

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

Hate to point out a glaring negative, but ivy (and wisteria, and any other vines) tend to provide an inviting environment for ROOF RATS!! It is a direct highway for them to climb up the side of your building, and they love to climb. I've seen the damage -- they climb right up the vines, and they will enlarge any little hole around a downspout and happily invade your attic.

And yes, even in Pac Heights -- rats are everywhere in this city. The dirty secret is that vines are most often removed from buildings after the owner discovers the unwanted guests and pays big bucks to an exterminator to get rid of them. I know -- I've seen the whole scenario play out only a couple blocks from this listing. ;-)

In another case, I was working on a home on Broadway a few years back (close to Broadway and Steiner). While I was there the neighbors started excavation for a new foundation, and the rats that were disturbed by the digging literally poured out onto Broadway in broad daylight!

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

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

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

March 6, 2012

Getting "Artistic" With The 2012 Dream House Marketing Materials

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

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

∙ San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

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

March 2, 2012

Macys.com Headed To 680 Folsom Street As First Reported

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

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

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

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

March 1, 2012

Conversion Of 1945 Hyde Street Set To Get Started

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

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

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

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

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

February 16, 2012

The 333 Fremont Scoop: Let The Shoring Begin

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

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

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

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

February 10, 2012

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

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

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

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

February 9, 2012

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

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

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

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

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

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

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

February 7, 2012

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

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

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

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

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

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

February 3, 2012

Are You Feeling Lucky Bowlers? Well, Are You?

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

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

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

January 25, 2012

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

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

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

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

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

Appeal Of America’s Cup Environmental Impact Report Rejected

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

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

The appeal was denied, with the proviso that there will be supplemental EIRs. I don't know how much this addresses the ambiguity and structural deficiency of the EIR--perhaps they should split it into a program EIR and a project EIR for those projects that are known to-date.

Key other points that were made included that the mitigation funding was based on an expected attendee size of X, whereas later impact analysis assumed 0.2X. No resolution was reached on who will pick up the tab if mitigation funding predictions turn out to be optimistic. The ACEA voluntarily backed down on the floating jumbotron in the aquatic park, and there was much rejoicing amongst the aquatic park users.

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

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

January 19, 2012

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

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

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

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

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

January 18, 2012

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

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

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

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

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

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

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

January 12, 2012

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

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

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

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

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

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

January 11, 2012

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

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

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

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

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

January 9, 2012

A Re-Skinning Crane Has Risen At 680 Folsom Street

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

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

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

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

January 5, 2012

One Rincon Hill Tower Two Site In Play

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

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

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

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

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

December 21, 2011

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

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

That's lame. Those guys missed the price point and they were the first to admit it during showings.

They wasted a lot of people's time. Yet there they are, touting how badly they gauged the market. Great.

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

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

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

December 14, 2011

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

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

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

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

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

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

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

December 5, 2011

An Uptick In Application Fees And Frustrations In San Francisco

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

I don't charge an application fee. I figure that running a credit check is the cost of doing business, and I only do it on the finalist. It's lame that some are charging dozens the fee for the same place. We know that they're not doing dozens of credit checks.

This makes us all look bad. And it's another reason for the city to figure out how to [reign] over landlords.

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

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

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

December 1, 2011

A Little Daylight(er)

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

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.

The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

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

The sale of 111 Day Street closed escrow yesterday with a reported contract price of $790,000. Call it 12 percent below its sale in 2003 or 0.6 percent below our reader's on the record bet from four months ago.

∙ From $900K In 2003 To $915K Today (And $1,190K In Debt Between) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (31) | (email story)

November 21, 2011

Is That The Fat Lady We Hear Singing Over At CitiApartments?

Pledged as collateral on a number of loans which are now in default, it’s a plugged-in tipster that notes "the Debtors’ respective membership interests in the limited liability companies" which own the following properties are scheduled to be sold on December 12:

78 Buchanan Street
233-241 Church Street
252-258 Church Street
950 Franklin Street
1844 Irving Street
1401 Jones Street
2677 Larkin Street
2075-2083 Market Street
2099 Market Street
1870 Pacific Avenue
500 Stanyan Street
645 Stockton Street
1340-1360 Taylor Street
1320 Washington Street
1461-1465 Burlingame Avenue (Burlingame)

Some might recognize the 2099 Market Street adress as the headquarters of the group formerly known as CitiApartments and from which "Frank Lembi used to listen to opera on Wednesday evenings from his office on the mezzanine" according to our tipster.

UPDATE: As a reader quickly catches, it’s the Membership Interests in the LLCs that own the properties above which are being auctioned against $29,700,000 in mezzanine debt that’s in default and the properties listed above remain "encumbered by a deed of trust that secures the Property LLCs’ total aggregate indebtedness to a senior mortgage lender in the original principal amount of $103,300,000."

∙ CitiApartments Is No More! Well, Sort Of… [SocketSite]
∙ The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]

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

November 15, 2011

Peek Inside The Top To Bottom Renovation Of 2507 Pacific Avenue

As plugged-in people know, 2507 Pacific Avenue was purchased for $2,500,000 in early 2010 as a 3,509 square foot home in an unrenovated and garage-less state.

Despite some initial opposition, a garage has since been added to the Pacific Heights property and the interior has been renovated from top to bottom.

And while it never made it to the MLS, and the website offering a peek inside just recently went live, as a plugged-in reader correctly notes, the property is already in contract.

∙ 2507 Pacific Avenue [2507pacific.com]
∙ We’ve Got Ours (And Don’t Want Yours) In Pacific Heights [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (44) | (email story)

November 4, 2011

After Two Weeks, 1532 Church Street Is…Reduced

While some expected it to fly off the market when listed for $895,000 sans tenants two weeks ago, the list price for 1532 Church Street has been reduced a nominal $6,000, now asking $889,000.

And speaking of said ex-tenants, if a plugged-in reader seeking to set the record straight is correct, they were driven out of the house on August 31 and now reside in Palm Springs.

∙ A Quick Tenant-ectomy And Attempted Flip [SocketSite]
∙ Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (37) | (email story)

October 21, 2011

A Homeowner’s Counterintuitive Wish Comes True

As we first reported back in July of 2007:

A tipster directs our attention to the listing for 741 Noe, a two bedroom "Tales-of-the-Cityesque" condo "on Eureka Valley's famed Liberty Street Stairs" that could "make Armistead Maupin green w/ envy!" It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units "were bought as TIC's on 7/15/2004 for $1,141,500 total."

And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).

Having sold for $1,057,000 that August, it’s another tipster that notes 741 Noe has been back on the market for three months, originally asking $1,029,000 but listed at $959,000 for the past four weeks, nine percent more affordable than four years ago and not accounting for a 240 basis point (37 percent) drop in 30 year mortgage rates as well.

∙ Listing: 741 Noe (2/1) - $959,000 [MLS]
∙ Tales Of San Francisco (On So Many Different Levels) [SocketSite]
∙ 30-Year Mortgage Rates Fall Below 4 Percent And...Activity Drops [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (9) | (email story)

October 12, 2011

Listing License (And An "Updated" Kitchen In Question)

Speaking of listing license, from a reader with respect to the listing for 53 Manzanita which notes an "Updated kitchen":

It drives me insane when realtors say "updated kitchen" when that update occurred 40+ years ago. I would bet that the original cabinets are still intact as are most of the appliances. That isn't "updated" in my book. There oughta be a law...

As far as we know there aren't any laws when it comes to listings, and perhaps nary a rule.

As we noted back in 2006 after we first exposed the practice of relisting to "refresh" an unsold property and its official days on the market (DOM):

The National Association of Realtors Code of Ethics provides that "Realtors shall be careful at all times to present a true picture in their advertising and representations to the public," though Lucien Salvant, a spokesman for NAR, said that MLSs are not considered advertising vehicles."

And as we wrote at the time, taking the position that "MLSs [and by extension their listings] are not considered advertising vehicles" is an utterly asinine argument.

Our assessment of NAR's aforementioned position hasn't changed.

∙ Mad Men On Manzanita [SocketSite]
∙ Sorry NAR, But No [SocketSite]
∙ You Can Relist, But You Can’t Hide [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (39) | (email story)

Out Of Contract For The Fifth Time At 235 Berry But Now "Approved"

As we first reported this January past with respect to 235 Berry #304:

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).

Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.

In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

Having fallen out of contract twice since, most recently after being relisted for $699,000, the list price for the two-bedroom condo in the "landmark building" (according to the listing, don’t ask us) is once again $675,000 but now noting: "Approved Short Sale - Buyer walked last minute - cold feet."

And as a plugged-in reader reported back in January: "I…looked at this unit and the listing agent made it clear that the buyer will need an additional approximately $50k in cash at closing to clear liens by the HOA and PMI company."

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – $675,000 (short sale) [MLS]
∙ Shorter Still For 235 Berry Street #304 At $560 Per Square Foot [SocketSite]
∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (6) | (email story)

October 5, 2011

Supervisors Reject NIMBY Appeal Against Transitional Housing

As we reported earlier this week, Supervisors Avalos, Campos, Chiu, Mar, Mirkarimi, and Kim were all sponsors of the proposed Special Use District legislation which would pave the way for the previously approved transformation of the Edward II Inn from hotel to group housing for transitional 18 to 24 year olds while Cow Hollow Supervisor Farrell was not.

And as a plugged-in reader reports today, the Board of Supervisors unanimously rejected the Cow Hollow Association’s appeal of Planning's approval for the project and only one Supervisor, Farrell, voted against the creation of the Special Use District in Cow Hollow.

Whether or not the project makes financial sense is a valid debate, but it wasn’t the basis of the Association’s appeal or stated in the opposition to the spot zoning for the corner of Lombard and Scott.

∙ NIMBY Opposition To Transitional Cow Hollow Housing Continues [SocketSite]
∙ Support For Supportive Housing...Just Not Here [SocketSite]
∙ Appealing The "Unappealing" Neighbors To Be At Scott And Lombard [SocketSite]
∙ The Cow Hollow Association Might Say Both Are For The Birds... [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (46) | (email story)

September 16, 2011

ORH #1308 Going Once, Going Twice...Sold On The Courthouse Steps

As we first reported yesterday:

Purchased for $717,000 in February 2008 with a first mortgage for $417,000, a second for $264,150, and $35,850 (5 percent) down, this past April a Notice of Default (NOD) was filed on 425 1st Street #1308 with $14,809 past due.

Postponed last month, in an hour the 755 square foot One Rincon Hill one-bedroom is scheduled to hit the courthouse steps with a published opening bid of $437,793, call it $161,207 (27 percent) less than the current list price of $599,000 for 425 1st Street #808 which was purchased for $616,264 in February 2008 as well.

As a plugged-in tipster reports, an hour later 425 1st Street #1308 sold for $460,000 cash.

Once again, three months ago the Realtor owned 425 1st Street #1408 sold for $605,000 having been purchased for $655,319 in March 2008. Commentary on our original post.

∙ '08 Apples To Apples And On The Courthouse Steps At One Rincon Hill [SocketSite]

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

September 15, 2011

CVS Slated To Start Construction At Market And 7th in 2012

Speaking of mid-market developments around 7th Street, a plugged-in reader reports: "CVS will begin construction on a new store at the corner of Market and 7th Streets in August 2012. The check cashing outlet, barbershop, and restaurant will close." Cheers.

∙ 67 Units For Young Professionals Between 6th And 7th As Proposed [SocketSite]

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

September 13, 2011

A Seller’s Pricing (Versus The Market’s Comp) At 410 Jessie

The 2,018 square foot Hales Warehouse (410 Jessie Street) loft #602 has just returned to the market listed for $1,550,000. Purchased for $1,600,000 in July 2007, three months later the 2,018 square foot unit a floor below (410 Jessie #502) sold for $1,400,000.

As plugged-in readers know, 410 Jessie #502 recently resold for $1,300,000. And if a plugged-in tipster is correct, there’s roughly $1,450,000 owed on #602 which might help explain the seller’s pricing versus the market’s recent comp.

∙ Listing: 410 Jessie #602 (2/2) 2,018 sqft - $1,550,000 [MLS]
∙ From Warehouse To Gallery To Upscale Comp At 410 Jessie [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (31) | (email story)

September 9, 2011

2020 Jackson’s Storied Past (And Currently Staging)

Designed by Julius Kraft and built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter, 2020 Jackson Street served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906.

A 1991 Decorator Showcase home, details from which remain in the formal dining room and throughout, in 2004 the 10,900 square foot property was purchased for $22,500,000 by the Catherine Schwab Revocable Trust.

Recently emptied, it’s a plugged-in tipster that catches the Arthur McLaughlin trucks coming and going as the property quietly prepares to publicly hit the market with a splash, most likely in a week or two.

UPDATE: It's a plugged-in reader that gets the credit for discovering a treasure trove of photos from when the property was last on the market. Get 'em while you can.

∙ Isaias W. Hellman [wikipedia.org]

Posted by socketadmin at 11:00 AM | Permalink | Comments (15) | (email story)

September 2, 2011

2840 Broadway Quietly Sells On Billionaire's Row (And Not To Ellison)

The sale of the late Dodie Rosenkrans’ Pacific Heights mansion at 2840 Broadway, the Willis Polk designed 17,000 square foot home adjacent to Ellison’s modern manse on San Francisco’s Billionaire's Row, has quietly closed escrow.

While the buyer’s identity was hidden behind an LLC ("2840 Broadway Street") managed by William McClure down in Menlo Park, according to a plugged-in tipster the buyer wasn’t Ellison, a fact that we’re still trying to confirm along with the official sale price.

UPDATE: We've got confirmation on the buyer who is from the 'hood but isn't Ellison which shouldn't catch any plugged-in readers by surprise. We're still working on the sale price.

As always, don't forget those invitations to the housewarming. Cheers.

∙ Another Big Billionaire's Row Home Coming Soon: 2840 Broadway [SocketSite]
∙ Ellison Report Kicked To The Curb [SocketSite]

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

August 31, 2011

A Gentle Reminder That New Paint Does Not Equal Remediation

A plugged-in reader reports with respect to a home currently on the market in Noe:

One of the neighbors got a sneak peak at the place after the tenants moved out and saw evidence of a leaky roof in several places and extensive mold on the walls in most of the rooms – imagine what’s going on behind the drywall. However, what is most interesting is that during the open house you can see the wallpaper is still there, so apparently whoever did the remodeling work just painted over the existing moldy walls.

As we can’t confirm the before, or what exactly what happened during, let’s just consider this a general reminder not to skimp on your inspections, especially when dealing with a newly remodeled home, which might seem counterintuitive.

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

August 30, 2011

Conforming Loan Limit Extension Gains Obama's Support

As plugged-in people are well aware, the super/jumbo conforming loan limits that provide for federally backed mortgages up to $729,750 in high cost areas like San Francisco were first passed as part of an economic stimulus bill back in 2008, were extended by President Obama last year, and are currently set to expire on September 30, 2011.

This past May, the New York Times quoted an Obama administration’s position paper on reforming the housing market stating: "Larger loans for more expensive homes will once again be funded only through the private market." In other words, another extension was not to be expected.

Today, it’s a plugged-in reader that points to a research note by Capital Alpha Partners in Washington DC that suggests the Obama Administration has decided to support a two-year extension for the higher conforming loan limits.

∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]
∙ Another Year For Super Conforming Limits (Assuming Obama Signs) [SocketSite]
∙ Super Conforming Limits In San Francisco Set To Expire September 30 [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (133) | (email story)

August 24, 2011

1285 Sutter Approved For Imminent Demolition And Reconstruction

Permits to demolish the long shuttered Galaxy Theater at 1285 Sutter Street and erect a 13-story building with 107 condominiums over 10,000 square feet of retail (Trader Joe’s lease for which expired) and basements for 127 parking spaces were approved last week.

As a plugged-in tipster reports, the site which was purchased by Portland, Oregon based developer Gerding Edlen for $9.25 million (versus an $18 million ask in 2008) has since been fenced off and demolition is imminent.

If all goes as currenlty scheduled, the new building should be construction complete and ready for occupany and retailing in early 2013. As always, we'll keep you plugged-in.

UPDATE: As a couple of plugged-in readers quickly note, while Trader Joe's was once slated to occupy the ground floor retail at 1285 Sutter as rendered above, it's rather unlikely they'll do so considering their plans to open at 1401 California.

∙ 1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market [SocketSite]
∙ From Cala To Condos To Trader Joe's At 1401 California [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (33) | (email story)

August 23, 2011

The Unreported Sale Price For 33 Prosper

As we wrote in January:

Purchased by Mr. Muhawieh for $920,000 in 2007, as plugged-in people know, a 33 Prospect in progress was taken back by the bank and resold for $770,000 this past April.

Having since been redesigned and rebuilt as "a modern showcase for urban living," the now 2,770 square foot home is back on the market and asking $2,350,000.

Wood, stone, and a few odd modern showcase angles abound.

Officially "withdrawn" from the MLS in May when last listed for $2,149,000, it’s a plugged-in reader that notes the sale of 33 Prosper closed escrow the next month with a recorded but unreported contract price of $2,040,000.

Once again, it’s a violation of MLS member rules to fail to report the sale and selling price of a recently listed property, even if said listing has been withdrawn from the MLS (within three months of a sale we believe).

UPDATE: Within a few hours of our post, the July sale price for 33 Prosper was reported on the MLS. Cheers.

∙ A Rebuilt 33 Prosper Returns As A "Modern Showcase" [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
∙ A Not So Prosperous At (And Under) Asking Sale For 33 Prosper [SocketSite]
∙ An Ironic Address For Another Ex-Muhawieh Property (33 Prosper) [SocketSite]
∙ The Unreported Sale Price For The Penthouse Atop One South Park [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

August 22, 2011

The Parc Esprit (AKA Esprit Park North) Back On The Market

As plugged-in people know, in early 2010 the the sixty-seven (67) units formerly being sold as Esprit Park North were renamed "The Parc Esprit” and repositioned as rentals. As we first reported at the time:

Rents for the remaining one-bedrooms range from $2,475 to $2,950 while the two-bedrooms range from $3,050 to $4,000. Esprit Park originally hit the market in 2007 with one-bedrooms in the South Court priced from the "Upper $600,000's" and two-bedrooms from the "Mid $900,000's" (from $549,000 seven months later).

Leases currently run eleven months (think Esprit Park CC&R’s) with expectations that the units will return to the for sale market in three to five years. And while the leases aren’t being written with an option to buy, leaseholders do get a first right of refusal.

