It happens… and a great opportunity

[Update 3/30/07: "Pending" as of today...that means it's pretty much a done deal.]
2356larkin.jpg 

2356 Larkin, a two bed, one bath condo in Russian Hill, hit the market for a day at $1.5MM, received an over asking offer, then promptly fell out.  Now it sits. Just look past the zebra rug and wall art (we understand it is all subjective), and you’ll see what we see….a great home in an excellent location.  That price might be negotiable at this point too.  You never know.

2356Larkin.com
[pic taken from property website]

Reason we live here #1

3335clayfp.jpg

There are many reasons why we love San Francisco, one of the top being the unique real estate in our town. Take a look at 3335 Clay, a 2bed, 2 bath condo in Presidio Heights asking $1,125,000. From the text it sounds like just another condo, but you owe it to yourself to check it out. Keep in mind it may not be your thing, but it is an interesting, charming property with TONS of San Francisco “feel”.

3335 Clay Photo Gallery

Ask an Expert (Sven Lavine), Inner Parkside Weather and height restrictions

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”
———————————-
As answered by Sven Lavine, of Sven Lavine Architecture

Hi,

I won’t get into the weather, but regarding the expansion, technically, you probably would have a 40 foot height limit in Inner Parkside. But what would actually be allowed by planning would depend on the predominant character of the neighborhood. If there are other adjacent houses which are taller than your potential home, you stand a better chance. If not, you may be able to build something that is set back from the front of the house in a way that the perceived mass is reduced. As is always the case in San Francisco, neighborhood opposition can stop the project, so get your neighbors and architect involved in the beginning.

Good Luck,
Sven Lavine, AIA

Now we’re talking!….Bernal again…and again.

folsom.jpg

On March 13th, we told you about 3335 Folsom, 3 bed, 2 bath, $1,395,000 Single Family residence in Bernal Heights that had just hit the market. It was like bees to a hive at the open houses, lots of showings, offer date was set, interested parties were there, alas………..no offers!!!! Sometimes this happens. Buyers don’t want to be in a bidding war, so nobody steps to the plate. This could be a good opportunity for someone.

Now We’re Talking!…Bernal Again.
[pics and info taken from www.talklein.com, a member of sfnewsletter]

Developing Hunters Point

mn_hunters_point_0003_jc1.jpg

“The neglected areas of San Francisco’s southeast shore would be remade into a destination spot with a new football stadium, hundreds of acres of open space and thousands of new homes…”

“As it did for the San Francisco Giants’ waterfront ballpark, the city would contribute the land. Lennar (Lennar Corp. of Miami, a Fortune 500 company that is leading redevelopment efforts at former military bases on Treasure Island and Mare Island in Vallejo.) says it would contribute $100 million in cash and help finance the stadium’s infrastructure, including parking, roads, electrical lines, sewer pipes and water service.”

We’re all for it, and if it takes making the 49er stadium the rallying cry, then so be it.

S.F.’S GRAND PLAN FOR 49ERS
STADIUM PROPOSAL: Thousands of homes plus shops and parks on the city’s southeast shore
[sfgate]
[picture from sfgate article, photographer Judith Carlson]

Ask an Expert (Eddie O’Sullivan), better to have SFR or 2 units in Cow Hollow

“Hi there:
I own a two-unit, two-story building on a lot that is 45 feet deep in Cow Hollow, in an area bounded by Union, Pierce, Chestnut and Buchanan Streets. I am trying to decide whether or not to try to merge the units legally into a single dwelling unit. It is clear that the process is complicated and not a slam dunk (in fact, the City is currently considering making it even harder to merge units) but it is still pretty tempting to try. What I would like to know is, is the building overall worth more as a two-dwelling-unit building, or would it be worth more as a single-family home? Is the answer to this question likely to change over time? Please assume that I have no tenants in either unit for the purposes of this question.
A short description: each unit is approximately 850 square feet. There are three small-ish rooms in each unit, plus a single unrenovated bathroom and a kitchen. The house was built in the early 1900s. There is a full basement under the structure.
Two things I forgot to add in my original letter are (i) that the house is located on an “alley,” and (ii) that there is no garage. Don’t know if that matters or not.
Thank you for your help!-DK”
————————-

As answered by Eddie O’Sullivan of Hill & Co. Real Estate, BuySellMySFhome.com

I have an Architect friend who worked on a project that paid for a study to be done on the process and likelihood of converting two units to one, in this area. He gave me a copy so if you’re interested just shoot me an email and I can snail mail you a copy (I’m not soliciting, there is no other way to do it.)

