Fireworks gone wrong
We know this site has been down all week, the new one will be up next week. In the meantime, we just posted the newest Stage of the Tour de San Francisco (real estate), you can see it at www.tdsf.blogspot.com. Forest Hill is the location today.
We know of a property on Vallejo that just came up for sale, but is not in MLS that would appeal to many a contractor. Asking price is $6MM. We have been asked not to post the location at this time, but you are free to contact us if you are a serious buyer, and we’ll gladly give you the details, or get you in to see the property.
We’re sure word will leak to some other blogs, but we won’t be leaking it, and out of respect for our colleagues, we won’t be posting it.
“Sleepiguy”, it is not the property we mentioned in our Property Pipeline on May 14th, but we wouldn’t be surprised if that leaked out soon too. It’s killing us not to be able to announce that one either.
We apologize for not being able to post on these, but think this is a fair solution to those we know read this site for information about purchasing properties of that caliber, and those sources that give us information asking for confidentiality.
We almost can’t keep up with some of the brisk sales we’re seeing. 3130 Pacific is “pending”, after 7 days in MLS. Remember 3100 Pacific (next door), the $15,000,000 home that never made it to MLS, received two offers and is sold.
A quick explanation of “pending”. In MLS, and real estate in general, there are four steps to tracking the sale with MLS data. First a property is “active”, meaning on the market and very much for sale. Then, if/when an offer is accepted and there are contingencies (loan, inspections, appraisal, etc.) the property will be listed as “active contingent”. Once contingencies have been removed a property will be listed as “pending”, and this usually means it’s as good as sold, but not quite there. Then, of course, it is “sold” (no explanation needed).
With a property like this that basically goes from “active” to “pending” (skipping “active contingent”), it could mean any number of things, but generally there were no contingencies, meaning the buyers are comfortable with the home just the way it is, and nothing else is really negotiable. It is also a pretty good bet that the sale will be a cash sale. Not always, but basically obtaining financing is not a problem.
So, it’s a good day for everyone involved with the two newest homes on Pacific that have sold in practically the blink of an eye.
Not too long ago, we were “Bettin’ Fools, now we’re looking more like Fools Bettin’. We predicted 2340 Larkin #2 would be sold by now…and we were wrong. We were also wrong about 1110 Fulton, but thank God we weren’t wrong too long…Fulton is, at least, on track to close escrow soon.
We showed it to you first, and before and after, then we bet on it, and now it’s closed…1326-28 15th Avenue is a done deal, and none of our readers guessed the sales price. In fact, we didn’t even come close, either. It might not actually be marked sold in MLS yet, but we know the scoop, and unfortunately we can’t give you all the dirt. What we can tell you is that they were asking $1,385,000, it went for over $1.6MM, received 11 offers and was only on the market 5 days.
We just posted the newest stage of our Tour de San Francisco (real estate). This week we tour Balboa Terrace, district 4a. You can find the entire tour here: www.tdsf.blogspot.com, and we turned comments on (per request), so you can share your knowledge. It was termed the “Definitive Blog on San Francisco Neighborhoods“, so you might want to check it out. And we’d love your help for districts we haven’t yet toured, which you can send to firstname.lastname@example.org. It’s your chance at über local stardom.
Since its neighbor at 3100 Pacific was asking $15,000,000, received 2 offers and just closed escrow for a price we’re not disclosing, it is only fitting the other newest new home in Pacific Heights, 3130 Pacific right next door, should come on the market too (hit MLS). It is asking a bit less than 3100 Pacific, and a bit more than we were previously told ($12MM), but who’s counting? We are…counting the days before it is sold. We’re bettin’ not many.
[update 6/6/07: In contract after seven days on the market and looking pretty solid for a quick sale.]
The teensy weensy 790 square foot “condo alternative” at 99 Surrey in Glen Park that had all the blogs abuzz, has sold. Asking $599,000 sold for $573,000 or $725/square foot. It did also have “RH-2 lot with renderings of contemporary 2 unit building with parking”, so we’re thinking we’ll be hearing about this in a few years.
[Update: After browsing MLS a bit longer, we see it last sold 12/29/06 for $499,000, but then it "needed work and creative ideas". That means it appreciated $73,000 in 6 months, even though it sold under asking. Of course we know nothing of how much they put into it, if any, and how much they spent in mortgage, but those are the basics for you to ponder.]
Following up to our previous post about 1326-28 15th Avenue (awesome before shots, so make sure to click that link), we know it received multiple offers, and it is scheduled to close June 4th, 2007. We thought we’d do another little wager. We’re staying out of this one. We leave it up to you. Here are some photos, and here’s the MLS Fact Sheet, and some Inner Sunset comps to help you make a more educated decision. In case you don’t click those links, they’re asking $1,385,000. What do you think it will sell for?
Pass this around your office and amongst your friends, post your answers in the comments, and feel free to change your guess as much as you like. Just let us know how much you win. A sort of March Madness in May.
Update: It might not actually be marked sold in MLS yet, but we know the scoop, and unfortunately we can’t give you all the dirt. What we can tell you is that they were asking $1,385,000, it went for over $1.6MM, received 11 offers and was only on the market 5 days.
-4065 25th Street: a done deal, and our fun spoiled [sfn BLOG]
-Some Makeup…a little… [sfn BLOG]
[Before photos provided by seller to us exclusively, after photos taken from MLS.]
Thanks to “Boom”, who commented on one of our posts, and provided us with this link to the latest Bay Area Home Sale Activity for April 2007, which we copied below to show you just how San Francisco stacked up to the same month last year.