As a plugged-in resident tipster wrote last week:

The Parc Esprit in Potrero Hill is putting 1/4 of the north court units [back] on the market. They are currently being offered to tenants at a 7.5% discount…The rest of the north court will transfer from rentals to condos sometime in the future (probably dependent on how sales go with the current units). 16 one bedroom places will be priced between $570,000 and $610,000 and the 4 [two bedroom] penthouses will be priced at $980,000.

On Friday, two units at 850 Minnesota were listed for sale, a 835 square foot one-bedroom for $590,000 and a 1,586 square foot two-bedroom penthouse for $979,000.

∙ The Parc Esprit (840 Minnesota): 30 Percent Sold Leased [SocketSite]
∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Reader’s Reports: Homes On Esprit Park Now Starting From $549,000 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (13) | (email story)

August 19, 2011

Saitowitz Rising On The Blighted Corner Of Divisadero And Ellis

While the long vacant lot on which a 76 Station once stood was tagged with a notice of blight a few months ago, a plugged-in tipster reports that construction has commenced on the first of two Stanley Saitowitz/Natoma Architect designed condominium buildings that are rising on the corner of Divisadero and Ellis Streets (click image to enlarge).

The first building consists of 12 units and the second building of 21 units. Principal exterior materials will be similar to Saitowitz’s award winning Beth Shalom Temple at 15th and Clement. The first building is scheduled for completion summer 2012, the second in 2013.

As the site looked in June:

And as we wrote in 2008 when anti-blight legislation was adopted: "No word on whether or not a construction site on hold might qualify as well." Apparently the word is yes.

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
∙ Saitowitz Scores With The Critics (But Not With Those Next Door) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (37) | (email story)

August 18, 2011

A Double Apple Closes On Caselli, What Does This Mean?

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007.

Having been slightly updated since, 226 Caselli Avenue returned to the market this past June listed for $1,399,000 at which point our plugged-in tipster weighed back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.

In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.

Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Yesterday, the resale of 226 Caselli closed escrow with a reported contract price of $1,350,000, down 5% ($70,500) from its 2007 sale, 11% ($165,000) below 2005.

∙ Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]
∙ Apples To Apples To Apples (And Tipster To Tipster) On Caselli [SocketSite]

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

August 11, 2011

It’s Back To The Bank (And Hopefully Drawing Boards) For 524 Howard

As plugged-in people know, the parking lot at 524 Howard has been facing foreclosure with an estimated $23,038,931 owed. The site was approved for developement twenty-two years ago, the rights for which could soon be lost.

And as a plugged-in tipster notes, on Wednesday the parcel went back to the bank with no bidders at $5,000,000 cash on the courthouse steps.

∙ 524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today [SocketSite]
∙ Two More Years To Park At 524 Howard (And Perhaps Much Longer) [SocketSite]
∙ Five Million In Cash Versus Twenty-Three Million Owed [SocketSite]

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

August 10, 2011

Simply Lip Service For Green Landscaping In San Francisco?

It’s time for a (slightly edited) guest editorial from a plugged-in reader:

I am a homeowner in SF's 11th political district. The neighborhoods in my district have the potential to be charming, but unfortunately many people think it's OK to pave over their front yards to then use the space to park their cars on the sidewalk illegally.

Almost every month I see a new front yard disappearing to make space to park cars on the sidewalk. The result is blighted, dire looking neighborhoods, lower property prices, and an unsafe environment for pedestrians who have to navigate around cars parked on the sidewalk.

In addition to laws against sidewalk parking (which is not enforced by the city, only upon complaint), to my knowledge, the city of San Francisco has laws against paving over front yards, as well as the "Green Landscaping Ordinance" which stipulates that a certain percentage in front of every building has to be devoted to landscaping. Yet I have been unable to get the city to enforce the law in my district, even though I made repeated attempts to do so.

There are three cases I can mention, each of which I have filed a complaint for with the city authorities:

1. 730 Huron Ave: has their front yard paved over. The complaint can be tracked here. The case has been "abated", but I wonder how that came about, since the building clearly is not in compliance with the code. Thanks to the City "abating this case", in the space of the former front yard now often one or two cars are parked, blocking the entirety of the sidewalk, forcing pedestrians into the street. I do sometimes call this in to the DPT, but I do have a day job and it would be nice if instead the City authorities could do their job.

2. 40 Sears Street: had a very large front yard paved over on which now a pickup truck regularly parks. I have filed a complaint with the DBI and am awaiting the results.

3. 901 Huron Ave: a house that was one of the best looking on our street, a corner house with beautiful lawn all around it. It recently sold and yesterday my wife and I noticed that a part of the lawn was already paved over, with a pickup parked on the sidewalk and former site of the lawn.

My questions are these: are we simply we wasting taxpayer dollars on making ordinances and printing colorful brochures about sidewalk greening, since we don't actually take them seriously and enforce them? Or will these laws be ever enforced to prevent further blighting of the City's neighborhoods?

San Francisco is said to be a beautiful city, but once you look beyond the parks and beaches, City Hall, Russian Hill and Valencia Street, the neighborhoods where actual families live look more and more terrible by the day.

Good questions. Let's see if we can't drum up some equally good answers.

∙ Guide To San Francisco's Green Landscaping Ordinance [SocketSite]
∙ Coming Soon: Guidelines For Tending Concrete Gardens Out Front [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

August 9, 2011

The Unreported Sale Price For The Penthouse Atop One South Park

From our report in May:

As we noted in 2007 a few months after the sales office at One South Park first started taking soft reservations, sales materials denoted eighteen of the thirty-five already "reserved" with one, Number 407, already "sold" and likely a developer's unit.

Today, the three-bedroom condo across two floors and with one big roof deck (with hot tub and soon to be grill) hit the market for the first time listed for $3,300,000.

While not listed, tax records peg the penthouse unit's interior space at 2,659 square feet.

In July the listing for One South Park #407 was officially withdrawn from the MLS without a reported sale. As a plugged-in tipster reports, however, the unit actually sold for an unreported $3,500,000 in a quiet and confidential sale to the anonymous "Deebek LLC."

∙ One South Park #407 Hits The Market For The First Time [SocketSite]
∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (32) | (email story)

August 3, 2011

1945 Hyde: Planning's Decision Upheld As Appellant A No-Show

A plugged-in reader reports with respect to yesterday's appeal of the Planning Department’s decision that the proposed adaptive reuse of 1945 Hyde Street is exempt from formal environmental review.

The Board voted 11-0 that the determination of the Planning Dept. should be upheld. Even David Chiu in whose district the project is located was unsympathetic with the appellant who failed to appear.

Approved by the Planning Commission in June, it was the Russian Hill Community Association (RHCA) which had filed the appeal in an attempt to block the redevelopment, an appeal which would have added years and big bucks to the development if successful.

∙ Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
∙ 1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]

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

August 1, 2011

Something Fishy Or The One That Got Away?

In 2005 the two-unit Outer Richmond building at 700-702 46th Avenue sold for $1,200,000 by way of a $900,000 loan. This past March the property was taken back by the bank with no bidders at $765,000 in cash on the courthouse steps.

Quietly listed for "$332,500" on the San Francisco MLS by GoHoming.com, "an online bidding marketplace" for bank-owned properties, it would appear the property sold for $356,824 ($143 per square foot) last week.

And a reader wonders, does something smell fishy or is this the one that got away?

Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)

July 29, 2011

A Half-Million Reasons To Start A Staging Company

According to a plugged-in source, having been taken back by Bank of America and its asking price reduced to $35 million, the Penthouse atop the St. Regis is being prepped to be officially listed on the MLS by, or around, Labor Day.

At the center of its preparation, a complete staging of the penthouse’s 17,000 interior and 3,000 exterior square feet. And according to our source, the expected budget for said staging for which RFP’s have been distributed, a cool $500,000. Yes, an expected half-million dollars in staging fees alone.

And no, we’re not expecting any Sunday open houses.

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

∙ $70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (10) | (email story)

July 21, 2011

2011 San Francisco Living: AIA Home Tours Lineup (And Challenge)

While we don’t believe it has officially been announced, it’s a plugged-in tipster that notes the AIA’s 2011 San Francisco Living: Home Tours lineup is now online. The list of featured properties and architects (that's the "Hill Street Residence" pictured above):

Noe Vista (Kennerly Architecture & Planning)
Harrison Street Residences: 1 x 2 (Studio 12 Architecture)
Old Bernal House (Feldman Architecture)
Hill Street Residence (John Maniscalco Architecture)
Congo Street Residence (MaK Studio)
Alpine Terrace Residence (H+H Creative)
St. Germain (Andy Rodgers Design Studio with SF Modern)
Sunset Overlook (John Lum Architecture)
Richmond Re-Do (Addison Strong Design Studio)
Parkview Terrace (Kwan Henmi / Fougeron Architecture)

As always, bonus points for connecting the moniker with an address, a handful of which should be layups for the plugged-in. And extra credit for pegging which of the properties will hit the market as soon as the tour ends.

∙ 2011 San Francisco Living: Home Tours Lineup [aiasf.org]
∙ The Threes At 3119 And 3121 Harrison Now Listed For Under Two [SocketSite]
∙ 140 St. Germain: From Renderings To Reality To Sold For $5,200,000 [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (7) | (email story)

June 30, 2011

Apples To Apples To Apples (And Tipster To Tipster) On Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007. As our tipster wrote at the time:

Ironically, as new homeowners on the block (yes, we bought within the past year), you would think that we would be dismayed, or at the very least experiencing extreme denial, about these listings...But before we were homeowners, we were well aware that the SF market might be headed for trouble, and gaining a mortgage and a property tax bill did not suddenly make us grow blinders as well!

We bought a house this year...not because we were trying to 'time the market,' and not because we believed our house's appreciation would beat out our stock market investments, but because it was the right time for *us* (recent job promotion, new baby on the way...all the reasons that normal pre-bubble citizens used to buy houses). We didn't buy our house as an investment...and if the market declines by 10-20% (and I think this is a possibility)...well, we bought for the long-term and intend to stay here at least 5, if not 15, years.

So I do believe that one can be a homeowner AND a rational observer as well, and I bet there are many like-minded readers of [SocketSite].

Having been slightly updated (the floor in the kitchen for example), 226 Caselli is now back on the market in 2011 listed for $1,399,000. And our 2007 tipster weighs back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.

In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.

Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Cheers!

∙ Listing: 226 Caselli Avenue (3/2) 1,712 sqft - $1,399,000 [MLS]
∙ Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

June 29, 2011

And Then Reduce It Too…

As a plugged-in reader moving to San Francisco and house hunting reported in March:

On February 28, 716 Sanchez Street hit the market with a list of $2.45M for the 2100 sqft house. That comes to a whopping $1187/sqft which is way out of whack with both comps and listing in the neighborhood.

When I checked back on March 2, the listing had been "updated". The only change was that the number of square feet was removed! I suppose that's one way to make the place look more reasonably priced.

As we noted at the time, the fully renovated 716 Sanchez had first been listed for sale in 2008 asking $2,650,000 ($1,262 per square foot) having been purchased for $1,175,000 in 2003 as a much less modern 1,250 square foot home.

And while we took a bit of heat for running the story, the list price for 716 Sanchez has been reduced a few times since. They’re now down to $1,999,000 ($951 per square).

∙ Listing: 716 Sanchez (3/2) 2,100 sqft - $1,999,000 [716sanchez.com] [MLS]
∙ Price Per Square Foot Out Of Whack? Reduce Remove It… [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (30) | (email story)

June 24, 2011

Two Years Later And The Bank Gets Its Mansion Back

As we wrote about the mansion at the corner of Pacific and Divisadero back in June 2009:

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

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

As a plugged-in reader adds today (emphasis ours):

I work for the law firm that just completed the lockout on this property.

So in addition to the deed, it's two years later and Chevy Chase bank finally has the keys.

∙ A Landmark District Seven Mansion Foreclosure (2799 Pacific) [SocketSite]
∙ San Francisco Landmark 207: Ellinwood Residence (2799 Pacific) [noehill.com]

Posted by socketadmin at 1:15 PM | Permalink | Comments (19) | (email story)

For The Love (And Hate) Of Palm Trees In San Francisco

They’ve been called names. And the planting of palm trees in San Francisco can be a polarizing issue. An issue that might be short lived, for as a plugged-in reader editorializes and educates:

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

∙ A Most Unfortunate Quote [SocketSite]
∙ A Plugged-In Reader's Report: Third Street Sprouts Some Trees [SocketSite]
∙ The Impact Of 8 Washington [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (11) | (email story)

June 13, 2011

Ahoy There Buyers...

Last asking $9,900,000, while the sixteenth listing for 830 El Camino Del Mar has been withdrawn from the MLS and it’s no longer official inventory, a plugged-in tipster reports:

Well, if I can't buy 830 El Camino, at least I can take her for a jaunt around the bay. Or maybe the owners are finally ready to let her go?

That’s right, the ten million dollar property is now "For Sail."

∙ Like The Swallows To Capistrano, 830 El Camino Del Mar Returns [SocketSite]
∙ San Francisco Listed Housing Inventory Update: June 6, 2011 [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (11) | (email story)

June 9, 2011

A Political Move

On Tuesday afternoon a tipster alerted us to the moving vans outside the Newsoms’ house at 1581 Masonic (purchased for $2,738,000 in June 2009), but we missed the shot.

As a prescient plugged-in reader wrote last August:

I bet if he loses the governor's primary or the actual race, within six months he will be back in his natural habitat, well north of California Street, or perhaps in Marin. This neighborhood is purely a political decision. Far too many drug addicts and homeless right at the bottom of the park.

And yes, the Newsoms are moving to Marin. Care to double down on the resale (or rental) price for the District 5 home?

∙ The Mayor Moves To (Real Estate) District Five [SocketSite]
∙ The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (9) | (email story)

June 6, 2011

Plugged-In To A Bottle Of Johnnie Walker?

From Sam Singer with respect to the Ellison and von Bothmer view settlement we reported:

The story on Socketsite regarding a payment of $2 million is wholly false and incorrect, according to a conversation I just had with the family. Socketsite’s “plugged in” source must be plugged into a bottle of Johnnie Walker.

Consider this a placeholder until we can resolve conflicting reports at which time we'll republish and open the discussion back up for debate (or flogging as the case may be).

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

June 2, 2011

140 St. Germain: From Renderings To Reality To Sold For $5,200,000

As we wrote when the finished 140 Saint Germain first hit SocketSite four weeks ago:

It’s another high-end home that’s not yet listed on the MLS. But as a plugged-in reader notes, the new 140 Saint Germain no longer only exists in renderings, but has been finished, photographed and priced at $5,000,000.

As we wrote about the property in 2008: "It’s truly a fixer, but with the requisite bones, big city views, and two atriums (not to mention decks and parking)."

And while it never hit the MLS, according to a plugged-in tipster, the sale of 140 Saint Germain has closed escrow with an unreported contract price of $5,200,000 ($912 per square foot), the highest of three offers.

∙ 140 St. Germain: From Renderings To Reality And A $5,000,000 Ask [SocketSite]
∙ 140 Saint Germain: Rendered Meat On The Bones And Coming Soon [SocketSite]
∙ A Fixer With Big Views And The Requisite Bones: 140 St. Germain [SocketSite]

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

June 1, 2011

Strike Up The Band Contractors As 393 Marina Closes For $4.4M

As a plugged-in reader wrote when 393 Marina Boulevard first hit the market in January with a list price of $6,000,000 and 6,140 listed square feet:

1000 per foot for a home on fill land that looks in fairly poor condition listed by an agency I've never heard of... None of this bodes well for a fast sale. My guess: It sits on the market for months and after a couple of meager reductions ends up being withdrawn.

Real asking should be about 700 per foot, so somewhere under 4.5 million.

The sale of 393 Marina Boulevard closed escrow yesterday with a reported contract price of $4,400,000 ($716 per listed square foot).

That being said, as another plugged-in reader also reported back in January:

Having gone through this home last week, measures about 3800 square feet give or take. The listing agent has included an enormous garage and basement space measuring about 2200 square feet to get us to the [6,140] square feet.

The first building permit for what appears to be basic seismic work was pulled within hours of closing. We'd be willing to bet it will soon be followed by others with plans to capture a bit more of that garage and ground floor space.

∙ A Rainy Day Money Mini-Manse Hits The Market On Marina Boulevard [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)

May 25, 2011

Which Is Worse, Unpermitted Work Or The Hells Angels?

A plugged-in reader’s story and perspective on unpermitted work:

Well, I'm neither a buyer, seller, planner, architect, nor nimby, and have never filed a [Discretionary Review]. I've lived in my home for 30 years and have always followed the rule that my neighbor's home is his business. But, that was not prudent as I discovered over the past several years with regards to my next door neighbor.

The first two owners, for the last 20 plus years lived in the home. The last, rented it out, but not before putting in an illegal unit downstairs. We later found out that his permit only covered "new windows." But, instead, he put in a kitchen, bedroom, and bathroom in the former basement of a single family home with the new unit having 6 foot ceilings, a couple of windows, and no vents for the illegal heater, stove, etc.

How did I know about that? Well, the last group of tenants in the main upstairs home, subleased that space to a couple of Hells Angels who ran a repair shop for stolen motorcycles in part of the garage space. They were arrested when an alert cop saw one of the stolen bikes in the driveway. Then, an alert permit officer at the local police station and some concerned neighbors, called the city planning department which sent an inspector and made the owner pay fines and pull out all the dangerous and illegal plumbing and electrical.

Now, the R-1 home is truly R-1, and the owner, has only been able to sporadically rent the property to other tenants over the past several years. As one contractor told me, after I pointed out that kids were living in the unsafe illegal unit, "I'm surprised no one died in this place".

Now, not all work without permits is dangerous but all is illegal. I'm sorry that it's a hassle to obey the law. Yeah, I like doing 90 on I-5 to L.A. too. But, if I get ticket, I don't tell the cop that it's inconvenient and a hassle to do 70.

And one more note, what happens if there was a fire and someone was hurt or killed? Do you think the homeowner's insurance company, looking for anyway to diminish or eliminate its liability, would cite the lack of permits as a mitigating factor?

As always, food for thought and room for discussion and debate. Permitted room, of course...

