March 11, 2010
Will Pent-Up Demand Outstrip Pent-Up Supply?
From a local agent’s recent email blast:
The market has been down for so long that the inventory has dwindled...too many shoppers for too few homes...because prospective sellers have been waiting for prices to go back up. But when they see the buyer surge this Spring, you can bet that the inventory is going to build up fast....and prices are going to follow.
Keep in mind that while listed inventory is currently running 18 percent lower on a year over year basis (down from 25 percent four weeks ago), it’s dead even compared to 2008 and up 48 percent as compared to 2007. And with respect to listed sales, while the early February count (250-ish) is up 27 percent versus 2009, it’s down 19 percent versus 2008 and down 34 percent versus 2007.
In terms of suggesting prices will surge along with supply, we’ll let you work that one out.
∙ SocketSite's San Francisco Listed Housing Inventory: 3/01/10 [SocketSite]
∙ Early February Listed Sales Count For San Francisco: Down 35-40% [SocketSite 3/09]
Readers' Comments (17) | Permalink | Email Story | Filed under: Trends
One Of 33 32 Atop 611 Washington (Montgomery Washington Tower)
One San Francisco’s original luxury high-rise buildings, only 33 residential units were built atop 611 Washington (perhaps the pool on the 21st floor now makes more sense). As units 2101 and 2102 were merged into one, however, there are now only 32.
The 2,624 square foot #2402 is one of those thirty-two. Once listed for $4,595,000 (it’s been on and off the MLS four times since 2008), 611 Washington #2402 was being shopped off the MLS at $3,995,000 last month, and has just been re-listed at $3,595,000.
And yes, industry reports will reflect "one day" on the market.
∙ Listing: 611 Washington #2402 (2/2.5) 2,624 sqft - $3,595,000 [MLS]
Readers' Comments (13) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale), RealRecentReductions
San Francisco’s Four Seasons No Longer Facing Foreclosure
While Millennium Partners’ strategic default on its $90 million Four Seasons San Francisco mortgage might not have yielded the intended results with respect to getting its debt holders to renegotiate, it did yield a new equity partner.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
And as such, San Francisco’s Four Seasons is no longer facing foreclosure.
∙ If You Owe The Bank $100 $90 Million... [SocketSite]
∙ S.F.'s Four Seasons averts foreclosure [San Francisco Business Times]
Readers' Comments (0) | Permalink | Email Story | Filed under: Bay Buildings
Not Another Cookie Cutter Penthouse (2308 A Divisadero)
While vertically challenged at times, we’re kind of digging the unique and eclectic nature of the space. And those bumps will go away with time (and a cold compress or two).
∙ Listing: 2308 A Divisadero (2/2) 1,900 sqft - $1,325,000 [MLS]
Readers' Comments (25) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale)
March 10, 2010
Interview With The Vampire Inspiration Hits The Market
"I see…" said the vampire thoughtfully, and slowly he walked across the room towards the window. For a long time he stood there against the dim light from Divisadero Street and the passing beams of traffic. The boy could see the furnishings of the room more clearly now, the round oak table, the chairs. A wash basin hung on one wall with a mirror. He set his brief case on the table and waited.
And so starts Interview with the Vampire by Anne Rice.
503 Divisadero was the inspiration for Louis’ haunt on Divisadero, and the Victorian has just hit the market asking $1,395,000. The Interview connection isn’t mentioned in the listing, perhaps not even known. And the building appears to have most recently been home to Fog Horn Realty and a mortgage broker or two.
We’re biting our tongues (not necks) on any tongue in cheek parallels.
∙ Listing: 503 Divisadero (4/2) - $1,395,000 [MLS] [Map]
Readers' Comments (11) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale)
A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street?
Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.
∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $658,000 [MLS]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]
Readers' Comments (14) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings, Listings (for sale)
Apples To Apples To Apples In Mission Dolores: 1954 15th Street
In 2005 1954 15th Street sold for $820,000 (which reflected a newly remodeled bathroom and windows), and then again for $860,000 in 2006 (annual appreciation of 5 percent).
Listed for $889,000 54 days ago, the asking price for the two bedroom Mission Dolores condo was reduced to $869,000 last week. A sale at asking would represent average annual appreciation of 0.3 percent over the past four years (and of course a more likely rise then fall from peak).
As the kitchen hasn't been remodeled, we’re looking right past the freestanding fridge.
∙ Listing: 1954 15th Street (2/1.5) 1,477 sqft - $869,000 [MLS]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]
Readers' Comments (8) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale), RealRecentReductions
If Only We Hadn’t Already Used Our "Making Flippy Floppy" Headline
"Taking effect on April 5, the [government's new program] could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale....Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed."
∙ Program Will Pay Homeowners to Sell at a Loss [New York Times]
∙ Lenders (And The Market) About To Be HAMPstrung? [SocketSite]
Readers' Comments (9) | Permalink | Email Story | Filed under: Bubble (Or Not), Just Quotes (Emphasis Added), Real Estate Economics
Over Asking (But Below 2005) For 773 Rhode Island
As we wrote this past November:
Purchased for $1,212,000 with ten percent down and two variable rate loans in November of 2005, 773 Rhode Island returned to the market in March of 2007 seeking $1,395,000. It was taken back by the bank in September of 2008.
It's now fourteen months later and the Potrero Hill view property has finally made it back onto the MLS as official inventory asking $909,900 (25% under its 2005 sale).
Yesterday the sale of 773 Rhode Island closed escrow with a reported contract price of $1,115,000. Yes, that’s "23 percent over asking" but 8 percent under its 2005 price.
∙ Speaking Of Million Dollar Foreclosures (And "Shadow Inventory") [SocketSite]
Readers' Comments (11) | Permalink | Email Story | Filed under: Apples To Apples
Lesbian, Gay, Bisexual and Transgender Center Facing Foreclosure
"Eight years after opening with great fanfare, San Francisco's city-subsidized, $12.3 million Lesbian, Gay, Bisexual and Transgender Community Center is on the verge of foreclosure - and is asking the cash-strapped city for a $1 million line of credit to help bail it out."
∙ LGBT Center looks to San Francsico for bailout [SFGate]
Readers' Comments (24) | Permalink | Email Story | Filed under: Bay Buildings, Just Quotes (Emphasis Added)
March 9, 2010
March Madness For 5950 Margarido (Coincidence?)
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...
∙ 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]
Readers' Comments (0) | Permalink | Email Story | Filed under: Design & Architecture, East Bay