But I think the highest and best use for your property is for it to remain as a two unit! That way you do not have to waste lots of time and money with the city merging units. If you’re remodeling you just build a “Nanny” unit behind the garage and then you turn the rest of the building into a fabulous single family. The city still considers the building to be two units. The tax records and the 3R just state the size of the building, not the individual units, so if you just reconfigure/remodel you can have a great single family with a legal unit. I’ve seen it done in your area and they look fantastic!

Good Luck!
Eddie O’

sfpocketlistings ™

We usually reserve these for just our sfnewsletter readers, but we’re going to test it out on the public site.

2412harrisonfp1.jpg
Pre-MLS price: $729,000, Media Gulch/Inner Mission, 2412 Harrison

Top Floor, light & bright 2 level loft
Private (an enclosed bedroom) Master Suite and Deeded Patio
2 full bathrooms
2 Car parking!
Approx 1302 sq ft/per tax records
Unit faces West. Located on the back side of the building Additional second
bedroom/den on main level Family/media room off Master Suite
Lofted Living Room/Dining Room w/deck
Chef’s kitchen with breakfast bar
Hardwood floors on the main level
Gas fireplace
In-unit Washer & Dryer & good closet space.
Excellent floor plan
HOA $384/month

And:
-Lake Street around 20th Ave. remodeled 6 bed, 3.5 bath, approx 3000 square feet (per seller), hardwood floors, fireplace, formal dining room, gourmet kitchen, two car parking, deck, traditional style single family residence with tons of natural light. Price around $2.7MM+/-. (the list of property features could go on endlessly, but we’re keeping it short)

Contact us at info@sfnewsletter.com if you, or anyone you know, are interested in either of these.

Ask an Expert (Caroline Kahn Werboff), better to have SFR or 2 Units in Cow Hollow

Hi there:
I own a two-unit, two-story building on a lot that is 45 feet deep in Cow Hollow, in an area bounded by Union, Pierce, Chestnut and Buchanan Streets. I am trying to decide whether or not to try to merge the units legally into a single dwelling unit. It is clear that the process is complicated and not a slam dunk (in fact, the City is currently considering making it even harder to merge units) but it is still pretty tempting to try. What I would like to know is, is the building overall worth more as a two-dwelling-unit building, or would it be worth more as a single-family home? Is the answer to this question likely to change over time? Please assume that I have no tenants in either unit for the purposes of this question.
A short description: each unit is approximately 850 square feet. There are three small-ish rooms in each unit, plus a single unrenovated bathroom and a kitchen. The house was built in the early 1900s. There is a full basement under the structure.
Two things I forgot to add in my original letter are (i) that the house is located on an “alley,” and (ii) that there is no garage. Don’t know if that matters or not.
Thank you for your help!-DK”
——————————-
As answered by Caroline Kahn Werboff of Hill & Co. Real Estate, carolinekahnwerboff.com

Dear DK,
In my experience, it may be valuable to investigate putting a 2nd unit in the basement area if it is appropriate to do that, and combine the two units. Then you have a single family with an additional unit. That is the highest and best use if it is feasible.
Good luck,
Caroline Kahn

Ask an Expert (Shanendoah Forbes), better to have SFR or 2 Units in Cow Hollow

“Hi there:
I own a two-unit, two-story building on a lot that is 45 feet deep in Cow Hollow, in an area bounded by Union, Pierce, Chestnut and Buchanan Streets. I am trying to decide whether or not to try to merge the units legally into a single dwelling unit. It is clear that the process is complicated and not a slam dunk (in fact, the City is currently considering making it even harder to merge units) but it is still pretty tempting to try. What I would like to know is, is the building overall worth more as a two-dwelling-unit building, or would it be worth more as a single-family home? Is the answer to this question likely to change over time? Please assume that I have no tenants in either unit for the purposes of this question.
A short description: each unit is approximately 850 square feet. There are three small-ish rooms in each unit, plus a single unrenovated bathroom and a kitchen. The house was built in the early 1900s. There is a full basement under the structure.
Two things I forgot to add in my original letter are (i) that the house is located on an “alley,” and (ii) that there is no garage. Don’t know if that matters or not.
Thank you for your help!-DK”
——————————-
As answered by Shanendoah Forbes of Arroyo & Coates, sforbes@a-c.com

I think that the property is more valuable as a two unit apartment building. There is more value in having a property that can be converted to “condo” by creating an owner- user/TIC situation. In my opinion you will fetch a higher price if you sell to the “TIC” market rather than the home buyer that will purchase a single family home in that area. There is a lot more to it but I would rather not get too complicated.
There is more upside potential and less headaches in your future if you keep it a two unit “condo conversion/TIC” opportunity.