∙ More Than Meets The Eye Permits At 674 15th Avenue [SocketSite]
∙ An Architect’s Nightmare And Discretionary Review Irony [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (135) | (email story)

May 23, 2011

The Lion Of The Left's House Falls Prey To Its Loans

With $1,203,000 in open loans and a few liens (including one to US District Court), it’s a plugged-in tipster that notes the 3,000 square foot Art Deco home at 3300 Kirkham went back to the bank on Friday with no bidders at $828,000 on the courthouse steps.

With respect to the District Court lien, as also noted by our tipster, the home had been owned by former Roman Catholic priest and KGO radio host Bernie Ward who was convicted on child pornography charges in 2008.

Posted by socketadmin at 11:45 AM | Permalink | Comments (15) | (email story)

May 17, 2011

The Torpedo Of Truth For 2420 Pacific

It hasn’t yet been reported, but according to a plugged-in tipster the sale of 2420 Pacific has closed escrow with a contract price of $7,400,000.

Assuming our tipster is correct, call it 42 percent under original expectations, 15 percent under its most recent list price, and $695 per square foot ("per appraisal") for the Julius Ernest Krafft designed Pacific Heights home.

UPDATE: The sale was just reported and our tipster was spot on with respect to the price.

∙ A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
∙ Winning? [SocketSite]

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

May 5, 2011

The Rumored Price Behind The Confidential Sale Of 2550 Lyon

Listed for $9,800,000 in 2007, relisted in 2008 for $7,950,000, and last listed for $6,500,000 before being withdrawn from the MLS in 2010, the sale of 2550 Lyon quietly closed escrow last month hidden behind a confidential sale price at the Recorder’s office.

That being said, if a plugged-in tipster is correct, the sale price was $5.75 million while the property is rumored to have appraised for a million dollars less, luckily it was only a $2 million note being employed for the purchase.

Rumor also has it that several offers were made on the property over the past three years, all of them passed them up waiting for a more lucrative offer to appear and during which time 2550 Lyon had been listed for rent asking $22,500 per month.

∙ The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
∙ Might $22,500 A Month In Rent Actually Make More Financial Cents? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (8) | (email story)

May 3, 2011

Castle On The Park (601 Dolores) In Contract For $6,600,000

A plugged-in tipster delivers the news that 601 Dolores, a.k.a. the "Castle on the Park," is now in contract with an accepted offer of $6,600,000 for the 17,000 square foot property which was last officially listed for $7,490,000.

Born the Mission Park Congregational Church in 1909, 601 Dolores was purchased in 2007 and transformed into a single-family home. And as we first reported, the property returned to the market in 2008 listed for $9,950,000.

And no, it's not a high flying tech exec nor newly minted millionaire that's in contract to buy the Castle, but rather Children’s Day School which plans to use the space for classrooms, a large community gathering and performance space, and offices.

The big challenge now, an "upcoming heroic and unprecedented fundraising effort this spring to close the deal." We’ll keep you posted and plugged-in.

∙ Sweet Jesus (So To Speak): 601 Dolores On The Market And Inside [SocketSite]
∙ Unofficial Inventory (And A Righteous Reduction) At 601 Dolores [SocketSite]
∙ One Hell Heck Of A Bedroom Overlooking Dolores Park... [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (14) | (email story)

May 2, 2011

Will The Third Time Be The Chocolatey Color Charm For 2523 Steiner?

Another coat of now chocolatey colored paint has been applied to the façade of 2523 Steiner. As a plugged-in reader wonders, will the third time be the color charm?

And considering that the previous coats of paint weren’t first stripped from the hardwood around the windows before re-painting, how long will the current coat of color last?

∙ Color Me Yours At 2523 Steiner [SocketSite]
∙ Oh No They’re Not, Oh Yes They Are At 2523 Steiner Again [SocketSite]
∙ The Freshly Re-Finished Façade Of 2523 Steiner [SocketSite]
∙ A Quick Curb A-Peel Change For A Weathered Wooden Facade [SocketSite]
∙ Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (19) | (email story)

April 30, 2011

The Now Public Details For The Painful Situation We Posted Last Week

While we didn't disclose the details last week, the recent buyer of a unit above an S&M enthusiast has decided to go public, perhaps as the reality of our reader's words of wisdom with respect to litigation has set in. The first third of the buyer's detailed public plea:

When I closed the deal last Friday for [removed by editor] in Glen Park, my new condo in a 2-unit building, I had no idea my downstairs co-owner was a self-described "sex enthusiast" who engages in loud S&M "leather sex" on a regular basis. I learned this not from the seller or his agent, but via an email from the co-owner himself, which I received last Sunday night, after close.

The mere fact of the co-owner's sexual preference doesn't bother me in the least. But the possibility of it coming to the attention of my 10 year old son, whose bedroom was to be directly over the downstairs bedroom, enrages me.

By what measure does this not require disclosure? All parties to the sale knew I had a young boy who would be living with me. And I had expressed to my agent directly my concern over the possibility of an S&M dungeon in the common garage area, as that would be an inappropriate feature in a child's environment.

Neither the seller or his agent told me about the use and type of noise coming from the lower unit, though the co-owner writes that this was a topic of conversation several times between the seller and him.

The level of noise transmitted between the units has been an ongoing issue. In fact, renovation of the seller's unit was undertaken as recently as this year to help abate the noise: new sound proof padding and carpeting were added.

Despite the possibility that my 10 year old would be negatively affected by this noise type and unit use, this fact was kept from me during a full 6 weeks while I decided whether to purchase the condo.

I implored both realty companies to rescind the sale. They both said get a lawyer, we can't help.

While we tried to keep the details private, and encouraged others to do so as well, we can't put the genie back in the bottle for the buyer's now very public plea.

∙ A Painful Situation For A Plugged-In Reader (And Plea For Help) [SocketSite]
∙ No disclosure + no due diligence = New mortgage but no new home [Redfin]

Posted by socketadmin at 3:00 PM | Permalink | Comments (64) | (email story)

April 29, 2011

Yes, You May (A.K.A. The Kind Of Comments We Love To Read)

An excerpt from our comment of the week on the sale of 909 Tennessee:

Can I take a moment to tell the world again how much I love this building and have since the first time I laid eyes upon it 16 years, six months five days ago? That was the day I moved into a loft I rented from Sergio Nibbi at 900 Tennessee Street with a few dollars in my pocket and a determination to make it as an aspiring entrepreneur in SF, the city of my childhood.

It was love at first sight and still sinking in that I really have the thing after wanting and hoping for it all these years.

And once again, cheers.

∙ Wayne Prevails And Secures His Firehouse At 909 Tennessee [SocketSite]

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

April 27, 2011

A Painful Situation For A Plugged-In Reader (And Plea For Help)

A plugged-in reader in need writes:

Where do people go who have had realtors - realtors of some prestige, paragons of real estate experience one might say - who seem to have hidden or ignored pertinent information on a property?

This is both scary and almost amusing tale of woe were it not for the all too serious consequences.

Say, for example, someone buys a condo in a two-unit building, agrees to all the conditions, then, after closing, is told by the other condo owner that other unit is an S&M, um, er, "chamber," and the building is not suitable for children to occupy because strangers visit at odd hours and they're not the sort of people who are good with children. Plus, the new owner had better seriously soundproof the unit and never, ever let the child use the shared yard, go down into the garage or help with the laundry because it's near the "guest" room. Oh, yes, and the seller knew about this, um, "lifestyle."

The seller's realtor and the purchaser's realtor claim no knowledge, "not our job to ask personal questions" sort of thing even if you did raise this exact question with your realtor, "This isn't some S&M dungeon is it?" [Editor's note: apparently a number of locked rooms below raised the question], besides, the seller has left the state and well, sorry, it's a done deal, you own it.

Please keep in mind this isn’t meant as a condemnation of an S&M lifestyle, but rather an issue of disclosure and a serious concern. And yes, we have confirmed the sale. So, if you’ve successfully negotiated a similar situation, do you think you can help a reader out?

Posted by socketadmin at 8:30 AM | Permalink | Comments (75) | (email story)

April 22, 2011

Winning?

Ever since a plugged-in tipster tipped us off to a rumored under the radar "no reasonable offer refused" auction for 2420 Pacific Avenue two weeks ago, we’ve been keeping an extra close eye on the listing for the 10,650 square foot (per appraisal) Pacific Heights property.

As plugged-in people know, the Julius Ernest Krafft designed home was listed for $12,800,000 last June, reduced to $11,700,000 in September, and then reduced to $9,800,000 in February.

A few minutes ago the list price for 2420 Pacific was reduced to $8,700,000.

Either the aforementioned auction failed to produce a winner and we now have some additional intelligence with respect to the market’s appetite, or we now know the winning bid which will be recorded "at asking" (and rather quickly after being reduced).

∙ Listing: 2420 Pacific Avenue (10/8.5) - $8,700,000 [MLS]
∙ A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
∙ Room(s) To Negotiate And A Two Million Dollar Reduction [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | Comments (11) | (email story)

April 21, 2011

The Reconstruction Of 408-416 Bosworth Has Recommenced

According to a plugged-in reader, reconstruction has restarted on the eight unit "Bosworth Homes" development at 408-416 Bosworth which first hit the market in 2009 before being taken back by the bank late last year and sold to Encore Housing Funds ("who focus on developing distressed properties...Expect a completion date of June/July").

∙ The Abandoned (408-416) Bosworth Homes Head Back To The Bank [SocketSite]
∙ What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

April 19, 2011

Minor’s "Abandoned" Mansion At 3800 Washington

While it’s looking a lot better today than it did in 1906, as a plugged-in reader notes and following an anonymous complaint a year ago, Halsey Minor’s Le Petit Trianon at 3800 Washington has been deemed "abandoned" by the city and an order of abatement has been issued for failing to comply with San Francisco’s Abandoned Building Ordinance.

As plugged-in people know, Minor paid $20,000,000 for the 17,895 square foot property in 2007 (a notice of default followed in 2009).

And yes, we should all be so lucky as to live near such "blight."

∙ Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
∙ Le Grand Notice De Default For Le Petit Trianon (3800 Washington) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (33) | (email story)

Argenta (1 Polk) Sold In Bulk To Behringer Harvard

As a plugged-in resident reports, the bulk sale of Argenta (1 Polk Street) which had been built as condominiums, was unsuccessfully marketed for sale in 2008, and turned rental in 2009, has closed escrow with Dallas based Behringer Harvard Multifamily REIT acquiring the property from the bank.

The sale of the 179-unit building has been in the works since February 11 when Behringer Harvard first entered into an agreement to purchase the property for $94 million excluding closing costs.

Our tipster also notes: "I recently received an offer to renew my lease for another year."

UPDATE: As noted buy a plugged-in reader and since corrected, while Australian based Anka developed the property, Behringer Harvard purchased the property from "MacQuarie Argenta Inc.," a holding company for the construction lender who financed the project.

∙ Argenta (1 Polk): Ground Breaking [SocketSite]
∙ The Scoop: Argenta (1 Polk) On The Market As An Apartment Building [SocketSite]
∙ The Official Argenta (One Polk) Offering Image And Language [SocketSite]
∙ The Argenta (1 Polk) Scoop Redux: Riverstone Residential To Manage [SocketSite]
∙ The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (15) | (email story)

April 15, 2011

OMG! ODC Connected Appeal Of 17th And Folsom Park Is Withdrawn

As a few plugged-in readers report, the appeal against the proposed park at 17th and Folsom which was filed by a board member and past President of the neighboring ODC Dance Center (which is building a new center cater-corner to the park), has been withdrawn.

∙ Parking Not Parks! (A Less Popular Mission District Bumper Sticker) [SocketSite]

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

April 14, 2011

More Than Meets The Eye Behind The Opposition To 350 Mission?

A plugged-in reader reports with respect to the proposed tower at 350 Mission:

Shorenstein via Tom Hart also showed up at the Commission to oppose the project. Some dirty pool going on for sure.

∙ Comments: 350 Mission Appeal Take Two And Telling Board Vote(s) [SocketSite]

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

April 13, 2011

Oh No They’re Not, Oh Yes They Are At 2523 Steiner Again

It’s been a week since they finished repainting 2523 Steiner. And as a plugged-in tipster notes, they’re back at it today. We doubt any plugged-in person will be too surprised.

As to the home’s floor plan flaws, that’s going to take more than paint. Bonus points to the reader who correctly calls the new new color scheme (note the test patches above).

∙ The Freshly Re-Finished Façade Of 2523 Steiner [SocketSite]
∙ Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]
∙ A Quick Curb A-Peel Change For A Weathered Wooden Facade [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (54) | (email story)

April 6, 2011

399 Fremont: April Showers (And Site Prep) Will Bring...Wildflowers

As we wrote last June:

Approved for development in 2006 with a performance period set to expire in June 2008, Fifield started clearing the site for the proposed Californian at 399 Freemont in November of 2007. In August of 2008 the Planning Commission granted a 12 month extension of the performance period to June 2009, and then again in June 2009 to June 15, 2010.

On Thursday the Planning Commission is expected to grant another 12 month extension for the now 452 unit (and 238 parking spot) project which would expire on June 15, 2011. The site will be planted and bloom with wildflowers in the interim.

And while one curious tipster is hopeful that this weekend’s site work is a sign that the Californian is on the rise, as Jamie Whitaker reports, it’s actually the Fifield folks prepping the Fremont lot for the aforementioned wildflower meadow ten months into the interim.

Once again, a rough rendering of what’s expected to eventually rise on the site:

∙ 399 Fremont: Interim Plans Set To Bloom For The Californian Site [SocketSite]
∙ The Californian on Rincon Hill: 375 Fremont St. [SocketSite]
∙ Are They Clearing The Way For Someone's Californian On Rincon Hill? [SocketSite]
∙ The Californian on Rincon Hill (375 Fremont): Website And Renderings [SocketSite]
∙ The Californian On Rincon Hill: No Longer Coming Soon (If At All) [SocketSite]
∙ Native California Wildflower Meadow Interim Use at 399 Fremont [rinconhillsf.org]

Posted by socketadmin at 3:45 PM | Permalink | Comments (53) | (email story)

Avalon Towers By The Bay (388 Beale) No Longer Owned By Avalon

A plugged-in reader reports: "I live at Avalon Towers (388 Beale Street) and learned yesterday that they had been sold to UDR (or should I say swapped with other properties). Great news the place is in bad shape and been run down for months (Avalon seems to have checked out months ago)."

∙ AvalonBay Exchanges Properties With UDR in $263 Million Deal [businessweek.com]

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

April 5, 2011

San Francisco's First Fresh & Easy Should Open Second Week In May

According to a plugged-in reader and a construction worker on site, the first Fresh & Easy in San Francisco should open its doors in the Outer Richmond the second week in May at the corner of Clement and 32nd Avenue.

∙ Fresh & Easy San Francisco In The Outer Richmond By Early Next Year [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (29) | (email story)

March 25, 2011

Reader’s Tales Of The City: The Ultimate Doorman Tip

"I looked at a condo in this building in 1988. Asking price then: $1,000,000. Owner had died, leaving the condo (free & clear) to one of the doormen - who had listed it for sale. The doorman was handsomely rewarded for excellent service, I'd say!"

∙ A Peek Inside The Deconstructed Penthouse Atop 1170 Sacramento [SocketSite]

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

March 21, 2011

Bonus Points For The Plugged-In

Two days before they officially announced, it was a couple of plugged-in tipsters that correctly pegged Emirates Team New Zealand as one of the two unknown America’s Cup entrants at the time. And if they’re right about the still unknown team number eight, the Swiss team of Alinghi should announce soon.

And with respect to 611 Washington #2502 and in which Architectural Digest it was featured, it’s a plugged-in reader that claims double bonus points for naming both the issue (August) and year (1985).

∙ And Then There Were Eight But Only Six That Are Known [SocketSite]
∙ Can You Name That Issue In 17 (Interior) Photos Or Less? [SocketSite]

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

March 18, 2011

301 Howard And 195 Beale Have A Date With NYC's Courthouse Steps

With a courthouse auction for the membership interests in "W2007 HWD Realty" scheduled for next week in New York, it’s a sale that’s likely flying under the radar for most locals. But as a plugged-in tipster notes, the entity scheduled for auction is a holding company for the 23-story building at 301 Howard and the parcel at 195 Beale here in San Francisco.

Posted by socketadmin at 3:30 PM | Permalink | Comments (0) | (email story)

March 9, 2011

The Very Short Sale Of 2225 23rd Street

On Friday we noted the "very short sale" listing for 2225 23rd Street #316 at $150,000 versus the $395,000 which was paid in 2005. On Monday a plugged-in reader wrote:

It should be illegal to post a "very short sale" of $150,000 on MLS. This pretty much kills sales in the complex and everyones' values who own there. That is not anywhere near the actual price as the buyer will have to pay a tax lien, back HOA dues unpaid and a significant assessment for the exterior upgrade/new window project. The "real" price is closer to $250,000+.

Shortly thereafter the short sale list price for 2225 23rd Street #316 was increased to $225,000 and "very" was removed from the listing. It's now listed for just 43 percent below its year 2005 sale.

UPDATE: It appears that the HOA is moving to foreclose on #316 with a claim for $19,848.

∙ From 100 Percent Financing To Two Short Sales And An Auction [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (8) | (email story)

March 4, 2011

Price Per Square Foot Out Of Whack? Reduce Remove It…

A plugged-in tipster moving to San Francisco and searching for a house reports:

On February 28, 716 Sanchez Street hit the market with a list of $2.45M for the 2100 sqft house. That comes to a whopping $1187/sqft which is way out of whack with both comps and listing in the neighborhood.

When I checked back on March 2, the listing had been "updated". The only change was that the number of square feet was removed! I suppose that's one way to make the place look more reasonably priced.

The fully renovated 716 Sanchez had first been listed for sale in 2008 asking $2,650,000 ($1,262 per square foot) having been purchased for $1,175,000 in 2003 as a much less modern 1,250 square foot home.

∙ Listing: 716 Sanchez (3/2) 2,100 sqft - $2,450,000 [716sanchez.com] [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (76) | (email story)

March 2, 2011

San Francisco Dreaming At 65 Mountain Spring Avenue

As the sale of last year’s "$3 million San Francisco Dream House" closed escrow yesterday with a reported contract price of $2,300,000 for the 3,800 square foot Noe Valley home at 815 Alvarado, it’s a couple of plugged-in readers that quickly identify this year’s unidentified "Dream House" as 65 Mountain Spring Avenue up in Clarendon Heights.