Our problem with relying on zip code data for median prices and market trends in San Francisco is the fact that the zip code doesn’t necessarily jive with the neighborhood and common type of property being purchased in those areas. Examples: 94115 is Pacific Heights, but it also includes Lower Pacific Heights and the Western Addition; 94110 is the Mission, but also Bernal Heights; 94121 is Central and Outer Richmond, but also Sea Cliff. See where we’re going with this?
Regardless, here are some cool “real time” graphs you might find interesting as well. (Graphs are only for Single Family Residences.)
Innner Richmond, Laurel/Presidio Heights
Central/Outer Richmond, Sea Cliff
Pacific Heights, Lower Pacific Heights, Western Addition
Mission, Bernal Heights,
Noe Valley, Corona Heights, Duboce Triangle
Mission Bay/Potrero Hill/SOMA, South Beach
South Beach, SOMA, Financial District
Sunset (added 6/10/07 per request by a reader)
If you’d like your zip charted, contact us.
Ever hear the Jane’s Addiction song, “L.A. Medley”? If not, you should. We recently discovered zūm llc as the company that has done some 3D renderings for some of the new developments around town (The Potrero, Blū, Fairmont Heritage Place at Ghirardelli Square, 733 Front Street) and we decided they are deserving of our first “picture medley”. We’re always happy to support local businesses, so we contacted them, they replied, and you get to…ENJOY!
Fairmont Heritage Place at Ghirardelli Square:
733 Front Street:
Blū (631 Folsom):
The Potrero (451 Kansas):
Pretty Impressive isn’t it?
Some bullet points describing in brief what zūm llc does for the owner/developer…
In most cases they are retained directly by the owner/developer to assist the clients’ design and marketing teams for:
·Sales & Marketing
·Pre sales and Pre leasing
·Feasibility and Environmental studies
·Investor review process
·Design review process
·Government review process
As a person in the real estate business, with clients that sometimes make purchases solely off of pictures (myself included…not recommended, but common), the old saying a picture is worth a thousand words holds true. Now I can say a high-res 3D picture is worth two thousand words. Thanks to zūm llc for enlightening us.
We’ll get some information for you regarding Blū, and the Fairmont, and an update on the Potrero and 733 Front as soon as we can. We might also add that we “are the only blog that has these images right now“, so if you’re seeing them somewhere else, remember you saw them here first. Now, go back up and look at those pictures again. You deserve it.
“The percentage of households that could afford to buy an entry-level home in California declined to 18 percent in the first quarter of 2007, compared with 20 percent for the same period a year ago, according to C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI). The minimum household income needed to purchase an entry-level home at $704,230 in San Francisco in the first quarter of 2007 was $141,990, based on an adjustable interest rate of 6.3 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $4,730 for the first quarter of 2007.”-C.A.R.
It’s amazing to read this kind of information. You’d think it would slow the market down, but we’re really, truly not seeing it. Are you?
It’s not everyday a home comes along that truly makes our jaws drop, but we were given a preview of 1771 North Point , and now you’re getting a preview too. Of course, there is a story to everything, but we’ll just give you a taste.
Purchased in March of 2006 (spent 104 days on the market, zoned RH-2, 1965 sq/ft, built in 1932), this home has been completely, and we mean completely, gutted and renovated. From what we can tell, the only thing that was spared was the facade, the chimney and accompanying arches in the front room.
Now…it is a truly amazing home with every conceivable convenience you could possibly want and all the custom detailing to match…including a 5 car garage. We were only able to take a few “after” shots because they were still setting up furniture and artwork, which will all be auctioned off by the way, but here’s a taste.
This home is amazing! Yes…we’re calling it amazing. The details are incredible! The flow and functionality of the home is awesome! There is so much light coming in, you might as well forget about buying lightbulbs for years. The south facing yard is perfect. The home is NOT on landfill, and frankly there is way too much for us to describe here. You owe it to yourself, and the Northern California Cancer Center to go visit before it hits the market.
(Disclaimer: We have no affiliation with this project at all. We were simply invited to go check it out before it was finished, and we’re glad we did.)
Seriously…go check it out.
-Pacific Coast Builders Conference 2007 [website]
-Start Drooling Now…a before, after and First Look at 4065 25th. St. [sfn BLOG]
-Some make-up (a little), some elbow-grease (a lot), some action (a ton) [sfn BLOG]
-3711 Clay…and Another Heart Broken [sfn BLOG]
-1771NorthPoint.com [new site up!]
Recently, we reported about the brisk selling of the BMR (Below Market Rate) units at 888 Seventh Street, and how they were snatched up in a matter of seconds. Thanks to a reader’s inquiry in the comments of that post, we dug a little deeper and learned that of those 170 BMR units, only 27 are the BMRs for 888 Seventh, the other 143 are the BMRs for the The Infinity. Translation: The Infinity has put all it’s BMR’s off site in 888 Seventh Street. Certainly didn’t know this, but now we do, and so do you.
We moved this post and the entire blog to www.thefrontsteps.com. Please visit us there.
We didn’t say it, but we love when other people do. Of course…we do use their graphs and charts on our sfnewsletter, so maybe they’re a bit biased, but hell…it feels good nonetheless.
“Lots of pictures, a highlighted neighborhood map, and commentary on the homes currently on the market. Just outstanding. I’d encourage our realtor friends in all cities to undertake this kind of approach. Alex at SFNewsletter is really building the definitive San Francisco neighborhood tour with this site.”
-The Definitive Blog on San Francisco Neighborhoods [Altos Research blog]
-Tour de San Francisco (real estate) [www.tdsf.blogspot.com by sfnewsletter]