Shanendoah Forbes

Atherton for Sale…no not the town

“Built in 1881 for Mrs. Dominga de Goni Atherton after the death of her husband, Faxon Dean Atherton, who was in the trading business and after whom the town of Atherton was named. The Atherton Home was one of the first or among the first Queen Anne residences to be built in San Francisco.” And it can be yours for $6,500,000.

imag1.jpg

imge1.jpg

Not too excited about the chandelier, but the floors! It is currently used as 12 units, approx. 12,100 square feet, City and County of San Francisco Registered Landmark #70,gross income $138,108, address: 1990 California St.

Details, Photos, History [Richard Sax]
[pics and information taken from property statement]

Ask an Expert (Alexander Clark), better to have SFR or 2 Units in Cow Hollow

“Hi there:
I own a two-unit, two-story building on a lot that is 45 feet deep in Cow Hollow, in an area bounded by Union, Pierce, Chestnut and Buchanan Streets. I am trying to decide whether or not to try to merge the units legally into a single dwelling unit. It is clear that the process is complicated and not a slam dunk (in fact, the City is currently considering making it even harder to merge units) but it is still pretty tempting to try. What I would like to know is, is the building overall worth more as a two-dwelling-unit building, or would it be worth more as a single-family home? Is the answer to this question likely to change over time? Please assume that I have no tenants in either unit for the purposes of this question.
A short description: each unit is approximately 850 square feet. There are three small-ish rooms in each unit, plus a single unrenovated bathroom and a kitchen. The house was built in the early 1900s. There is a full basement under the structure.
Two things I forgot to add in my original letter are (i) that the house is located on an “alley,” and (ii) that there is no garage. Don’t know if that matters or not.
Thank you for your help!-DK”
———————————

As answered by Alexander Clark, sfnewsletter

DK,
It sounds like you have the location nailed, but not if you are on one of the “less desirable” alleys. That could play heavily as to whether you keep two units or go SFR. I would have to say, given the limited information you present, either keep it as two units, remodel and sell as TICs, or remodel as SFR, keeping a unit below (basement) as a technicality. That would avoid any conversion headaches you will undoubtedly encounter. Make sure to read: Our post on McGoldrick’s proposal, and don’t hesitate to contact us if you have any more questions.

Ask an Expert, Inner Parkside Weather (Jane Ivory)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”
————————–

As answered by Jane Ivory of Hill & Co. Real Estate, www.janeivory.com

I lived on 16th and Pacheco for a few years and the fog is not bad there at all. I successfully grew roses in my back yard and sunbathed regularly! The fog seems to stop at 19th Ave. most of the time. It is difficult to build up or back generally in the city because (1) you have to be cognizant of blocking neighbor’s views and (2) there is a rule in the city about leaving 1/3 of the lot free of construction. It’s best to check with the building department before getting your hopes up.
Best,
Jane

Ask an Expert, Inner Parkside Weather (Todd Wiley)

“I enjoy reading your newsletter and your blog.  Thanks for all the helpful info.  Would you mind helping me better understand Inner Parkside w/respect with the weather?  We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog?  Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood?  Or will we have to go back, essentially eliminating the home’s small backyard? 
Thanks, 
Pete”

————————
As answered by Todd Wiley of Zephyr Real Estate

Pete,

As a long time resident of the Sunset and Parkside and having just added 1200 Sq. Ft. to my own home last year while acting as the contractor, I can say that I am qualified to answer your questions about the area and the challenges that lay ahead of you.