Listed for sale at $3,950,000 last June, the list price for 65 Mountain Spring was reduced five times over the next four months before being withdrawn from the MLS in December last asking $2,775,000 for the 4,139 square foot (per its old listing) four-bedroom home.

Assuming at least 38,000 tickets are sold (which wasn’t the case last year), the grand prize winner of this year’s San Francisco Dream House Raffle will have the choice of the "$2.8 million" house or $1.4 million in cash.

Oh, and it's not only its colors that appear to have been "touched up" in the dreamy raffle photo above versus its more realistic listing photo below:

∙ San Francisco Dream House Raffle: Photos | Floor Plans [sfraffle.com]
∙ Spoiler Alert: The 2010 "San Francisco Dream House" Is… [SocketSite]
∙ An Arts & Crafts 815 Alvarado By The Numbers In Noe [SocketSite]
∙ San Francisco’s "$3 Million" Dream House Returns Asking $2.595M [SocketSite]
∙ Noe's "$3 Million Dream House" Drops To $2,325,000 [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (32) | (email story)

March 1, 2011

The Containers Are Coming! The Containers Are Coming!

A plugged-in tipster reports: "Looks like they're hauling the containers to the site of the [Proxy Project For Parcels K+L] at Hayes and Octavia today." Mmm…biergarten.

∙ The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]
∙ Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]

Posted by socketadmin at 7:30 PM | Permalink | Comments (3) | (email story)

San Francisco Conservatory of Flowers Goes Condo (No, Not Really)

From a plugged-in tipster that forwards an email for a "well located" two-bedroom condo with "many windows" that "afford peaceful green outlooks to Golden Gate Park while bringing in perfect natural light" and features a rather familiar façade:

Always wanted a condo in that building! HOA dues seem low for several hundreds of acres of garden. Dues include doing the windows regularly? How do you handle weekend visitors?

And yes, that’s the San Francisco Conservatory of Flowers pictured above and currently the first photo of the listing. The facade of 795 8th Avenue would be photo number fifteen.

∙ Listing: 795 8th Avenue #204 (2/1) - $585,000 [paragon-re.com] [MLS]
∙ San Francisco Conservatory of Flowers [conservatoryofflowers.org]

Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)

February 18, 2011

Going For The Gold Green (And Platinum) Up In Russian Hill

It’s not listed on the MLS nor is the address identified on the Sotheby's site, but it's a plugged-in tipster that pegs the newly constructed LEED Platinum residence as 1209 Filbert which is now on the market asking $7,000,000.

From our tipster:

This is an interesting story as 1209 Filbert used to be [a garage] on Filbert and a backyard associated with the converted single family residence at the Southwest corner of Hyde and Filbert. That corner residence (1205 Filbert for the smaller two units on Filbert and some address on Hyde for the larger main Unit of two floors) and the garages were bought by a developer that remodeled (quickly) sold off (very slowly) the three units in the converted corner residence, tore down the [garage], and constructed the 1209 residence.

Before the 1209 residence was built, the large West windows on the second and third floors of the corner residence had sweeping views of the GG Bridge, the Bay, and the Northwest waterfront of SF (Palace of Fine Arts, etc). That view is almost completely blocked by the new 1209 residence, although there is a small cut out for a tiny deck at the Northwest corner of the 1209 house that appears to be designed to leave the top (third) floor (but not the second floor) of the corner residence with a smidgen of a view.

And from the Sotheby’s site:

Downstairs, an entertainment room opens onto a secluded garden with fountain and fire pit.

Upstairs, a cantilevered stairway and glass-floored walkway separate the master suite from two additional bedrooms, each with private bath.

On the roof, a deck with panoramic bay views adjoins a room with full bath that might welcome guests, house an au pair or serve as an in-home office.

And yes, we’re assuming those 5,800 "acres" are supposed to be square feet.

∙ Listing: 1209 Filbert (3/5.5) 5,800 sqft - $7,000,000 [sothebyshomes.com]

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

February 8, 2011

A Reader’s Six Most Excellent Alternate Head-lines For 890 De Haro

A reader’s six most excellent alternate headlines for our piece on 890 De Haro:

This Guy's Income Was "Doobious" At Best.
His Debt To Asset Leverage Was Extraordinarily "High".
Ganja Glad You Didn't Put 20% Down?
At Lease We Know What He Was Smoking When He Placed That Bid In 2007.
Where Once There Was Green, Now There Is Red.
Peak Pricing, But Not Quite So High Anymore.

∙ 100 Percent Doobie Debt Financed On Potrero Hill [SocketSite]

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

One Rincon Hill Phase II Partnership Interests Headed For Foreclosure

As a plugged-in tipster notes, the 64 percent partnership interest held by Urban West Rincon Developers II, LLC in the One Rincon Hill Phase II Limited Partnership and the entire general partner interest held by Rincon Developers Phase II, LLC have been scheduled for a foreclosure sale down in Los Angeles on March 10.

The One Rincon Hill Phase II, LLC recently requested a $24,069,433 reduction in assessed value on their parcel at 401 Harrison, from a current assessment of $39,069,433 to $15,000,000.

Stay tuned. As always, we'll keep you plugged-in.

Posted by socketadmin at 1:30 AM | Permalink | Comments (7) | (email story)

February 7, 2011

Ay, Caramba As 299 Santa Paula Avenue Cuts Again

As we wrote ten months ago:

Asking $5,900,000 [in February 2009] and briefly in contract soon thereafter ("$5.4 is the number I hear"), the list price for 299 Santa Paula Avenue was reduced down to $5,249,000 before being withdrawn this past January.

The 11,000 square foot home at 299 Santa Paula returned to the market this past April with an official "one day" on the market and a new "original list price" of $4,950,000.

Today, the listed price was reduced another $251,000, now asking $4,699,000 or 13 percent ($701,000) under the rumored contract price a plugged-in reader reported back in 2009. Ay, caramba indeed.

∙ Listing: 299 Santa Paula Avenue (5/5.5) - $4,699,000 [MLS]
∙ 299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
∙ Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]
∙ Oh Santa, You Shouldn’t Have! (299 Santa Paula Avenue Cuts) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (8) | (email story)

January 31, 2011

2600 Pacific: The "Inside" Scoop

While a number of plugged-in readers have collectively made a pretty good case for who they believe was behind the masked purchase of 2600 Pacific for $15,500,000 last month, another provides the "inside" scoop:

I don't know who purchased the house but I do know who sold it - the estate of a very odd, ill-tempered Alabaman spinster named Nina Ireland who inherited her massive wealth from her father. She purchased the house in the early 90's and died in late 2010.

The house was designed in 1936 by the renowned Bay Area architect William Wurster and it was beautifully updated and re-decorated in the mid-90's by The Wiseman Group who also does all the design work for the Schwab's houses. It's a fantastic house, beautifully laid out and simply detailed - perfectly scaled and not pretentious at all which is typical of Wurster.

The living room has tall picture windows that overlook both the Bay and the walled front garden; the south and east facing dining room - with more floor to ceiling windows - overlooks the private walled front garden. There's a beautiful curved staircase in entry foyer that leads up to the bedrooms and there's a large lower floor "studio" - just below the living room - with windows that also overlook the Bay.

You'd never guess from the unassuming exterior how lovely, simple and refined the house is on the inside.

Cheers and all comments on our original post.

∙ The Secretive Sale Of 2600 Pacific [SocketSite]

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

January 28, 2011

Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe

As we wrote this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.

Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.

And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

∙ Listing: 1688 Dolores (2/2) 1,450 sqft – "$1,050,000" (short sale) [MLS]
∙ Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (23) | (email story)

January 27, 2011

There’s Adjacent And Then There’s Adjacent At Planning Today

With today’s Planning Commission meeting just about to get started, the adjacent neighbor to the east of 226 Cabrillo writes:

We're direct neighbors to the proposed structure, and it's funny how mention of the neighborhood commission and "neighbor" opposing the construction makes it sound like we're the ones opposing it. Couldn't be further from the truth.

We've been waiting with baited breath for someone, ANYONE, to demolish that unsightly shack and put up something new. From Day One, I've been in communication with the architect about their plans, and have written supportive letters and emails to and for them. They were kind enough to show us the building plans early on, and we're excited to see it go up.

I'll be attending the hearing today at City Hall, so there's no doubt "the adjacent neighbors" are on their side.

Cheers. And so which "adjacent neighbor" is objecting to the project as proposed? That would be one with an address on 4th Avenue to the west (across the gap to the left above).

UPDATE: A plugged-in reader reports, "The Planning commission with clarity and swiftness voted 5-1 in favor of demolishing the existing cottage and approving the new building." Double cheers.

∙ Words Of Planning Wisdom With Respect To 226 Cabrillo As Proposed [SocketSite]
∙ San Francisco Planning Commission Calendar: September 30, 2010 [sf-planning.org]

Posted by socketadmin at 1:30 PM | Permalink | Comments (12) | (email story)

11 Offers And 27% Over Asking Yields 9% Under 2001 On Potrero Hill

With a reported eleven or twelve offers, the sale of 146 Connecticut #3 closed escrow yesterday with a reported contract price of $665,000. While that's 27 percent "over asking and with multiple offers," the sale price for the Potrero Hill condo was also 24 percent under its sale for $880,000 in 2004 and 9 percent under its sale for $729,000 in 2001.

From a plugged-in reader with respect to the top-floor condo three weeks ago:

I put out some feelers on this property and was told the final sales price is going to be in the high 600k range, so it should sell close to it's 2001 price. views from this place were absolutely top notch.

And once again, the 50 percent larger but lower floor (i.e., without those absolutely top notch views) unit #1 at 146 Connecticut sold for $980,000 in October 2005 having originally sold for $699,000 (4 percent less than #3) in May 2001.

∙ An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]
∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (52) | (email story)

January 12, 2011

A Vintage Mini-Vertical For The Cow Hollow Fixer At 3025 Scott

The"Vintage Cow Hollow Edwardian" at 3025 Scott Street features some nice original detailing but needs some "TLC" as it did when purchased for $2,750,000 back in 2006.

Having failed to sell in 2010 when last listed for $2,100,000, today the District 7 fixer returned to the market MLS listed for $1,900,000 and with an official "one day" on the market according to those MLS based stats and industry newsletters.

UPDATE: "Apple" designation since removed as a pair of plugged-in readers note the buy in 2006 appears to have been a strategic bid by the uphill neighbor(s) to protect views and the property has reportedly been returned to the market with an easement aimed at restricting any increases in height.

And yes, the "vertical" in our headline shall remain. We're going with prescient.

∙ Listing: 3025 Scott Street (3/2.5) 2,557 sqft - $1,900,000 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (49) | (email story)

January 7, 2011

Over Asking, But Will It Be Over 2001 Up On Potrero Hill?

While still listed as active on the MLS, a plugged-in reader reports with respect to the sale of 146 Connecticut #3 up on Potrero Hill: "I heard the bank received 11 offers and that it went for more than $100K over asking."

Keep in mind that a sale at $100,000 (19 percent) over asking would still represent a marked to market value at 29 percent under 2004, 14 percent under its sale in 2001.

∙ Comments: An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]

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

The Proposed 34th America’s Cup Course For San Francisco’s Bay

A plugged-in tipster delivers the proposed race course scoop for the 34th America’s Cup in San Francisco’s bay. Races will be held July through mid-September in both 2012 and 2013 with up to three races each day beginning at 1:00pm and ending by 6:00pm.

As proposed, the race course will be viewable across the San Francisco Waterfront north of the Bay Bridge and broadcast live on big screens throughout the city.

Organized viewing areas will stretch from Treasure to Angel to Alcatraz Islands and include Crissy Field while high points (Financial District office buildings, Telegraph and Russian Hills, Pacific Heights, the Golden Gate Bridge, and Marin Headlands) will offer views as well.

We’ll keep you plugged-in.

∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]

Posted by socketadmin at 8:10 AM | Permalink | Comments (40) | (email story)

January 5, 2011

A Reader’s Believe It Or Not For The Gap On Fisherman’s Wharf

We have to tag it as a "random rumor" for now as we can’t confirm, but a tipster writes:

Believe it or not, the Gap store at 1 Jefferson is slated to close this spring and will be replaced by the relocated [Ripley's Believe It or Not!] down the street.

Like we could resist a Believe It Or Not! believe it or not. That being said, we will note that Ripley’s invested in a major makeover of their current Wharf location just last year.

Posted by socketadmin at 12:30 PM | Permalink | Comments (1) | (email story)

January 4, 2011

Ritz-Carlton (690 Market Street) At 39 Percent Off This Afternoon

Scheduled to hit the courthouse steps at two this afternoon, it’s a plugged-in tipster that notes the previously published opening bid of $1,407,739 has just been dropped to $1,144,024 for the two-bedroom Ritz-Carlton condo known as 690 Market #2003.

Purchased for $1,890,000 ($1,320 per square) in September 2007 with what would appear to have been a $1,322,978 loan and 30 percent ($567,022) down, the 1,431 square foot luxury unit was listed for $2.35M in 2008, reduced to $1.9M in 2009, and then reduced to $1.69M before being withdrawn.

We don't consider courthouse auction prices to be "apples-to-apples" on account of their all cash and no contingency nature, but as our reader notes, it will be a 39 percent haircut in value if it sells for its opening price of $799 per square.

That being said, 690 Market #1502 which was purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank is currently pending having last been listed for $949,905 ($795 per square), a sale at which would represent an apples-to-apples 36 percent decline in value for the luxury unit over the past three years.

And once again, while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 $1,300 per square or more.

UPDATE: While still noted as pending on the MLS, a plugged-in reader reports that 690 Market #1502 actually "sold for $805K, plus the auction fees, in early December." Once again, the condo originally sold for $1,481,000 in October 2007.

UPDATE: With no bidders yesterday at $1,144,024 ($799 per square foot), 690 Market Street #2003 is now bank owned. Once again, the luxury two-bedroom Ritz-Carlton condo had originally been purchased for $1,890,000 ($1,320 per square) in September 2007.

∙ Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (16) | (email story)

Not A Lot For The Lot At Valencia And 19th Street (3500 19th Street)

Listed for $2,800,000 this past November with Conditional Use authorization for a five-story building with 17 dwelling units, 17 parking spaces, and 2,958 square feet of retail, as a plugged-in tipster points out the undeveloped surface area parking lot at 3500 19th Street in the heart of the new Mission ended up selling for $1,700,000 on December 24.

We’ll keep you plugged-in as development (and design) progresses and note that building permits were originally filed for the undeveloped lot back in 2006.

UPDATE: A plugged-in reader adds: "$100k/dr is actually a pretty good comp for land transactions. It was around $50k/dr just about a year ago."

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

December 30, 2010

The Abandoned (408-416) Bosworth Homes Head Back To The Bank

A year ago the eight unit “Bosworth Homes” development at 408-416 Bosworth hit the market asking between $650,000 for a one-bedroom to $1,299,000 for a five-bedroom with parking for two. Having sold none and just seventy percent complete, the project had ended up in receivership earlier this year, "working with a local contractor to secure the building and obtain a bid for completion."

As plugged-in tipster notes, the development appears to have finally gone back to the bank following an auction Tuesday on the courthouse steps. A second auction related to the development scheduled for yesterday was cancelled, the details for which we’re searching.

In the words of a plugged-in reader in September:

[This development]…has become an eye-sore for our neighborhood. Unfinished units have been standing for well over a year and [are] now becoming a hazard to the community. I think this property would probably not meet health department regulations since the load bearing walls have been exposed for two winters now.

As best we can tell, the two buildings at 2 and 10 Rousseau which are only twenty percent complete were finally foreclosed upon as well, and to which our reader’s load bearing walls comment likely relates (versus the eight condos fronting Bosworth).

We'll keep you plugged-in and our eyes open for any "contractor specials" coming soon.

∙ What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

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

December 7, 2010

Down "Only" 12 Percent (Ignoring That Data Point In 2008)

While we missed it a plugged-in tipster now notes that the sale of 181 8th Avenue closed escrow on October 14 with a recorded contract price of $1,725,000. As some are sure to point out, that’s only 12 percent under its 2005 sale price for the "gorgeous [home] w/wonderful light & perfect [location in the Lake] district."

Of course that’s also 22 percent ($490,000) under its sale for $2,215,000 in May 2008 for the "Elegant Victorian home located in one of the city's most desirable neighborhoods."

∙ Sold: 181 8th Avenue (4/3.5) 3,464 sqft - $1,725,000 [Redfin]

Posted by socketadmin at 2:00 PM | Permalink | Comments (46) | (email story)

December 1, 2010

Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro?

As a hand-lettered "lost our lease" sign hangs in the window of the DeLano’s IGA at 18th and Collingwood, and it's expected to be closed within the next two weeks, the natural question atop our readers’ minds: could this pave the way for a Trader Joe’s in the Castro?

∙ Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)

November 16, 2010

Louis Christian Mullgardt Meets Eden and Eden At 226 Edgewood

We weren’t too sure what to make of the juxtaposition between old and new when 226 Edgewood first hit the market three weeks ago asking $3,500,000, so we’ll turn to the report of a plugged-in reader who’s since taken the tour.

Original portion by Louis Christian Mullgardt, 1911 (according to AIA guide by Sally Woodbridge) and addition by Eden and Eden, 1970s, according to listing agent.

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

In beautiful shape on a large well landscaped lot, and views to die for.

And with parking for four cars, perhaps you could lease a space to the the Henrik Bull remodeled home at 227 Edgewood across the avenue.

∙ Listing: 226 Edgewood Avenue (4/4) - $3,500,000 [MLS]
∙ Bull-ish On Edgewood And New Listings From Which To Choose... [SocketSite]

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

November 11, 2010

New NOPA Urban(e) Infill On Page Off Divisadero

While they still aren’t building any new land in NOPA, that doesn’t mean they’re done building. A bit of new urban infill on Page off Divsiadero by way of a plugged-in tipster:

In the words of our tipster:

It's a nice urbane dwelling although I would have tweaked a few things. Probably a complicated space to work in, but [hooray] for infusing new into in a very old stretch of Page Street without trying to be historical.

Looks better in person. It pops.

Additional details when we (or you) have them.

∙ Zillow Is A Lot Catchier [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (28) | (email story)

October 29, 2010

Tricks And Treats

A month ago we asked readers to envision solutions for finishing off the lower third of the façade at 2409 Octavia. Our Halloween weekend top three:

While the windows might need to be faux, it’s always nice to see more green.

An homage to 909 Tennessee (the last open house for which is November 9).

