November 18, 2009
Sold Together For $9M in '07, Purchased Apart For $6,766,001 In '09
As we wrote two weeks ago:
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withdrawn.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).
The sale of the 2157 Green Street lot has since closed escrow with a reported contract price of $3,700,000, so make that a total purchase price of $6,766,001 for the two District 7 pieces that sold together for $9,000,000 in 2007 prior to the added value of the lot split.
And while our reader was correct with respect to the auction of 2151 Green Street, our sources say the buyer wasn’t the seller in 2007 (but did just buy the lot as well).
Just to be clear, the six-bedroom, five-bath and 6,800 square foot Cow Hollow home which had been "remodeled" and then returned to the market in 2008 asking $10,950,000 (reduced to $7,350,000 in 2009) sold at auction for $3,066,001 four weeks ago.
∙ The 2151 Green Street Scoop: Wait For It… [SocketSite]
∙ 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]
Readers' Comments (10) | Permalink | Email Story | Filed under: Apples To Apples, Bubble (Or Not)
A Rather Modern Listing (But Really Not So "New")
Back on the MLS and on tour "as new," the list price for 297 Cresta Vista Drive is down to $1,290,000. Asking $1,595,000 in June 2008 before being withdrawn that December and then listed again this past May at $1,495,000 before being withdrawn three weeks ago.
Built in 1991 and last sold for $789,000 in May of 1998, it’s now one day on the market for 297 Cresta Vista Drive according to those official industry statistics and market reports. And a sale at $1,290,000 would be another "100% of asking" data point.
UPDATE: As a plugged-in reader adds:
It is a crazy house...but also wonderful in its way. I knew the guy, Bill Deitch, who designed and lived in it initially. He was a San Francisco character who was trained as a structural engineer and worked [as] a residential building contractor. Knowing Bill, it is probably built to withstand the big one.
∙ Listing: 297 Cresta Vista Drive (3/4.5) 3,233 sqft - $1,290,000 [virtual tour] [MLS]
Readers' Comments (21) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale), RealRecentReductions
The "Unexpected" Drops Spread To U.S. Residential Construction
"Residential construction in the U.S. unexpectedly dropped in October amid concern a homebuyer tax credit would expire [but didn't], illustrating the market’s dependence on government help to sustain a recovery as job losses mount."
∙ U.S. Economy: Homebuilding Drops as End of Tax Credit Loomed [Bloomberg]
∙ Senate Approves First-Time (And Move-Up) Homebuyer Tax Credits [SocketSite]
∙ San Francisco County Unemployment At 9.7 Percent In September [SocketSite]
Readers' Comments (0) | Permalink | Email Story | Filed under: Trends
Modern Ito Design Falls Prey To Modern Berkeley Economics
"A shortage of funds has prompted UC Berkeley to abandon its plan to construct a new Berkeley Art Museum and Pacific Film Archive downtown. The building, a distinctive and innovative design by Tokyo architect Toyo Ito estimated to cost $143 million, was to replace the museum's present, seismically endangered quarters on Bancroft Way..."
∙ UC Berkeley must scale back on downtown museum [SFGate]
∙ Across The Bay (But Modern Museum Architecture Is On The Brain) [SocketSite]
Readers' Comments (4) | Permalink | Email Story | Filed under: Design & Architecture, East Bay, Just Quotes (Emphasis Added)
Putting On The Ritz At 44% Under Original List (And $813 Per Square)
Asking $3,747,500 ($1,453/sqft) when it first hit the market two years ago, a plugged-in tipster notes that the three-bedroom and 2,580 square foot Ritz-Carlton Residences #1102 closed escrow on 11/3 with a reported contract price of $2,100,000 ($814/sqft).
It was three months ago we caught the sales office discounting list prices by up to 33 percent, but call it a closing at 44 percent under original asking for 690 Market #1102.
∙ Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]
∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]
Readers' Comments (14) | Permalink | Email Story | Filed under: Bay Buildings, Bubble (Or Not), RealRecentReductions
November 17, 2009
2342 Broadway Returns Anew, "Green," And Asking $14,000,000
It’s not yet officially listed inventory, nor is the address even mentioned on the Sotheby’s site. But a few doors down from 2306 and 2310 Broadway, and across the street from the Party of Five house at 2311 Broadway, lies 2342 Broadway.
Purchased as a total fixer for what tax records would suggest was $5,610,000 in May 2008 (asking just under six million at the time), the Pacific Heights big humongous view home has been completely remade from front to back and bottom to top.
And in addition to the requisite eight figure finishings, solar panels and a rainwater harvesting system could help the home achieve LEED Platinum certification.
Asking $14,000,000. And a tip of the hat to the always plugged-in sleepiguy for the scoop.
∙ Listing: "Luxurious, Sustainable Paradise" (2342 Broadway) - $14,000,000 [Sotheby's]
∙ An Überprime Data Point Closes Escrow Down On Upper Broadway [SocketSite]
∙ The Side Story (Quite Literally) For 2306 Broadway: 2310 Next Door [SocketSite]
∙ A Peek Inside The "Party Of Five" House At 2311 Broadway [SocketSite]
Readers' Comments (47) | Permalink | Email Story | Filed under: Being Green, Design & Architecture, Listings (for sale), Remodeling and Renovation
Rincon Center Towers $110M (And Possibly In Default) Debt For Sale
Two years ago the 320-unit Rincon Center Residential Towers (88 Howard) was sold to New York based Capital Properties for $143 million. The purchase was partially financed with a two-year $110,000,000 note, the terms of which included a possible one-year extension.
The loan matured 6/12/09. The Lender notified the Borrower that it did not satisfy the terms and conditions required for the 12 month extension, and as such the Loan is in default. The Borrower disputes the Lender's claim, believes that it qualifies for the Loan extension and has continued to pay monthly debt service payments (last payment date 11/12/09).
The Borrower has invested over $10,000,000 in the Property since its acquisition in 2007, completing the renovation of 85 of the 244 market rate units, including tasteful upgrades to the flooring, kitchen appliances, countertops, cabinetry, lighting, bathrooms, and fixtures.
And as a plugged-in tipster notes, the lender is now trying to sell the note on the twin 25-story and condo mapped (but currently rental) property via Eastdil Secured.
∙ Rincon Towers: From Apartments, To Condos, To Apartments [SocketSite]
Readers' Comments (7) | Permalink | Email Story | Filed under: Bay Buildings
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]
Permalink | Email Story | Filed under: Just Quotes (Emphasis Added), SocketSite Readers Report
SocketSite's San Francisco Listed Housing Inventory: 11/17/09
Inventory of Active listed single-family homes, condos, and TICs in San Francisco fell 4% over the past two weeks and is currently running 25% under 2008 levels on a year-over-year basis (down 30% for single-family homes and down 21% for condos/TICs) but is on par with the average listed inventory levels of 2006/2007.
39% of active listings in San Francisco have undergone at least one price reduction (versus 43% a year ago) while the percentage of active listings that are either already bank owned or seeking a short sale is now almost 12%.
The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).
∙ SocketSite's San Francisco Listed Housing Inventory: 11/02/09 [SocketSite]
Readers' Comments (75) | Permalink | Email Story | Filed under: Trends
Plugged-In People Should Have Seen This One Coming A Year Away
"A report released Monday by the [San Francisco] controller's office shows that property tax revenues will likely be $35 million less than anticipated in the 2009-10 fiscal year that began July 1. Payroll tax revenues will probably be $24.8 million less than expected..."
∙ S.F. home value drop, jobless drain city budget [SocketSite]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
Readers' Comments (14) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added), Real Estate Economics, Trends