The easy answer is regarding your question about the fog. There is no perfect answer only perfect optimism. You must be optimistic about the weather, or at a minimum work outside of the avenues so that each night when you return from work in the summer you are greeted with a cool layer of fog. Sometimes it is not bad at all to be greeted by fog when you just suffered a 100+ degree day in the valley somewhere. Each year we have a mixed bag of weather in the avenues and the fog cannot be predicted. Some years are wonderful and some years you cannot believe you have not seen the sun for four weeks straight. Just last year we had a wonderful summer and the year prior made me absolutely wonder why I live out here. When the weather is nice we have it all. The beach is right there and the parks in this area cannot be beat. In my opinion, I love it out here. It is a great place to live as long as you are not stuck working from home every single day between the months of June-August, which tend to be the most plagued by fog. In the fall, fog is an on-and-off occurrence, but the winter is almost always clear. We did have two foggy days just last week on Saturday and part of Sunday, so you never know.

Additions and adding on to your home. Since I recently added on to my house I can tell you that the only real issue you face when making such an addition is your neighbors. If you plan on adding a floor and going up you may have some challenges ahead of you. First is City Planning, and the other is Building. You must pass planning before you can move on to building. It “always” helps in the eyes of City Planning if others on your block have already done so. You can bet that you will have complaints that will hinder or squash your dreams if you are planning on going up high enough to block someone’s view. If you are on the west side of an avenue and perched well above the lower avenue you will likely have no issues whatsoever. You must submit your plans and engineered drawings to Planning. Planning will then assist you in circulating the information to your neighbors and give them an opportunity to resist your plans. After the mailer goes out I believe they have ten days to do so. If nothing comes up, you will then be granted a permit and you can begin work and then a whole new challenge will begin. I went out and not up. Going up is very expensive, while excavation (if needed) and lengthening your property is much less so. Consult an architect and have them draw you a few scenarios. Submit them to Planning and start from there.

Further information can be attained by searching the website at www.sfgov.org/dbi.

Good luck!

Todd Wiley

Ask an Expert, Inner Parkside Weather (Eddie O’Sullivan)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”

—————————-
As answered by Eddie O’Sullivan, of Hill & Co. Real Estate, www.buysellmySFHome.com

It’s foggy but I have friends who live there and they don’t seem to mind. SF has a 40ft height limit so you will be able to build up but there are restrictions. Your neighbors need to be ok with it first of all and then the city does not want the second story to be visible from the street so they will require a set back. They also limit its size. I have a friend who is doing this type of project right now near parkside and they were only able to build 500sqft. As for building out, if it only has a small yard the city will probably not let you cover anymore of your lot because full or almost full lot coverage is a big no no for them.

Good luck,
Eddie O’

Ask an Expert, Inner Parkside Weather (Alexander Clark)

“I enjoy reading your newsletter and your blog. Thanks for all the helpful info. Would you mind helping me better understand Inner Parkside w/respect with the weather? We’re looking at a home on the west side of 16th; does that mean we’re doomed to being shrouded in fog? Also, more importantly, is it virtually impossible to build upward (one story) in this neighborhood? Or will we have to go back, essentially eliminating the home’s small backyard?
Thanks,
Pete”

————————-
As answered by Alexander Clark, of Hill & Co. Real Estate and sfnewsletter

Inner Parkside can have some pretty dodgy weather, indeed. Foggy in the summer, windy in the spring, but beautiful in the fall. Regardless of whether you’re on the west or east side of the street, it will be foggy. It’s the wind that will get you, both in summer and spring. That is why, in my opinion, the east side of the street is better. You may not get ocean views from there, but at least your backyard is blocked by your house from the wind. You can be back there on the windiest day, and if it is sunny, you’ll think you’re in SoCal. Plus, the morning sun in SF feels much warmer than the afternoon sun, thanks to the wind. But being on the west is not the end of the world either. It’s all how you play with the wind. If you build a nice deck, just make sure you build it to block some wind. Don’t think fog, think wind, and think positive. It could be worse, you could live in Sacramento where it frequently hits 100+, without West Portal out your back door.

With respect to building up, check out Sven Lavine’s comments from the last “Ask an Expert” response, Building up in Outer Sunset.
For more of our take on the Inner Parkside check out our Tour de San Francisco.
Perhaps the best person to consult on the weather is Bill Martin of KTVU Channel 2 Weather. He surfs at Ocean Beach all the time and tends to be pretty good with the micro-climates.
Lastly, you might want to rent “An Inconvenient Truth” by Al Gore…the Inner Parkside could soon have the best weather around. ;-)
Thanks for reading, and thanks for asking.
alex

My client walked…

We just got this over the cyber-waves from one of our members… “Just wanted to let you know that despite the market being ‘down’, my clients just walked from their transaction with a $343,467.89 profit.  They bought 4 years ago.  That is after deductions they calculated as ‘lost’ for repairs, payments, etc.”