And while likely not to be appreciated every day, it would be a hit a least once a year.

Cheers.

UPDATE: An hour after publishing this piece, the list price for 2409 Octavia was reduced $457,000 (13%), now asking $2,990,000. Boo.

∙ From Seven To Three (And Rebuilt Facade) Over The Past Thirty Years [SocketSite]
∙ 909 Tennessee Scoop: Spruced Up And Soliciting "Fire Sale" Bids [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (2) | (email story)

October 28, 2010

The Clouds Have Almost Cleared From Over The Oriental Warehouse

While a bit of litigation ("your basic ‘construction defects’ issues such as water intrusion") has been hanging over the units at The Oriental Warehouse (650 Delancey), a plugged-in tipster reports that while not officially finalized, "all parties have agreed to the terms [of a settlement] and the developers’ insurance company has 45 days to pay the funds."

The settlement might help explain the three new listings over the past month ranging from $999,000 for #408 which now sports Viking and Miele appliances, Paperstone counters and custom cabinetry in the kitchen (and new fixtures and Italian tile in the baths), to $1,150,000 for #215 which touts a gas range.

And then there’s 650 Delancey #213 with that beautiful staircase that’s now asking $1,198,000 (once asking $1,498,000 and having been on and off the MLS for two years).

∙ The Oriental Warehouse (650 Delancey) [SocketSite]
∙ Listing: 650 Delancey #408 (2/2) 1,456 sqft - $999,000 [MLS]
∙ Listing: 650 Delancey #215 (2/2) 1,577 sqft - $1,150,000 [MLS]
∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,198,000 [MLS]
∙ A SocketSite Smackdown: Gas Versus Electric In The Kitchen [SocketSite]
∙ (Not So) Simply For Our Love Of A Beautiful Staircase [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (10) | (email story)

October 21, 2010

Making Way For A Single-Family/Bedroom On Sanchez

Speaking of Sanchez, it’s a plugged-in tipster that first notices the excavation of 4001 20th Street which fronts Sanchez.

A three-story single-family home over a garage is slated for the site. And if our tipster is correct, it’s going to be a one-bedroom on the third level with kitchen, living room, and big city views on the fourth (no word on the second, but a media room comes to mind).

According to our tipster it’s not a spec home nor a home that "Google built" (okay, so Apple we hear). Now's your chance to liberate the plans and fill in the blank(s).

UPDATE: Architect (Craig Steely) and renderings identified, it’s "Peter’s House" rising:

The design incorporates "a system of moveable louvers (built from reclaimed lumber sourced from the San Francisco Presidio) to regulate openness and privacy" to the north.

∙ Apples To Apples The "Charming" Single-Family At 1610 Sanchez Falls [SocketSite]
∙ Peter’s House [craigsteely.com]

Posted by socketadmin at 2:30 PM | Permalink | Comments (48) | (email story)

October 19, 2010

216 And 224 Eleventh Street Have Left The Haus

A pair of commercial condominium projects started by George Hauser’s "HausBau SF," the unfinished 216 and 224 11th Street were taken back by the bank on Friday according to a plugged-in source.

While the buildings had debts of almost two million apiece ($1,942,501 and $1,949,945), neither garnered a bid over a million.

As an aside, Hauser was the architect of 2739 Larkin.

UPDATE: No moratorium or wasting time here, from a plugged-in tipster: "…it might be interesting to note that they are listed for sale already by the bank for a combined price of "make offer" with a recent appraisal noted at $1,740,000." From the flyer:

∙ 216-224 11th Street: Overview and Floor Plans [hauserarchitects.com]
∙ A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]

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

October 15, 2010

Cassidy’s 1844 Market Street Holding Company Files For Chapter 11

As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.

And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property ("Upper Market Place, LLC").

The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy's own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.

∙ Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]
∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
∙ It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (5) | (email story)

October 13, 2010

Rincon Center Towers (88 Howard) Falls To Foreclosure

According to a plugged-in reader Rincon Center Residential Towers was foreclosed upon yesterday with no bidders at the opening bid of $72,150,000 but "a LOOOOOT of suits [showing] up to watch it go down."

Once again, the 320-unit building at 88 Howard was purchased for $143 million in 2007 by way of a $110 million note and with an additional $10 million invested since.

And as another plugged-in reader reported last month: "The ‘lender’ is a real estate investor who bought the loan at a discount...with the full intention of foreclosing and acquiring Rincon Center at whatever price they paid for the loan." Done.

∙ Rincon Center Towers: Disputed Default Now Foreclosure In Process [SocketSite]
∙ Rincon Center Towers $110M (And Possibly In Default) Debt For Sale [SocketSite]

Posted by socketadmin at 4:30 AM | Permalink | Comments (5) | (email story)

October 4, 2010

The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing

A plugged-in reader provides the inside scoop on the foreclosure filing on 1844 Market:

Cassidy is only facing foreclosure because he is suing the bank that currently holds the note. [UCB] Bank which was taken over by the Feds and sold to East West had agreed to a construction loan with Cassidy. When East West took over they reneged on the loan agreement.

And our reader’s forecast: "This will not go to foreclosure." Cheers.

∙ Comments: Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]

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

September 28, 2010

1167 Bosworth Is Back And Seeking Another Outlier Bid

While the sale of 48 Chenery closed escrow on Friday, 1167 Bosworth returned to the market. Having sold for $1,000,000 in 2004, the single-family Glen Park home was listed for $850,000 this past February and closed escrow for $1,051,000 this past March.

If a plugged-in tipster recalls correctly, the second highest bid this past March was under $900,000. There’s nothing quite like finding out you paid over $150,000 (18 percent) more than the next highest bidder.

Perhaps hoping for another 30 percent over asking outcome (and another outlier bid), 1167 Bosworth has been listed for $925,000 (the sellers are "relocating"), a sale at which would represent a 7.5 percent decline in value below its year 2004 price (12 percent less than this past March).

∙ Listing: 1167 Bosworth (3/2) - $925,000 [MLS]
∙ While One Glen Park Apple Improved Resale Is Picked… [SocketSite]

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

September 21, 2010

909 Tennessee Scoop: Spruced Up And Soliciting "Fire Sale" Bids

Plugged-in people have known since February that the former firehouse at 909 Tennessee was to be sold. And while the asking price was expected to be around $735,000 at the time, the minimum bid has been set at $340,000.

"Written tenders to purchase the real property [are due] by no later than 9:00 a.m. on Tuesday, November 23, 2010" at which point all tenders will be opened and read aloud.

According to another tipster, last week city workers started cleaning out the 6,113 square foot building in which the fire department keeps a few antique trucks ("they're still there for now") and prepping it for sale.

And once again the question is raised, does it make sense to address an ongoing budgetary problem with a one-time sale of an asset in a down market?

∙ A One Time Fire Sale To Address An Ongoing Budgetary Problem [SocketSite]
∙ Invitation To Bid: 909 Tennessee [sfgsa.org]

Posted by socketadmin at 8:15 AM | Permalink | Comments (30) | (email story)

September 20, 2010

United States Of America Versus Maher Talal Muhawieh

Speaking of judges (and juries), a plugged-in reader delivers the Grand Jury Indictment for Maher Talal Muhawieh.

Beginning at a time unknown to the Grand Jury, but no later than January 2006, and continuing through at least March 2009, MAHER TALAL MUHAWIEH knowingly and intentionally devised a material scheme and artifice to defraud lenders, and to obtain money and property by means of materially false and fraudulent pretenses, representations, promises and omissions.

To execute and in furtherance of the scheme, MUHAWIEH solicited and caused others to solicit at least $25 million from at least 80 prospective lenders based upon (a) promises and representations that the lenders’ funds would be used to purchase and to renovate specific properties in San Francisco, California, that would then be sold at a profit, and (b) promises and representations that MUHAWIEH would thereby achieve regular and high rates of return for the lenders with limited risk.

In truth, MUHAWIEH did not intend to use the lenders’ funds in the manner that he promised and represented to the lenders, and instead misappropriated and converted those funds to his own benefit and the benefit of others without the knowledge and authorization of the lenders. In fact, and contrary to his promises and representations to lenders, MUHAWIEH instead used the lenders’ funds to pay interest on loans from other lenders, for personal expenses and to invest in retail businesses located in San Francisco, California.

Of course he did purchase (and bid up the value of) a few homes in San Francisco too.

∙ Calling All Contractors That Still Have Cash... [SocketSite]
∙ United States of America v Maher Talal Muhawieh [justice.gov]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
∙ Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps [SocketSite]

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

September 17, 2010

2701 Broadway: Despite The SFPD A Plugged-In Reader Reports

Plugged-in people knew it was coming, and now a plugged-in person reports on the invite only listing launch for 2701 Broadway last night:

The price tag [is] $32MM and obviously it grabbed my attention. I am in no way affiliated with it, but the steps the current owners went to preserving the place from its original condition is mind boggling.

The molding in most rooms is original cast, and the onyx around all the fireplaces is mined from Germany, which is the only place in the world you can get it apparently. The most stunning features I have to say are the his and her offices on the third floors, and the outrageous outdoor terraces with outdoor kitchen as well.

Again I am rarely blown away, but wow! Not to mention the lower level indoor basketball court is pretty amazing too! I also enjoyed the fact that they had an SFPD as the security. LOL.

I tried taking some pics for you but their security wouldn't allow me to. Plus it was really foggy so I couldn't get the view shots which I know you'd love! I found the link on their literature.

I also loved the fact that it wasn't staged. People actually live there. It was the first time I've been in a property like this that was actually lived in. Pretty cool. Even the phones with intercom buttons marked "Maids Quarters" and "Kitchen 2" for which it does boast two kitchens...

Originally built for a lumber magnate in 1910 and designed by James Miller, the renovation of the 16,000+ square foot home began in earnest in the late 1990's with Moller Willrich Architects leading the way.

UPDATE: It appears as though we owe Stephen Shubel an apology and the credit for the interior design and decorating. And yes, we’ve moved this post to the top of the site for the weekend as that’s where it deserves to be.

∙ Listing: 2701 Broadway (7/9) - $32,000,000 [2701broadwaystreet.com]
∙ 2563 Divisadero (AKA 2701 Broadway) Coming Soon? [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (60) | (email story)

Arden Might Have Moved, But Perhaps Not On In Her Ways

While Arden Van Upp has moved, perhaps she hasn’t moved on in her ways. A reader’s plea this afternoon: "Last week Arden showed me an apartment I put down $2200 for a security deposit. She cashed it and I haven't heard back! Have called 3 times...advice?"

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ A Landmark Bourn Mansion Moving Day (And End Of An Era) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (22) | (email story)

September 9, 2010

1945 Franklin On The Verge Of Being Un-Acquired

As a plugged-in reader notes, the six bedroom home at 1945 Franklin is scheduled to hit the courthouse steps on September 16 with $5,684,086 owed as of August 2009.

Purchased in June of 2005 for $3,000,000 with a $2,350,000 first and a $790,000 construction loan second (yes, that's over 100% LTV), the property appears to have been refinanced in December 2006.

As our reader also notes, previous owners have included "Nicholas Cage, Howard Grossman, and Patricia Arquette" while the current owner was once dubbed San Francisco's "most naked capitalist."

UPDATE: The $5,684,086 balance due was as of the Notice of Trustee Sale (NOTS) filing in August 2009 while the refinancing was in September 2006 in the amount of $5,000,000.

In December of 2006 a home equity line of credit was opened with a $500,000 limit.

And according to a couple of plugged-in readers, that infamous Excalibur seen about town with "ACQUIRE" license plates currently resides in the garage (alongside a Range Rover), apparently "BorrowSpendDefault" didn’t have the same ring to it.

∙ 'Most naked capitalist' [Austin Business Journal]

Posted by socketadmin at 10:45 AM | Permalink | Comments (29) | (email story)

Fox Plaza Facelift In Progress

A plugged-in reader notes the face lift of Fox Plaza in progress. We note how much we appreciate your tips (especially when accompanied by a photo).

∙ A Step Forward For The Plans To Expand Fox Plaza (1390 Market) [SocketSite]

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

September 2, 2010

3271 Baker Sells For $61,000 (Updated And Behind The Scenes)

As a plugged-in reader noticed, 3271 Baker Street hit the courthouse steps yesterday and ended up selling for $61,000. As a plugged-in tipster notes, however, the foreclosure was initiated by the holders of a third note (who had loaned $425,000) and a first and second mortgage came along with the sale.

Once again, listed for $3,395,000 two years ago but last asking $1,895,000 as a short sale with a self-reported $7,300 in monthly rent. And also according to our tipster, it was the holders of the third note who were yesterday’s winning bidders.

UPDATE: Let’s see if we can’t pull a few things together and clear a few things up.

3271 Baker was purchased in November 2006 for $1,700,000 by way of a $1,000,000 first and $425,000 second courtesy of Countrywide which would suggest $275,000 of the buyer’s cash was involved at the time.

A third mortgage in the amount of $425,000 was written by Pacific Equity Capital in October 2007 (which was then assigned by PEC to three individuals) and the property was subsequently remodeled.

In July 2008 the remodeled 3271 Baker returned to the market listed for $3,395,000 (a list price which was subsequently sliced, diced and chronicled on this site). And in August 2009 with the note in default and $495,231 owed (principal, interest, and fees), the holders of the third mortgage filed to foreclose (enter a failed bankruptcy bid on the part of the owner).

Unable to successfully negotiate a short sale having reduced the list price down to $1,895,000 this past June, yesterday the third mortgage successfully foreclosed on the property with a winning bid of "$61,000" on the courthouse steps. The foreclosure effectively extinguishes the third mortgage and the underwriters of the third now own the property subject to the terms of the first and second mortgages and their balances due.

As a couple of plugged-in readers correctly noted (and we originally screwed up in a since redacted note), as both the foreclosing lender and winning bidder, the third mortgage holders have effectively invested $425,000 plus forgone interest and fees in the property to date, the $61,000 bid was essentially a pass through.

And as a plugged-in "EBGuy" digs up, there’s even more going on behind the scenes.

The history of the Marina property in headlines and links:

∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]
∙ Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
∙ Facing Foreclosure 3271 Baker Street Makes A Move In The Marina [SocketSite]
∙ 3271 Baker Street: It’s Complicated (And Back On Craigslist) [SocketSite]
∙ Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (60) | (email story)

August 27, 2010

Clicking Their Heels And Chanting, "There’s No Time Like 2008…"

The 3,000+ square foot Victorian at 200 Clayton hit the market in 2008 asking $1,795,000 with a tenant in the in-law paying $1,550 per month. And according to a plugged-in tipster, a bid was received for $1,650,000 but was dismissed for being too low at the time.

Withdrawn from the market without a sale in 2008, the property returned to the market this past April without the tenant and asking $1,750,000. In June its list price was reduced to $1,599,000, and then to $1,549,000 in July.

Yesterday, the asking price for 200 Clayton was reduced to $1,499,000. We can hear the heels clicking from here ("...there's no time like 2008, there's no time like 2008...").

∙ Listing: 200 Clayton (5/3.25) - $1,499,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (9) | (email story)

A Forced San Francisco Sale Circa 1903

During renovations of a pre-quake Victorian last year, a plugged-in tipster discovers a scrap of San Francisco newspaper dated September 18, 1903.

The text of the boxed ad (click image to enlarge):

Lot and cottage of 6 rooms and bath; high basement; situated on Mason st. within 120 feet of the Fairmount Hotel, cor California and Mason sts.; this is a forced sale and will be closed out for $3100, the amount of the mortgage. DAVIDSON & LEIGH. 219 Montgomery.

In the words of our tipster, "seems like short sales were common even back then."

We also love the bit about Willits atop the page. And yes, a short sale would have actually been for less than the amount of the mortgage, but that’s such 21st century thinking.

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

August 25, 2010

The Rebuilding Of 2900 Fulton Finally Takes Shape

A plugged-in tipster reports with respect to 2900 Fulton at the corner of 5th Ave:

Building is finally taking shape. The original developer (The Brown Companies) and a partner defaulted on the loan. After sitting on the market for almost a year, it sold for a bit over $1.1M. The original permits and entitlements are being used to construct a mixed-use building with three residential and one street retail unit.

The design by way of PLUM Architects:

UPDATE (8/26): And the work in progress by way of a plugged-in tipster:

∙ PLUM Architects: 2900 Fulton [plumarchitects.com]

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

August 23, 2010

2698 Pacific: The Parrots Of Telegraph Hill Doves Of Pacific Heights

While 2420 Pacific remains listed for $12,800,000 and the asking price for 2100 Vallejo was reduced to $11,500,000 this past weekend (asking $25,000,000 in 2007), 2698 Pacific Avenue hit the market last week asking $14,000,000.

Designed by Samuel Newsom in 1904, the 12,667 square foot Pacific Heights mansion boasts four levels, parking for six, seven and one-half baths, and nine bedrooms not to mention a number of outdoor balconies. Speaking of which, a plugged-in reader reports:

I'm not sure if they still have them, but the owners here used to keep white doves in a coop on the top floor balcony. They would periodically release them and let them fly all over Pacific Heights.

Take that Telegraph Hill.

∙ Listing: 2698 Pacific (9/7.5) 12,600 sqft - $14,000,000 [2698pacific.com]
∙ A Julius (Not Julius') Castle Of A Different Kind [SocketSite]
∙ A "Third" Strikes Against 2100 Vallejo [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (54) | (email story)

August 16, 2010

CityPlace Approval Appealed, Supervisors To Review September 7

A plugged-in tipster reports: "Despite strong community support and the approval of the San Francisco Planning Commission last month, the CityPlace Environmental Impact Report has been appealed to the Board of Supervisors."

San Francisco's Board of Supervisors is currently scheduled to hear the appeal on Tuesday, September 7 although the official agenda for that Board meeting has yet to be released.

∙ CityPlace (935-965 Market) APPROVED By The Planning Commission [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]

Posted by socketadmin at 1:50 PM | Permalink | Comments (49) | (email story)

August 3, 2010

A Firsthand Report On The Magnitude Of Rachael Marie Smith's Scam

A reader reports with respect to the details and magnitude of Rachael Marie Smith's scam:

As one of the scammed, the $5100 to $5600 Ms. Smith got was for deposit and first month's rent, pretty typical for SF rentals. She is not the owner of the property and there are at least 26 other families that were defrauded by this woman. Tally it up, over a few weeks, she collected more than $150,000.

The Chronicle reported four known victims and $20,000 scammed.

∙ Would Be Renters Remember This Name: Rachael Marie Smith [SocketSite]

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

July 30, 2010

All Aboard As San Francisco’s Transbay Terminal Nears Its Close

It’s now T-Minus one week until the closing of San Francisco’s Transbay Terminal. If you missed today’s tours, or have never been inside, a reader walks you through.

∙ Transbay Temporary Terminal To Open (Existing To Close) August 7 [SocketSite]
∙ Transbay Terminal Historians (And Futurists) Take Note [SocketSite]
∙ SF Transbay Terminal [flickr.com]

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

July 29, 2010

Will It Play With The Port?

While an adult playground is in the works for Parcel L over in Hayes Valley, apparently a few South Beach residents have approached the Port of San Francisco with the idea of converting the concrete triangle bounded by Howard, Steuart and The Embarcadero into a playground for kids.

Its current use? In the words of one reader who resides nearby, "it's a landing spot for the homeless and the lady who feeds the pigeons...looks like the [YMCA] uses it during the summer to line up their charges for day camp. And, it's always used as a port-a-potty lot for Bay to Breakers, and other sundry events [on that stretch of The Embarcadero]."

∙ Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
∙ Temporary Transbay Terminal "Sneak Peek" Next Week [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (18) | (email story)

Radiance West (325 China Basin Phase Two) Construction Underway

The piles were driven for Radiance’s 318-unit Phase Two (“Radiance West”) back in 2008 before construction was suspended that July. Developer Nat Bosa first floated the idea of breaking Phase Two into Phases Two And Three back in 2009. And last month a plugged-in resident in Phase One first noticed workers getting busy on site.

As a plugged-in tipster notes yesterday, construction on the first 170 units of Radiance West (aka Radiance Phase Two of Three) has now begun in earnest and the units should be ready for move-in by mid-2012.

As the three phases of Radiance will look when complete:

∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
∙ Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (13) | (email story)

July 28, 2010

First Peek At Octavia Court (261 Octavia Boulevard)

A plugged-in tipster captures the first peek of Octavia Court being unwrapped at 261 Octavia Boulevard. Once again, it's fifteen units of affordable housing for disabled individuals and their families by Satellite Housing and West Bay Housing Corporation.

∙ Octavia Court: The Original IE Collaborative Winning Design [SocketSite]
∙ Octavia And Oak: Octavia Court’s Past, Present And Future [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (24) | (email story)

July 26, 2010

Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia)

Speaking of Parcels K+L over in Hayes Valley, a plugged-in reader reports: "I saw some fellows from Suppenküche put up this sign [for a Biergarten at 424 Octavia/Parcel L] this afternoon." As if we weren't fans of the plans for the parcels already. Mmm...beer.

∙ Leases For Temporary Inhabitations Along Octavia Boulevard [SocketSite]
∙ Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (5) | (email story)

July 20, 2010

No "Apples" But A Bit Of Garlic (And La Cornue) At 268 Lombard

A plugged-in tipster reports with respect to the condo at 268 Lombard #1:

After being owned by an artist, with sculptures adorning its decks, [268 Lombard #1] was bought in 2005 for $2.225M by an out of town owner (according to his agent and PropertyShark), and was never really lived in for 3 years.

After being listed for the same price in 2005, the author of the Stinking Rose Cookbook, Jerry DalBozzo bought the property in November 2008 for $2.207M, and has renovated the place over the course of a few months in a decidedly Mediterranean style.

We all thought this Italian chef/author was going to move in there, and were awaiting the smell of garlic filling up the air, but were surprised to see the place back on the market for $4.895M.

We’ll note the new La Cornue (not a CornuFé) in the kitchen, apparently the old Wolf wasn’t good enough.

And while not noted on its current listing, according to its listing in 2008 the condo is 2,546 square feet ($1,922 per at its current ask). It's been on the market for 53 days.

∙ Listing: 268 Lombard #1 (3/4) - $4,895,000 [telegraphluxury.com] [MLS]
∙ Pommes Des Pommes (And A La Cornue) At 159 Cervantes [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (24) | (email story)

July 9, 2010

Now Playing At The On Fillmore: Big Views And The Blues

Plugged-in people knew it was coming, and now it’s officially here. 2755 Fillmore has been listed for $4,995,000. That’s $5,000 less than was paid for 2542 Fillmore two years ago ($5,000,000) which is back on the market but not the MLS and now asking $3,995,000.

∙ Listing: 2755 Fillmore (5/4.5) 4,064 sqft - $4,995,000 [MLS]
∙ 2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops) [SocketSite]
∙ This Ought To Be Interesting On An Apples-To-Apples Basis [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (36) | (email story)

June 23, 2010

Budget and Finance Committee Kills Condo Lottery Bypass For A Fee

By way of a plugged-in tipster and Supervisor Carmen Chu, San Francisco's Budget and Finance Committee "voted 3-1 on Monday to table/not to advance the [one-time condo conversion lottery bypass for a fee] proposal forward. Unless the Budget and Finance Committee reverses its decision or a majority of the Board reverses the motion, the proposal will not move forward with the budget."

∙ Condo Lottery Bypass For A Fee Resurfaces In Mayor's New Budget [SocketSite]
∙ Details, Dollars, And Devil For SF Condo Conversion Lottery Bypass [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (37) | (email story)

June 18, 2010

A Beacon Two-Bedroom Sells For Under $400 Per Square Foot

As a plugged-in reader commented yesterday (and we've co-opted for use today):

We've got a sale at under $400/sf in SOMA (plus the price of a refrigerator, it appears). Do I hear 300 anybody? 300?

The 1,345 square foot bank-owned two-bedroom at The Beacon (250 King Street #516) sold for $525,000 ($390 per square foot), it had been purchased for $872,500 ($649 per square) in February 2007, a drop of 40 percent over the past three years.

∙ Listing: 250 King Street #516 (2/2) 1,345 sqft - $525,000 (SOLD) [Redfin]

Posted by socketadmin at 7:45 AM | Permalink | Comments (12) | (email story)

June 14, 2010

Apples To (Improved) Apples At 88 King

Purchased for $1,900,000 in December 2000, the 1,369 square foot 88 King Street #1222 resold for $1,450,000 this past April. Not readily evident in what would appear to be a 24 percent decline in value, an investment of roughly $500,000 into the condo over the past ten years according to a plugged-in tipster.

88 King Street #1220 also sold this past April for $1,150,000 or 13 percent under its year 2005 sale for $1,320,000 (not including any upgrades). Correctly noted by our tipster, the buyer of both #1222 and #1220 is one and the same with an eye on combing the two.

Posted by socketadmin at 11:00 AM | Permalink | Comments (25) | (email story)

June 9, 2010

Heavy Equipment Hard At Work At 1399 Clayton (We Do Believe)

A tipster catches heavy equipment hard at work "on a creepily sloped and loamy looking site just east of Pemberton Stair" on Clayton at Corbett and wonders what’s going on.

If we’re not mistaken, that would be 1399 Clayton (just down the street from 1391), a lot which was approved for subdivision and construction of two 4,000 square foot three-story single-family homes. If we’re wrong please correct us, but regardless, who’s got the plans?

∙ From Coming Soon To On The Market And A Peek Inside: 1391 Clayton [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (4) | (email story)

June 7, 2010

A Plugged-In Pot Filler Comment (And Theme) We Couldn’t Resist

"My wife and I did a large kitchen renovation in our last house which included a pot filler (a faucet over the range). The pot filler was a huge hit and conversation starter with everyone that visited the house. That said we probably used the pot filler three times in three years.

We then sold the house and moved to another house within the same neighborhood and have become friends with the new owners.

At a recent dinner with the new owners of our old house, the wife told us that the added touch of the pot filler was the clincher that told her that she wanted the house. Then, in her next breath, she admitted that she had not used it since they moved in (November 2008)."

∙ Faucet Over The Stove? Yes. Television Over The Fireplace? Well… [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (52) | (email story)

We’ll Gladly Give You A Long-Term Discount For Cash Today

A plugged-in reader reports and we excerpt (and slightly edit):

I live in a 33 unit former [CitiApartments] property that is in receivership and is managed by a non-Citi (now dba First) management company.

In the months before receivership started in 9/09, any tenant who asked was given a significant rent reduction from Citi if they signed a year lease and paid an additional month's rent in advance. There were only a couple tenants who didn't ask and receive. An example: a lovely $1,500/month studio rent was reduced to $1,150. New pre-foreclosure tenants were getting the same lower monthly rent rates if they paid an additional month's rent at the time of lease commencement.

Those pre-receivership reduced rents are now the rent controlled rents. The receivership property management company is currently renting the apartments at the lower rate too. Rather than holding out for higher rents, the receivership property management company is renting turnover apartments at rates that would make any new purchaser/investor cringe just to keep the building fully rented.

[The Department of Building Inspection] is forcing the new property management company to rectify the non-permitted and not to code 'renovations' that Citi performed in this building over the years which will total hundreds of thousands of dollars…[and] a decade of dealing with CitiApartments has filled the building with experienced, knowledgeable, empowered, and angry tenants who won't take crap from a landlord and know how to protect themselves.

This is the real Lembi legacy. Any investor considering buying a fire-sale post Lembi building would be advised to buy very, very carefully.

We'll say it's something to consider for buyers and renters alike.

∙ Lemons To Lemons For Thirty Ex-Lembi Apartment Buildings [SocketSite]
∙ CitiApartments Is No More! Well, Sort Of… [SocketSite]
∙ The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]
∙ The Chronicle Reports "Dozens," A Plugged-In Source Says Over 100 [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

June 1, 2010

A Margarido (Sale) On The Rocks

As we wrote in March:

While we typically wait until a property has closed escrow, or at the very least until all contingencies have been waived, a plugged-in tipster notes that 5950 Margarido just went into contract. And we never get tired of looking at that house (click image to enlarge).

Keep in mind the asking price was reduced from $5,500,000 to $4,795,000 last month. And note our reference to March Madness in our October headline. Coincidence? (Yes.)

Now about those margaritas...

As a plugged-in tipster writes today:

The Margarido house has fallen out of escrow due to the pending sale of the new owner’s house [having also fallen out of escrow]...

Yes, it’s a Margarido (sale) on the rocks (ba-dump-bump). And it’s back on the waiting until a property has actually closed escrow wagon for us.

Now about the strength of the Bay Area's luxury market...

∙ March Madness For 5950 Margarido (Coincidence?) [SocketSite]
∙ There’s Green (And Perhaps Even Platinum) Up In Them Thar Hills [SocketSite]
∙ It’s March Margarita Margarido Madness As 5950 Goes Live At $5.5M [SocketSite]
∙ "San Francisco" Prestige Index Up 1.1% In First Quarter [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (1) | (email story)

May 26, 2010

2830 Pacific: A Tripling Of Taxes (At Half Off Initial Hopes)

Speaking of big properties and taxes atop Pacific Heights, according to a plugged-in tipster the sale of 2830 Pacific quietly closed escrow yesterday with a reported contract price of $8,350,000. The sale should result in an annual property tax bill of around $100,000, triple what’s currently being paid.

As plugged-in people know, the 2009 Decorator Showcase home had originally been shopped around at $15,500,000 before being listed for $12,900,000. The list price was eventually reduced to $9,995,000 before the property was leased with an option to buy.

Also according to our tipster, "I heard it was a Hong Kong buyer." No confirmation on whether or not the buyer was the one with the option. And we would be remiss not to note a bit of irony considering the agent was Malin (who apparently represented both sides).

∙ Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
∙ 2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ An Actual Showcase Sale In The Works For 2830 Pacific? [SocketSite]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (22) | (email story)

Well, We Do Recognize A House Or Two...

While we passed on publishing an early tip as to the neighborhood preparations for the President’s dinner at the Getty’s last night (there’s no need to be atop the Secret Service’s watch list), our tipster later passed along a shot of the President’s limo making its way through Pacific Heights.

Plugged-in people should at least recognize a house or two in the background, but we’ll have to take our tipster’s word for it that the President was in the ride.

And the real point of this post, bonus points for including a photo with the tip (hint, hint).

∙ The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)

May 25, 2010

A Twist And A Turn For The Warfield Theater Building (988 Market)

A plugged-in reader reports with respect to the Warfield Theater Building at 988 Market:

It looks like there may be some "potential" issues with the interpretation of the "accessory use housing" for this "commercially zoned" space. The City wants the seller to take this case to the "board of appeals" to get special permission (and clarify) to have "accessory use housing" (referring to the example of the penthouse unit). So unless you are planning to use this for strictly commercial reasons, anything else without a final stamp of approval for "accessory use housing" is a risk you need to be aware of.

Oh...and parking is of concern as the rear parking lot (separate owner with month to month leasing avail) currently does "not" have an ingress/egress point to rear of the (Warfield Theater) commercial space. One must walk down Taylor (sketchy especially at night) to Market and turn left onto Market and enter via the Market St entrance.

Make that a twist and a turn. We'll keep you posted and plugged in.

∙ Warfield Theater Building (988 Market): Condos With A Twist [SocketSite]
∙ 988 Market Website [warfieldcondos.com]

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

May 17, 2010

5800 Third Street Lets Its For Sale Flag Fly

A plugged-in tipster reports:

This weekend a giant banner went up at 5800 Third Street (former Coca Cola Bottling Plant) in the Bayview with a link to their website. It has some general information about the landscape design firm, floor plans, amenities, retail tenants, but no photos of the units yet.

Also, much of the fencing [has come] down and awnings [are] being added. Some trees have begun to go in, and the plants appear ready to be planted.

137 new 1, 2, and 3 bedroom homes now "starting in the $300,000’s" (as opposed to the mid-$500,000s as envisioned in 2007). And a Fresh & Easy is still front and center.

∙ 5800 Third Street: Floor Plans [5800third.com]
∙ 5800 Third Street: Development Starting Back Up (Delivery In 2010) [SocketSite]
∙ Speaking Of 5800 Third Street (A Development/Developer Update) [SocketSite]
∙ Not Quite So Easy (And A Little Less Fresh For Now) [SocketSite]

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

May 12, 2010

An Actual Showcase Sale In The Works For 2830 Pacific?

While a reader caught movers hard at work emptying last year’s Decorator Showcase last week, according to a plugged-in tipster 2830 Pacific is…in escrow. We could hear the hoots, hollers and high-fives from a half-decade of other Showcase homes currently seeking buyers all the way from over here.

∙ 2010 Decorator Showcase Open, 2009 Showcase Opening Back Up? [SocketSite]

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

May 11, 2010

2563 Divisadero (AKA 2701 Broadway) Coming Soon?

Speaking of the corner of Broadway and Divisadero, if a plugged-in tipster is correct 2563 Divisadero (aka 2701 Broadway) is under wraps preparing for a return to the market.

Last measured at 16,580 square feet (14,910 finished and 1,670 unfinished at the time) the property currently carries a tax basis of $11,874,476.

The word on the street, "contemplating a $35MM list price" which would make it the fifth most expensive property being shopped in San Francisco, three others of which are just down the street.

And one which is not.

∙ Don’t Ignore The Signs [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
∙ A $3,000,000 Reduction (That Might Not Seem Like So Much To Some) [SocketSite]
∙ 24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
∙ Going Up: St. Regis Penthouse Construction Nearly Complete [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (7) | (email story)

May 7, 2010

Mission Bay Gets Its Shuttle On

In the words of a plugged-in tipster:

Apparently Mission Bay has a new transportation agency that is running a new free shuttle service to/from BART and Mission Bay. It's the first I've heard of it and wasn't even aware it existed until one of the new shuttles drove by my window earlier today. Not directly related to the real estate market, but could be related to the long term viability of Mission Bay.

The shuttle currently makes fantastic time down the Fourth Street corridor. And it all circles back to real estate. At least to those who are plugged-in.

∙ Mission Bay Shuttle Service Announcement | Map [missionbaytma.org]
∙ The Future Fourth Street And Envisoned Hub Of Mission Bay [SocketSite]

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

May 4, 2010

2010 Decorator Showcase Open, 2009 Showcase Opening Back Up?

While the 2010 Decorator Showcase opened up this past weekend, a plugged-in reader notes the 2009 Decorator Showcase home at 2830 Pacific (which failed to sell last year but was "leased with an option to buy") might be opening back up this month as well:

So much for the "Option". Movers unloading the house today and onto a truck. So it looks like another Showcase house is probably coming back to market.

Last asking $9,995,000 prior to being leased.

∙ 3450 Washington: Decorator Showcase 2010 Opens Up [SocketSite]
∙ 2830 Pacific Scoop: Still Not Sold, But Leased With An Option To Buy [SocketSite]
∙ Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29% [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (0) | (email story)

April 30, 2010

587 Jersey: Spot The (Suggested) Difference

It’s a reader's suggested simple change to the newly remodeled façade of 587 Jersey. It might have been unsolicited, but it’s not unmerited as far as we’re concerned.

∙ Comments: Before And After (And "Year-Over-Year") For 587 Jersey [SocketSite]

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

April 8, 2010

SocketSite Gets Schooled By A Plugged-In Reader

A plugged-in reader correctly takes us to task for not previously covering the San Francisco School Board’s decision to enact a new school assignment system. So we’ll just co-opt her (slightly edited) tip:

This could have an impact on SF property values in two ways. First, since now living in a schools’ attendance area will actually give you preference in getting into that school, I suspect that areas surrounding some of the best schools will have their property values increase (note that many of city’s best schools are "alternative" and are designated for citywide enrollment, so living next them won’t matter).

Second, students from traditionally disadvantaged areas as measured by CTIP scores will now have enrollment priority over everyone else. Dark green areas are the ones where children will have the CTIP advantage in getting into a school of their choice, since they scored the worst on standardized tests. It’s best to look at this in conjunction with the official census tract map.

Potrero Hill caught my eye, it’s the only place in the city where dark purple (census tract where students perform best on standardized tests) meets dark green. Tract 227.01 is purple (North Slope, "highly desirable") and 227.03 is green (it contains the Potrero projects).

The boundary between the two runs along Arkansas St between 20th & 22nd. As an ex-resident of Potrero Hill, I would actually consider Arkansas & 20th to be a pretty nice area to live in – as well as Connecticut from 20th to its dead end – and both are parts of the ”dark green” census tract.

The most interesting part is that if you’re living on Arkansas, between 20th & 22nd – if you’re on the East side, you’ll have an advantage into getting the school of your choice over the neighbor who’s living across the street! I wonder if this will have any impact on the property values in the nicest parts of 227.03 census tract...