 Hmmm.

[Editor's note-The transaction was indeed in San Francisco.  District 2, to be exact.]

More doom and gloom, but is it the best way to think?

We can’t figure it out. Is the Chronicle reporting locally, or nationally when they’re trying to scare us into thinking all is lost in real estate?

Here’s the Headline: “Study expects 1.1 million foreclosures, Those with adjustable mortgages are most likely losers, even with conventional loans.” Read the article here.

But hidden way in the middle is this: “The study does not break out statistics by region, but the Bay Area will be hurt less than other parts of California and the country as a whole, said Christopher Cagan, director of research and analytics for First American CoreLogic and the study’s author.”

Let’s break it down to the extreme basics.  Basing appreciation and price increases off of averages is, in our humble opinion, not the best way to go.  On average, people aren’t all buying their homes at the same time.  If you bought last year, and need to sell this year, yes, you’ll probably lose some money.  If your ARM is coming to the end of it’s low rate and about to adjust to a much higher rate and you can’t afford the payments, you may be in trouble.  However, we’d be willing to bet there are mortgage brokers that could figure something out for you.  Don’t go it alone. 

But if you bought ten years ago and need to sell this year, you’ll be walking away with a pretty fat check in your pocket, regardless of whether prices are up this year vs. last year.  N’est ce pas?  Sure, you maybe could have made more by selling two years ago, but if you sell this year your house still appreciated from when you bought it.  Non?  That is the extreme basics, and doesn’t take into consideration anything other than purchase vs. sale price, so don’t get all hot and bothered about adjusting for inflation, interest payments, or any of that. 

In real estate, it all comes down to timing, thinking long-term, and whether you see the cup as half full or half empty.   We see the dip in prices as an excellent time to buy, and the potential for more renters (think sub-prime media madness) as an excellent time to think about purchasing rental property.   

-Read the article here [sfgate]
-Scary Math…Indeed [sfn blog]
-Need a magnifying glass? [sfn blog]
-Stats & Numbers [sfn blog] 

Ask an Expert, Height limits Outer Sunset/Parkside (Sven Lavine)

“hello,

I recently bought a house in the outer sunset district (48th and Ortega ) of San Francisco. I am trying to figure out exactly what are the building/remodeling restrictions for my zone. Specifically I am interested in finding out about height restrictions, such as building a third story for an ocean view or adding a roof deck. Is there a height limit? Is there a story limit? etc. I believe my unit to be zoned rh-1 and I also believe the house to be in a coastal zone, this probably has some bearing on the answer. Please let me know what you think or where to go for this kind of info. Thank you.”-rob

———————-
As answered by Sven Lavine of Sven Lavine Architecture

Rob,
The height limit in your district is 40 feet, which technically means you could add a third story. There are some other factors which may be relevant: Are there other 3 story houses in the vicinity? If your proposed addition would be out of character or scale, your neighbors could oppose the project during planning review. If your building is historically registered, a 3rd story will be difficult to get past planning (unlikely in your location). You also need to be aware of the seismic, and structural ramifications of adding a story. Adding a roof deck is easier with regard to planning, but you may need to add structure to support the added load. Single family homes are exempt from Coastal Zone Permit requirements, so you should be OK there.

Most of this information is available from the city planning and building departments, but I would recommend speaking with an architect as the best starting point. Some architects (myself included) will look at your project and give you this kind of feasibility information at no charge. You will need a licensed architect to apply for permit, but more importantly, a good architect will be your proponent, and facilitate the project from start to finish, making sure that you get the home you really want by considering all your needs and wants, and taking all the factors into consideration. Have a look at my article on additionsfrom the sfnewsletter, for more information.
Good luck,
Sven

Ask an Expert, Height limits in Outer Sunset/Parkside (Alexander Clark)

“hello,

I recently bought a house in the outer sunset district (48th and Ortega ) of San Francisco. I am trying to figure out exactly what are the building/remodeling restrictions for my zone. Specifically I am interested in finding out about height restrictions, such as building a third story for an ocean view or adding a roof deck. Is there a height limit? Is there a story limit? etc. I believe my unit to be zoned rh-1 and I also believe the house to be in a coastal zone, this probably has some bearing on the answer. Please let me know what you think or where to go for this kind of info. Thank you.”-rob

————————-
As answered by Alexander Clark, sfnewsletter

Rob,

I would advise going down to the Planning Department, stating your situation, and discussing with someone behind the counter. If you go down to the Planning Dept. you’ll get a lot further than going through on-line.