It's good food for thought. And on that note we're off to find some Tater Tots.

∙ Recap: A new era for student assignment? [rachelnorton.com]
∙ San Francisco Schools Attendance Area Map [sfusd.edu]
∙ 2000 Census Tract Outline [census.gov]

Posted by socketadmin at 7:30 AM | Permalink | Comments (131) | (email story)

March 30, 2010

One Hawthorne: The SocketSite Straight Scoop (And Sales Update)

While One Hawthorne's website has been live since last October (to which floor plans for the first seven floors have since been added), and the onsite sales office has been "open" for a few months, pricing has yet to be finalized and tours still aren’t being offered.

The disconnect between an "open" sales office and lack of information has led to a slew of One Hawthorne related readers' tips like the following:

I've toured the One Hawthorne sales office 3 times over the past 2 months now and I find it a bit unsettling that the building still does not have pricing or models and DOES NOT anticipate pricing and tours until "late Spring" without further specifics….I'm a highly interested and qualified buyer looking to downsize from my home in Marin but I feel like this developer must not have their act together if the sales office have been open for almost 3 months (the office opened on January 4th) with no idea of pricing or when people will begin to write contracts.

So here’s the inside scoop...select brokers will be getting their first tours of the building on April 19 at which time pricing will be released. Brokers will also tour on the 20th and the sales office will start writting contracts on April 21.

Once again, One Hawthorne consists of 165 units (26 junior one's, 74 one-bedrooms, 59 two-bedrooms, and 6 three-bedroom penthouses) with 124 non-deeded parking spaces which will be valet and are expected to run around $300 per month.

With a $120 million construction loan, whether or not the developer of One Hawthorne will end up underwater on the development, and what role that’s played in any delay to date, is open for debate.

We'll wait for actual pricing and early sales figures before we join the fray.

∙ One Hawthorne: A Couple Of Renderings To Accompany Our Reality [SocketSite]
∙ One Hawthorne: Close To Being Closed In But Without Its Crown? [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (51) | (email story)

March 25, 2010

A Plugged-In Resident Tipster Reports On Artani's Round Two

A plugged-in tipster reports with respect to Artani's (818 Van Ness) round two of sales:

They are setting up a sales office on the ground floor in the permanently vacant (so far) retail space. I am still a tenant here and will not be exercising my first right of refusal as I believe the price and HOA fees are just too high.

They plan on selling floors 2-6 first. The cheapest units are at the front of the building on the 2nd floor (no side windows as it shares a wall with the sushi joint. Floors 7-8 are done to a higher spec. Seems a majority of the building is empty now. Most tenants moved in about a year ago and their leases ended. There has been a revolving door of moving trucks here in the last 3 months.

Also, they have a bunch of maintenance folks fixing up the units for sale after a tenant vacates. They will all be in near perfect condition. I've had a walk through some of the staged units and they look great.

Other plugged-in perspectives and comments on our original Artani round two report.

∙ Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

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

March 24, 2010

A (Once Again) Remodeled 2219 Pacific Is Unwrapped

A plugged-in tipster with mad perspective matching skills captures the first glimpse of the newly remodeled façade of 2219 Pacific. As it looked previously:

And as we wrote in December 2008:

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

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

Now asking $3,495,000.

And while the unfinished property failed to sell at $3,495,000, we wouldn’t be surprised to see it return to the market soon seeking (and perhaps securing) significantly more.

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

Posted by socketadmin at 9:30 AM | Permalink | Comments (23) | (email story)

March 18, 2010

Collateral Damage: 52 Rausch Goes Back To The Bank

A plugged-in tipster reports:

Yesterday, 52 Rausch Street was taken back by Redwood Mortgage, which held a $850,000 2nd. It has a senior loan for $2,550,000 to First National Bank of Northern California (South SF). This property also was cross-collateral for the $23 million construction loan for Cubix (apparent 3rd position here).

Along with the conversion of 60 Rausch and 73 Sumner, the eight-unit 52 Rausch was built by George Hauser as part of the The Mullen Buildings development of 2002.

∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]
∙ SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (3) | (email story)

March 1, 2010

A Plugged-In Reader Solves Our Nob Hill Dashiell Hammett Mystery

As we wrote this past October:

A single-family Edwardian "tucked away on quiet street between Nob Hill and Downtown neighborhoods," 33 Dashiell Hammett sold for $1,275,000 in January of 2007.

According to our tipster, it "looks like the current owner did minimal work on the house" since it's last sale, but did do a bit of repainting and "updated" the kitchen with new appliances.

Listed for $1,795,000 earlier this year and then $1,595,000 (with photos), the single-family home is now seeking $1,095,000 as a short sale.

As a plugged-in reader wrote to us last week:

[We] closed escrow on 33 Dashiell Hammett last Friday. Wanted to say thank you, as I found the listing through your site.

Cheers. And don’t forget those invitations to the housewarming.

Oh, and while not noted by our reader and the MLS still hasn’t been updated, we’ll peg the purchase price at $1,120,000 (12% under its market value of three years ago). It pays to be plugged-in.

∙ A New Dashiell Hammett Mystery: The Single-Family Short Sale [SocketSite]

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

February 26, 2010

A One Time Fire Sale To Address An Ongoing Budgetary Problem

From Guardians of The City with respect to old Engine Company No. 16 at 909 Tennessee:

City Architect John Reid Jr. designed this two-story brick structure to replace the original 1887 home of 16 Engine that was a block away at 1009 Tennessee Street. A two-story brick firehouse with a cornice brightened with small colored tiles, terra cotta keystones accent the arched dormitory windows and plaques above the doors.

Off of Third Street, near the Pier 70 complex, in what is called the "Dogpatch" section of the Potrero District, Engine Company 16 was considered a waterfront company. From the 1880's through World War II the Potrero Point Pier 70 area was a very active shipbuilding and steel manufacturing district. It became the largest civilian shipyard on the west coast.

This firehouse is located on a bigger plot of land owned the City. To the rear of the firehouse on the corner of 3rd and 19th Streets are the former Potrero Police Station and the neighbor Public Health Emergency room.

Engine Company No.16 was disbanded on July 1, 1970, due to ordered City budget cuts to the Fire Department. From 1970 to 1976 the firehouse was used by Toy Program. From 1976 to 1992 the house was used as a Museum annex apparatus workshop and collection storage area. Since 1992 the firehouse is being used by the Department for storage.

According to a plugged-in tipster the San Francisco Fire Department will be selling 909 Tennessee in order to help balance its budget.

And our tipster’s (paraphrased) question: Does it make sense to address an ongoing budgetary problem with a one time sale of an asset in a down market?

UPDATE: The asking price is expected to be around $735,000.

∙ Engine Company No. 16 (909 Tennessee Street) [guardiansofthecity.org]

Posted by socketadmin at 2:30 PM | Permalink | Comments (63) | (email story)

Flipping A Few Lembi Properties Through Foreclosure

A plugged-in tipster reports:

Coastal Capital of Sausalito, which bought a portfolio of loans secured by Lembi properties, foreclosed on the properties [yesterday]. Coastal reportedly paid $24.1 million (64% of face value) for the package of loans originated by Tamalpais Bank, and today's sales at the steps totaled $29,049,100. Pretty nice annualized return! It should be noted that a Coastal affiliate did some of the buying.

Among the foreclosed upon properties sold: 1235 Bay, 2285 Bay, 1125 Broadway, 479 Buena Vista East, 6242 Geary, 315 Hyde, 1651 Larkin, 725 O'farrel, 1701 Turk, and 2350 Van Ness.

Posted by socketadmin at 9:30 AM | Permalink | Comments (11) | (email story)

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

Listed for $649,000 last October, the listing for 169 Yukon was withdrawn in December and then relisted anew at $625,000 at the end of January.

And while the listing is currently active on the MLS, according to a plugged-in tipster an offer of $575,000 has reportedly been accepted.

Industry statistics currently reflect an "official" 36 days on the market for the property.

∙ Listing: 169 Yukon (1/1) - $625,000 [MLS]

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

February 22, 2010

1168 Folsom: Another Hauser Project Falls To Foreclosure

A plugged-in tipster reports with respect to The Folsom Lantern Building:

Another George Hauser project taken back by lenders [as 1168 Folsom was foreclosed upon]. Redwood Mortgage, which held a 3.5 million 2nd took back the property last Weds 2/17/2010. There is a senior loan for 6.5 million.

As usual, plugged-in people saw it coming. And we wouldn't be surprised to see the 20-unit building back on the market sometime soon.

∙ 1168 Folsom Street, San Francisco [hauserarchitects.com] [Map]
∙ 30 Dore Goes The Rental For Sale Route And Offers A Bonus Bedroom? [SocketSite]

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

February 18, 2010

The Monster’s Confidential (And Slightly Less Monstrous) Sale Price

This past September Kirk Hammett’s Pacific Heights "Monster" mansion at 2505 Divisadero came roaring back on the market at $8,995,000 having once sought $12,500,000 when first listed four years ago.

In contract within two months, the sale closed escrow on December 11, 2009 with a confidential sale price on the MLS. And as such, all MLS based reports and averages would have reflected a selling price of $8,995,000 (and an "official" 63 days on the market).

As a plugged-in tipster notes, however, the recorded sale price is now public. And the property actually sold for $7,600,000. Don’t forget to adjust those industry stats and newsletters accordingly.

∙ Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero) [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (22) | (email story)

February 10, 2010

In The Name Of Dr. Raye Richardson For 365 Folsom (AKA Parcel G)

A plugged-in reader reports: "365 Folsom, AKA Parcel G has been named Dr. Raye Richardson Apartments. Dr. Raye is a community leader who chaired the black studies department at San Francisco State. Great building named for a great person."

∙ 365 Fulton (AKA Parcel G) Design Evolved, Site Work Commences [SocketSite]

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

February 2, 2010

The Old Bonus Rooms (So To Speak) At 130 Cresta Vista Drive

From yesterday's listing of 130 Cresta Vista Drive:

Immaculate Westwood Highlands 4-story residence with amazing views! Main floor offers spacious dining/living/kitchen and 1/2 bath. Upper floor consists of 3brm 3ba. Two lower levels have additional rooms which could be used as extra bedrooms, office rooms or entertainment rooms.

From the San Francisco Police with respect to the arrest of four suspects across four properties three weeks ago for growing marijuana on a relatively large scale.

The locations searched were 130 Cresta Vista Drive, 15 Dorchester Way, and 1400-1402 Kansas Street. Officers observed an elaborate marijuana grow operation with numerous grow lights and ballasts in place at each location, including both flats on Kansas. Police seized a total of over 5,900 marijuana plants, with an estimated street value in excess of $200,000.

We'll assume the electric meter bypass has since been removed from that lower level. And while it appears the suspect arrested at 130 Cresta Vista was renting, no word on 15 Dorchester Way or 1400-1402 Kansas Street which said suspect appears to own.

∙ Listing: 130 Cresta Vista Drive (5/5.5) - $1,350,000 [MLS]
∙ San Francisco Police Arrest Four Suspects In Marijuana Grow Busts [sf-police.org]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

January 25, 2010

2010 Decorator Showcase Site Scoop: 3450 Washington Gets The Nod

According to a plugged-in tipster, 3450 Washington will be San Francisco’s 2010 Decorator Showcase home. The 1929 Georgian Revival Presidio Heights mansion was purchased for $18,000,000* in 2001 by the Sperling’s (think 2845 Broadway).

In the words of our tipster: "Posthumously attributed to Architect Willis Polk…[seems] to have been on and off the market ever since." And while it’s currently not official inventory on the MLS, it is active on agent Joel Goodrich’s website with a "price upon request."

You might want to take your before tour now (before it's too late).

UPDATE (5/3): Never mind that $18,000,000 number (perhaps that was asking). Tax records actually support a 2001 sale around $16,750,000 for 3450 Washington while a reader suggests the price was actually $15,800,000.

∙ Listing: 3450 Washington (8/5.5) – "Price Upon Request" [Joel Goodrich] [Map]
∙ San Francisco Decorator Showcase [decoratorshowcase.org]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (18) | (email story)

January 20, 2010

Making Lemonade (And History) With A Lemon of An Addition?

We’ll have to call it hearsay, and we can’t confirm, but a plugged-in reader offers one explanation for the seemingly semi-restored façade of 50 Carmelita:

Supposedly the plan was to remove the incredibly ugly retrofit garage (aka the giant box that ruins the facade) and restore the original front staircase leading up to the front door. But the planning department would not allow it, saying that the ugly box was historically protected, having been in place for more than 30 years or whatever.

Of course that’s only one side of the story and we're willing to listen if you have the other (perhaps related to the economics of removing a two-car garage in San Francisco).

UPDATE: And here's an other:

In order to change the outside "envelope" of the building by removing the garage the project would have to undergo a neighborhood review. By keeping the garage, the contractor was able to get away with pulling very limited permits.

Or simply in the words of a plugged-in Planning Department employee with respect to the original hearsay explanation, "this is not true." Cheers.

∙ Carmelita’s Way: A Renovated 50 Carmelita Returns [SocketSite]
∙ Damn That Planning Department To Hell! Oh, Wait A Minute… [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (16) | (email story)

January 13, 2010

A Landmark Bourn Mansion Moving Day (And End Of An Era)

A plugged-in tipster reports from in front of the Bourn Mansion (2550 Webster):

The end of an era? The start of a new chapter? Either way, 2 moving trucks and a few movers seem to be taking out the old. Looking forward to the new!

Both. And so are we. Now which tipster is going to be the first to leak liberate the plans?

∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]
∙ The Trap Door, Secret Passageways, And Dungeon Of 2550 Webster [SocketSite]
∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (24) | (email story)

January 8, 2010

Have You Seen These Massings For 1127 Market?

A plugged-in tipster delivers a few detailed massing models for the development of 1127 Market Street (a.k.a. the Strand Theater which has been shuttered for seven years).

Unfortunately we don’t have any additional information on the origin of these models or the status of any plans for development, but to echo the words of our tipster, "change on this stretch of Market is long overdue."

So if you recognize these massings as your own, or have the scoop, please let us know.

Posted by socketadmin at 4:45 PM | Permalink | Comments (26) | (email story)

January 7, 2010

Can’t Sell? Concrete That Front Yard To Add More Parking!

"...a house on my block, one of the last to have a tiny 20% green patch in front, came up for sale a few months ago. They had a few open houses but apparently no takers. But the feedback about the front they had gotten must have been clear (and in favor of MORE SIDEWALK PARKING please), because about 2 weeks ago, they had contractors come and rip out the front yard and concrete it over.

This is what you're up against. A sale is actually more likely to *remove* the greenery in front. With Sandoval's ordinance in mind, I did report the removal to the city -- they said they will assign an inspector to investigate. But so far, I don't see any change."

∙ Comments: Guidelines For Tending Concrete Gardens Out Front [SocketSite]
∙ We’re All In Favor (But Wondering If It Will Actually Work) [SocketSite]

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

January 6, 2010

Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million)

Apparently we might have miscounted by one in August. And with yesterday’s listing at $11,500,000 it’s the fifteenth time 830 El Camino Del Mar has hit the market seeking a buyer over the past twelve years.

As we’re running out of new facts for this one, we’ll turn to a tipster’s poem (for better or self-admittedly long and worse) and creative chronology:

Well Well Well
It just didn’t sell
In ‘98
when times were great
It was priced…
Just a little too high
At 8 million and Five (1)

Well well well
It just didn’t sell
In ‘99 Malin
tried again
for 7.8 (2)
with a view
of the gate
Twasn’t enough bait

Well well well
Time will surely tell
In 2000 Sotheby’s
Surely they blustered
An offer we’ll muster
An offer as great
As a half million plus 8 (3)
just didn’t arrive
Later that year
Alain Pinel Did crow
“It’s priced too low!”
We”ll get it sold best
At nine million and five (4)
No sold sign arrived

Well well well
The truth is there
For all to tell
Its price too low
So they had another go
At 12 million and five (5)
No Sold sign arrived
Nuanced pricing
‘tis the answer
APR did tell
Thrice relisted
This we ‘ll sell
Just under 11
At 10 million point eight (6)
With a view of the Gate
Persistance surely
wins the race
it’s on
thier 4th relisting
10 million eight
With a view of the gate
In 2001
The sold sign not hung

Well well well
That son of gun
Kevin Cole will
not be undone
HE re-listed it fine
He’s just asking nine (7)
In 2002
No sold sign
Boo hoo,
it just can’t be true

Well well well
Later that year
Nina did appear
Price adjustin’ in
The air
Into this mix
Coldwell did list
For measly little six (8)
It was not adjusted enough
No sold sign appeared
That 2002 year

Well well well
Its price too low
Cole shouted again
It’s never too late
To buy it for eight (9)
No sold sign appeared
That 2003 year

Well well well
The market is up
The time is right
It’s price too low
We ‘ll get it sold
in 2004
For eight and half (10)
I wish I could laugh
In 2005
No sold sign
It’s price too low!

So here we go
Tis 18 million so (11)
A price arrived
with Micheal J King
With a view
of the gate
No Sold sign
Was placed
In 2008
Proclaiming it sold
a familiar tale
to be told
In 2008
Have no fear
Later that year
John Saar willing
To sell
A golden cliff house
With a view of the gate
Three times’s an old price
18 million’s just great (12)
With a view of the gate
Yet no sold sign appeared
That 2008 year.

Thirteen is a lucky number
Some brave heart will say
Sothebys
Knows the drill
So into 2009
economy in full dive
The Duponts
(Of Decker Bullock fame)
did not jive
When they
Arrived a price
With a view of the gate
For 11 million Five (13)
Then took a swan dive
When the house
did not sell
in 2009.
There was no
SOLD sign.
Later that year
Telegraph Hill Property
Did appear
Fourteenth
time around
it was clear
they could sell
To someone
from dwell
A location so live
Right down
to the ground
For 11 million and five (14)
No sold signed appeared
That 2009 year.

Well well well
There is a house to sell
Its sits on cliff
With a view of the gate
And Olivia did list
A view home
Can be yours
For nothing more
Its 11.5 million (15)
In 2010
Its New Years Again

And an official two days on the market according to those industry stats.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [MLS]
∙ Unlucky Lucky Number Thirteen For 830 El Camino Del Mar? [SocketSite]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
∙ 830 El Camino Del Mar Moves Away From 2008 And Closer To 2002 [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (17) | (email story)

January 4, 2010

Reporting From the Courthouse Steps: Shares Sell, Others Postponed

A plugged-in tipster reports that of roughly 50 houses and condos scheduled to hit the courthouse steps this afternoon in San Francisco, auctions for the vast majority (40-ish) were postponed and the rest cancelled which included the latest foreclosure proceedings against 755 Marina Boulevard.

The only real auction action today in San Francisco seemed to be for a batch of timeshare units with opening bids starting at just over a thousand each. Don't ask us.

UPDATE: Or do (ask us).

The foreclosed upon timeshare units appear to have been seven shares of San Francisco Suites (710 Powell). From the July 2009 San Francisco Suites Association meeting minutes:

With regard to the 2009 assessment delinquencies, there are 22 delinquent shares facing foreclosure, plus 3 more that are on a payment schedule. The process is in motion according to the rules and regulations of the Suites.

Seven down and fifteen to go?

∙ Yahoo Unveils Underwhelming Foreclosure Center [SocketSite]
∙ San Francisco Suites: Association Meeting Minutes – July 2009 [sfsuitescsa.com]

Posted by socketadmin at 4:00 PM | Permalink | Comments (12) | (email story)

A "Third" Strikes Against 2100 Vallejo

As we noted the most recent listing for 2100 Vallejo expired at the end of the year with an asking price of $13,500,000 (down from $25,000,000 in 2007). A plugged-in tipster adds:

A pretty serious [Notice of Default (NOD)] was filed against 2100 Vallejo (both House and Lot) on 12-17-2009. There appears [to be] 3 Open Deeds Of Trust [with a third mortgage in November 2008 for $750,000]. Looks like the 3rd is foreclosing and that all loans are in default.

It will be very difficult for the owners to receive further financing regardless of equity. Will they sell cheaply or try to continue?

Many are experiencing the same problem.

Purchased for $2,475,000 in 1995 but then restored "from the studs up."

As we noted in 2007, designed by Houghton Sawyer (who was also the architect behind the Verdier/Scholes Mansion at 1001 Vallejo), the woodwork within is quite captivating, the views are indeed stunning, and the garden is huge (as in another separate lot).

UPDATE: With respect to a reader's comment regarding whether it’s actually the "second" versus the "third" loan that’s filed the NOD, our tipster’s three loans appears to include a line of credit that was opened in 2001.

UPDATE: As of this afternoon the listing for 2100 Vallejo is once again active at $13,500,000 and offering a few peeks inside.

∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
∙ Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
∙ Add Your Name To This Mansion [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (36) | (email story)

December 28, 2009

The One With The Twelve On It: 2849 Pacific Price-ish Scoop

Okay, so perhaps the sale price for 2849 Pacific won’t be at its asking of $14,000,000. But according to a plugged-in tipster the "price will provide encouragement for sellers of large, good condition, D7 properties" and starts with a twelve (12).

No word on how much said encouragement assumes said sale isn’t one of the last "confidential" sales of the year. We'll keep you plugged-in.

∙ Cleaned Up And Coming Soon: 2849 Pacific [SocketSite]
∙ 2849 Pacific: A Million Dollar (Double) "Take" [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (2) | (email story)

December 22, 2009

Landmark Bourn Mansion (2550 Webster) Bankruptcy Sale Approved

As we reported with respect to the landmark Bourn Mansion (2550 Webster) via a plugged-in tipster a week ago:

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

As a plugged-in source reports today:

The sale of the house was approved this morning. The motion to dismiss was denied.

UPDATE: The approved sale price: $2,790,000.

∙ The Bourn Foreclosure Bankruptcy And Bidding Scoop [SocketSite]
∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (17) | (email story)

December 21, 2009

The Grinch That Stole A Reader’s Wreath

From a plugged-in reader in Pacific Heights this weekend:

I'm looking to enlist your support in some public shaming. You can also point-out the utility of installing a video camera system during a renovation :)

This Grinch stole the Christmas wreath from the front door of my house early Friday morning. She looks like a fairly put-together person, why is she out stealing in the middle of the night? Pacific Heights of course...

The actual Grinching (i.e., grab) occurs at 2:26 in the clip above (3:04 am Friday morning).

UPDATE: A follow-up from our plugged-in reader today:

There is a happy ending to the story, a good friend has surprised me by placing a new wreath on the door! Very sweet.

(Holiday) Cheers.

Posted by socketadmin at 7:45 AM | Permalink | Comments (101) | (email story)

December 16, 2009

High Speed Rail Scoop: Build On Beale, Demolish The Watermark

A plugged-in tipster reports with a bit of concern:

I am a resident at the Watermark [501 Beale], and we just received a lovely bulletin that our building is right in the path of the planned California Highspeed rail...

If you go to Page 13 of the [December 8 Transbay Transit Center Rail Update] you'll see that the plans are to "demolish residential highrise" with an image of the Watermark.

Keep in mind this Watermark demolition scare is all in the context of building San Franciso's High Speed Rail terminus on Beale rather than at the Transbay Terminal as is being evaluated by the California High Speed Rail Authority but as is opposed by Pelosi, Schwarzenegger and others.

And if we’re interpreting the presentation correctly, Baycrest Towers at 201 Harrison Street would have to be demolished as well. Again, assuming it's the Beale Street Alternative terminal that's adopted for California's High Speed Rail rather than the Transbay.

∙ 12/8/09 HSR Rail Update/Beale Street Alternative [transbaycenter.org]
∙ More Evidence Of A High Speed Snub For The Transbay Transit Center [SocketSite]
∙ Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

Posted by socketadmin at 11:30 AM | Permalink | Comments (64) | (email story)

December 14, 2009

The Bourn Foreclosure Bankruptcy And Bidding Scoop

A plugged-in tipster provides the inside scoop with respect to the pending bankruptcy sale of the landmark Bourn Mansion (2550 Webster):

...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).

So you've got a few days.

And once again, our candid peek inside for those who haven't had a chance to tour.

∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Bourn To Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (11) | (email story)

December 10, 2009

An End To Confidential MLS Sales* (*Unless You're Willing To Pay)

A plugged-in reader reports (and we hadn’t):

Just an FYI (and you may have already covered this), the [San Francisco Association of Realtors] is scheduled to prohibit confidential sale prices in the MLS starting January 1st, 2010 - or face a $1000 fine. For our clients in this range, if they absolutely demand the confidentiality, we will likely just take the $1K hit.

However, I think in the majority of cases, it's not the necessarily the clients really pushing for confidentiality, but the agent. Particularly here on the North Side, there's a tremendous amount of self important bullshit, where agents will utilize any tool possible to make their client base seem "exclusive". So in those cases, I [think] most agents would rather simply post the actual price, forget the whole idea of being exclusive, and save themselves the $1000.

No word on any new fines for simply withdrawing a listing from the MLS prior to close to avoid disclosing a sale price, a favorite trick of the new development crowd (and others).

UPDATE: Another plugged-in reader adds:

My husband and I just closed on a 2-unit. We got it for a very good price since we had no financial contingencies and offered a quick close. In fact, we wanted the price published to serve as a lower comp.

The sellers and selling agent, however, asked that it be kept confidential. They claim they're worried about the reaction from other buyers whose offers were higher and rejected in favor or our lower, quick-to-close offer.

Well done and thanks for plugging in. Now about those housewarming invitations...

∙ And After 47 Months 62 Days On The Market... [SocketSite]
∙ 3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior) [SocketSite]

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

The Wright Stuff Redux: Aerial Perspective And A Reader’s Report

With respect to 1332 Wright Loop, a plugged-in reader reports:

I know the previous renters and have been in the house several times. It has amazing views, but even more than that, one has no sense of being in the city. It's like someone took a Hillsborough estate and placed it 15 minutes from Union Square.

Inside, the living room has a huge picture window with a view of the GG Bridge. It's old, but has character. Not grand and stuffy. It would make a great family home. As far as the Doyle Drive construction, the additional traffic through the Presidio does not matter to this property. It sits above it all. One of a kind.

Plus, imagine the savings on valet. All comments on our original post.

∙ The Wright Rental Stuff? (1332 Wright Loop) [SocketSite]

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

December 9, 2009

Personal Effects, Check. Washer And Dryer, Check. Furnace…

With the short sale of 2874 Bush Street over in Lower Pacific Heights currently in escrow, and contingencies waived, a plugged-in source reports:

Looks like moving day at 2874 Bush. Seeing the washer and dryer on the truck didn’t surprise me...but seeing the furnace sure did!

It's starting to sound familiar. And props for the candid cell phone shot (hint, hint).

∙ The Begining Or End Of This (Or The) San Francisco Short Sale Story? [SocketSite]
∙ Strip This (Short Sale) House: The 1467 Underwood Episode [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (44) | (email story)

December 7, 2009

Strip This (Short Sale) House: The 1467 Underwood Episode

Purchased for $639,500 in February of 2007, the single-family 1467 Underwood returned to the market as a "lender approved short sale" asking $340,000 this past October.

Currently in contract and scheduled to close this week (according to a plugged-in tipster), it appears as though some likely non-lender approved activity is now in play as well. As our source reports:

…the new owners or potential new owners were trying to do a walk-through yesterday but were not allowed inside, meanwhile you could hear banging inside the property, and later in the rainy night [you] could see the appliances…and plumbing fixtures [(vanities, vanity mirrors, doors)] being loaded onto a truck.

Stripping a property prior to foreclosure in San Francisco isn’t an unheard of occurrence (especially when an expensive kitchen is involved). But this is the first time we've heard of doing so between having negotiated a short-sale and its (now attempted) close.

It ought to be an interesting walk-through and response by the buyer and the bank.

∙ Listing: 1467 Underwood (4/2) - $340,000 (sale pending) [Redfin]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]

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

December 3, 2009

736 Valencia Exposed (700 Valencia Still Under Wraps)

A plugged-in tipster photographs and reports: "726 736 Valencia is nearly done. Supposedly housing for next door auto repair shop's employees. Nice brown wood. 700 Valencia (at 18th) is still in it's black covers." And so can you (tips@socketsite.com).

∙ 700 Valencia: Topped Off And Filling Out [SocketSite]
∙ 700 Valencia Street: The Details And Designs For Moving Forward [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (37) | (email story)

December 1, 2009

Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report

Add another item to the list of things we like about the Hamilton: its community (and a plugged-in reader’s inside report).

I live in this building and can help to answer some of the questions. Overall it is a great building with some fantastic social people living here. Our community is a cross section of SF: young, old, straight, gay, couples, singles...

We have great (sometimes - whole floor) parties! (We also offer the lobby, back patio and ballroom as an event rental space to anyone inside or outside the bldg.)

The neighborhood can grate on your nerves but is changing. As a community we regularily have discussions about our surroundings with the police and supervisors. Most of us are tring to improve our area - we are not the type to sit around and whine.

The building contains 186 units which are mostly studios. There are two 1-bedrooms per floor and one two bedroom. The corner studios have some of the best views in the city!

The [penthouse] does include leased parking in the basement - the current penthouse owner paid a significant amount of money to jump the line. That being said the parking list is turning over very fast right now - maybe a year to get to the top. This change could be attributed to the economy. But I do know of some residents who have gave up their cars to walk / use the car shares instead.

The building does have somewhat high dues. Not sure what the dues on the penthouse include but my dues include utilities (water, steam heat, electricity), full time manager, full time maintenance/cleaning staff, 24hr security/doorman, package hold service + reserve fund contribution. We have never had an assessment.

Over the last 10 years, the owners have spent a lot of money to restore the lobby, back patio, ballroom and 16th roof deck along with the regular maintenance for a 80 yr old bldg. Next month we are adding a gym to the building.

I believe the [penthouse] sold for $2.5 mil around 2000.

Cheers and comments on the original thread. Now about those invitations to your next whole floor party...

∙ Pay For 520, But Live Like 800 (With Bonus Points For "Trendyloin") [SocketSite]
∙ High Atop The Hamilton (631 O’Farrell): Penthouse Listing And History [SocketSite]

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

November 24, 2009

Recounting The Height Of The Infinity "Fire Sale" Flames

A plugged-in reader reports:

Lowest price sold 2/2 at Tower II is $535,000 for 1,187 sf. Mid 2009. All 1/1 are now gone and it is unlikely to find any 2/2 left at under 700k - at least not from the developer - in Tower II. Lowest 1/1 sold, I believe was below 400,000.

Assume that's without parking (or not). Don't necessarily assume it's the same sub $600,000 sale we plugged you into back in June.

UPDATE: Make that $510,000 for a two-bedroom (338 Spear #6J) and $350,000 for the lowest know one-bedroom (338 Spear #9G). And on a dollar per square foot basis, the lowest we know about for a two-bedroom was $466 per square foot for the 1,147 square foot 338 Spear Street #4E (closed in July 2009).

Do we hear under $535,000 or $466 per square for a two?

∙ Infinity Tower I Sold Out, Tower II At 70 Percent, 85 Percent Overall [SocketSite]
∙ Confidentially Speaking About The Infinity [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (11) | (email story)

November 17, 2009

The Belli Building NOD And Versus A Different B.A.R. (Builders)

"Perhaps the motivation for this statement [("Family has asked for it to be sold in as is condition within the next 30 days")] was the [Notice of Default] filed on September 24. Ms. Belli recently (end of August) sold off two units at 481 Clementina. Evidently, she did not raise enough capital to prevent the mechanics lien on November 4 for the [722-728] Montgomery property. And, of course, the requisite lawsuit by the builders."

∙ Belli’s Barbary Coast (And At One Time) Belle Of A Building [SocketSite]
∙ B.A.R. BUILDERS VS. NANCY HO BELLI [sftc.org]

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

November 9, 2009

Conservation Of Crime (And Gentrification): Tenderloin To The Marina?

While the Marina exports an element to Hayes Valley, a plugged-in tipster reports that the Marina seems to be importing elements of the Tenderloin.

Recently, a friend of mine living in the Marina had their bike stolen from their garage. Since the thief (or thieves) physically broke into a home, the police had to take the report in person – versus over the phone. The police told my friend that there was a very good chance the culprit(s) were living just a few blocks away, in one of the many hotel/motels on Lombard Street.

It seems that as part of the Tenderloin "gentrification," the city has been giving those hotels on Lombard “assistance” with relocating several of the notably more sinister Tenderloin residents in an effort to make the Tenderloin appear more neighborly and better situated for gentrification.

The police claim that the board of supervisors (actually referenced by the patrolmen as the "board of stupidvisors" to my friend) had a big hand in this effort. The police said that at least once per day, the SFPD responds to some type of incident (sounded from them to be typically drug related) either at a hotel or nearby in the Marina, and that the people in question are usually ex-Tenderloin residents.

We can’t confirm any specific "assistance" to which our tipster or the police refer, but our tip line is open (tips@socketsite.com). And our tipster’s closing sentence, "If true, if I was my friend, I would ask their supervisor to personally repay the cost of the stolen bike."

UPDATE: According to CrimeMAPS, and as mapped above, a total of 295 offenses were logged for the half-mile radius around Lombard and Fillmore over the past 90 days. The top five offenses by count: Larceny/Theft (114); Burglary (66); Vandalism (41); Assault (31); Vehicle Theft (17).

That being said, and recognizing it’s far from sound science, back in January 2007 we mapped a 30 day count for the quarter-mile radius around 3208 Pierce Street which returned a total of 38 offenses. The count for the same radius and past 30 days: 29.

∙ The Grove Heading To Hayes Valley [SocketSite]
∙ Food For Thought: SFPD CrimeMAPS Summary Reports [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (50) | (email story)

The Grove Heading To Hayes Valley

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 (15) | (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 (27) | (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 (66) | (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 (25) | (email story)

October 23, 2009

Former Thirteen Million Dollar Mansions And New Comps To The South

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

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

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

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

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

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

October 22, 2009

CitiApartments Is No More! Well, Sort Of…

A plugged-in tipster reports:

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

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

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

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

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

Posted by socketadmin at 12:00 PM | Permalink | Comments (6) | (email story)

430 Main/429 Beale Development Delayed

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 (11) | (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 (22) | (email story)

Some Plugged-In Perspective On Mortgage Fraud Back In 2008

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

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

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

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

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

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

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

October 9, 2009

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

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 (33) | (email story)

October 5, 2009

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

A plugged-in reader reports:

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

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

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

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

Posted by socketadmin at 10:45 AM | Permalink | Comments (59) | (email story)

October 1, 2009

Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps

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

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

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

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

Posted by socketadmin at 12:15 PM | Permalink | Comments (13) | (email story)

September 28, 2009

Pelosi And Schwarzenegger Type For A Transbay HSR Terminus

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 (46) | (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 (23) | (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 (86) | (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 (53) | (email story)

September 4, 2009

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

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

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

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

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

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

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

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

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

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

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

Posted by socketadmin at 4:00 PM | Permalink | Comments (50) | (email story)

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 (36) | (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 (82) | (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 (113) | (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 (48) | (email story)

August 10, 2009

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

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

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

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

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

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 (32) | (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 (9) | (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 (26) | (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 (15) | (email story)

July 22, 2009

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

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

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

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

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

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 (21) | (email story)

June 29, 2009

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

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

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

From a plugged-in reader yesterday:

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

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

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

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

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

June 26, 2009

A Landmark District Seven Mansion Foreclosure (2799 Pacific)

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

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

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

Posted by socketadmin at 6:00 AM | Permalink | Comments (36) | (email story)

June 22, 2009

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

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

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

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

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

And of course, they're dealing. Cheers.

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

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

June 18, 2009

Confidentially Speaking About The Infinity

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

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

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

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

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

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

June 17, 2009

Marcus & Millichap Changes Their San Francisco 2009 Rental Outlook

As we wrote in January:

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

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

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

UPDATE: A plugged-in reader adds:

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

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

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

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

June 16, 2009

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

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 (26) | (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 (56) | (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 (30) | (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 (14) | (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 (42) | (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 (45) | (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 (33) | (email story)

March 9, 2009

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

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

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

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

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

From one reader with respect to 550 18th Street:

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

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

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

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 (70) | (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 (50) | (email story)

February 6, 2009

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

A plugged-in reader reports:

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

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

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

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

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

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

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

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

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

February 4, 2009

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

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

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

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

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

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

February 3, 2009

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

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

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

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

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

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 (28) | (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 (51) | (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 (37) | (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 (24) | (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 (20) | (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 (51) | (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 (21) | (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 (98) | (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 (40) | (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)