Planning Dept. Website. There is almost too much information there, so I’m sticking with my suggestion of going down to the counter.

Planning Dept is located at 1660 Mission, Suite 500. Main # is 558-6378, Zoning is 5th floor, 558-6350, Planning is 558-6377. You might try emailing david.lindsay@sfgov.org, or calling him at the main number. He was involved in a deal I did a while back and memory tells me he is a decision maker down there.

I would also consult with an architect, and/or contractor as they are usually the ones that push your permits through and know about local ordinances as regards to design and planning. I can recommend a couple if need be.

If you build up and may block someone else’s view, you could run into opposition. If not, I’ll be calling for the surf report.

Please let me know if this information is helpful, if not, we’ll get you more.

thanks,
alex

Fly on the wall

If I could have been a fly on the wall in this room…  Any guesses where it is?  Think “Whiplash” and Stalefish ™.  The room itself is nothing spectacular, it’s what must have gone down in it that is more intriguing.  It could be yours for a cool $12.5 Million.

img_04361.jpg

Public School Assignments are in

 schoolchart.JPG

So you move to San Francisco, you get out-bid on your first home, then again on your second, and finally you get the home of your dreams, a TIC that just won the condo conversion lottery.  You’re excited about the neighborhood, you’ve seen the school down the street, and Wham!  Reality hits.  Your child might not get in to that school.  Fear not!  The bad news…there is competition for the “most desired” schools.  The good news…if you do your research, you’ll find there are many, many great public schools in San Francisco a short distance from that dream home you just picked up. 

Last Friday, March 16th, the SFUSD mailed to all applicants, notification of their child’s school of assignment (lottery results).  There were many families thrilled their child got accepted into a school of their choice, and many families were utterly disappointed that they did not get so much as one of their seven choices.  Hey, look on the bright side… college applications will be a walk in the park.

-Details, details, details [San Francisco Unified School District Website]
-chart pulled from SFUSD website

What’s going down (or up) in Mission Bay

Information provided by: Amanda Jones of Vanguard Properties, and a member of sfnewsletter ™.
missionbay
San Francisco’s new Mission Bay development covers 303 acres of land between the San Francisco Bay and Interstate-280.

• 6,000 housing units,
• 6 million sq. ft. of office/life science/technology commercial space,
• A new UCSF research campus
• 500,000 sq. ft. of city and neighborhood-serving retail space,
• A 500-room hotel with up to 50,000 sq. ft. of retail entertainment uses,
• 41 acres of public open space, including parks along Mission Creek and along the bay, plus 8 acres of open space within the UCSF campus,
• A new 500-student public school, a new public library and new fire and police stations.

Mission Bay will be served by transit by Muni’s new 3rd Street Light Rail system as well as two bus lines. This new neighborhood will include a new public branch library, childcare centers, a senior service complex, and other community facilities.

Mission Bay is expected to create over 31,000 new permanent jobs, in addition to hundreds of ongoing construction jobs.

More information: San Francisco Redevelopment Agency website

Scary Math…Indeed

Recently ran across this article on CNN Money.com, and couldn’t help but notice that it is yet another doom and gloom report on the subprime lending market.  There are a couple quotes that do pertain to San Francisco:

-”At a minimum, it means financing is drying up for those with less-than-perfect credit and that spells fewer home buyers.”-True

-”foreclosed properties will add supply to a housing market that already has too much.”-Which housing market was that?

-”The hardest hit areas, which he thinks will be Arizona, Nevada, parts of California and Florida, will absorb high single digit or even double-digit punches.”-We’d love to look in that crystal ball.

-”According to a report from the Center for Responsible Lending (CRL), about 1 in 5 of the subprime loans written in the past two years will go into default, costing 1.1 million their homes and unleashing a flood of foreclosed homes on the market.”-Think about buying some investment/rental property if you can.

Could we please have a similar report, but written by cnnmoney.com/california/bayarea/sanfrancisco?

-”Meanwhile New York, Boston, and coastal California, and even D.C. should hold up OK,”-Oh, there it is. In the very last sentence.