3130 Pacific, Priced to sell at $12,495,000

[Update 7/12/07...SOLD...$14,000,000!!]

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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.]

3100 and 3130 Pacific [Sotheby's]

-3130 Pacific [MLS]

2901 Broadway, a Google drive-by

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We had so much fun comparison shopping with 2901 Broadway (the $55,000,000 listing we have here in San Francisco), we thought why not do a drive by and scare the ___ out of the Gettys and Ellison, and Trainas, who live on this block? Not that kind of drive by, but a Google drive by, with Google’s new “street view” mapping technology that promises to take up hours of your time once you discover it.
In a nutshell, you can search an address, move this little icon onto the map, and voila! You’re street level. Take a stroll down the street by clicking the N,S,E,W arrows, do a 360 degree turn, and zoom in insanely close. This is a Peeping Tom’s delight.
As for real estate, it could mean us Realtors won’t actually have to put you in a car. We’ll just direct you to Zillow, Redfin or PropertyShark.com for all the listings and the comps, send you the link to this street level mapping so you can check out the area, put a Starbuck’s Frappucino (yuck!) coffee card in the mail to you, and consider our 6% made. ;-)
Do the “drive by” by following this link to the corner of Broadway and Baker. Just make sure to stop at all the STOP signs. The neighbors might complain.

-Comparison shopping on the sfnewsletter [sfn BLOG]
-60 minutes, 60 billion, and one Redfin lurking in the waters [sfn BLOG]
-Google Maps on Broadway and Baker

99 Surrey: A done deal in Glen Park for UNDER ASKING!

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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.]

1326-28 15th Avenue: an update, and wager

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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.]

Stats & Numbers

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.
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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

Marina/Cow Hollow

Parkside

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

If you’d like your zip charted, contact us.

-Your chance at fame…or missed fortune [sfn BLOG]
-More Stats & Numbers [sfn BLOG]
[image sources: Data Quick; and Altos Research]

1771 North Point: A quick follow up

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Previously, we posted about 1771 North Point, and at the time we promised not to disclose the asking price, only had a link to a temporary website, and only had photos that we had taken ourselves. Ahhh, but now we have more.
They are, in fact, asking $4,995,000.  The home is 6 bedrooms, 6 baths, with 5 parking spaces, and is located in the Marina. It is the Pacific Coast Builders Showcase home.
We promised we’d let you know when the new site is up. Well…they flipped the switch a couple hours ago, and you can see more photos (87 to be exact), a virtual tour, floor plans, and all kinds of other information on the site. For the inside scoop, you’ll have to come back, cuz we got nothin’ for ya right now.

-Photos (87 to be exact) [imglynx.com]
-Our Original Post on 1771 North Point [sfn BLOG]
-1771northpoint.com [website]
-MLS Details [MLS]

Your chance at fame…or missed fortune.

We were just forwarded this by a reader and thought some others may want the chance at it. Our favorite quote, which shouldn’t go un-noticed simply for the fact that the mainstream media is saying it, “…because you thought the real estate market had peaked.” We assume this means others are catching on to what we’ve been saying for months.

“Greetings.
Did you turn down the chance to buy a $250,000 Sunset fixer some years ago, and now kick yourself because the same house is worth $1 million? Did you sell your home in 1998 and switch to renting because you thought the real-estate market had peaked?
We’re looking for Bay Area residents’ tales of real-estate regrets — the “shoulda, coulda, woulda” scenarios. With the benefit of hindsight, are there specific local properties you wish you had bought — or sold — a few years ago?
If you care to comment, please address the following question:
“What real-estate deal — one you made or one you didn’t make — do you kick yourself over? Please be specific as possible about the type of house you passed up.
Responses are due by 10 a.m. Tuesday, May 29. Please include your name and the name of the town you live in with your answer.
Answers — which will run only if space permits — should be 50 words or less and are subject to editing. Those selected for publication will run with the correspondent’s photo, name and the name of the town where he or she lives. The column will also run on our Web site, www.sfgate.com.
It’s also possible that a reporter will quote some answers in a related story, so please be sure to include your name and a daytime contact number with your answer.

Thank you,
Heidi Swillinger
Community editor”

Send your emails to: twocents@sfchronicle.com

-Is what we’ve been saying for months finally catching on? [sfn BLOG]
-More Doom and Gloom, but is it the best way to think? [sfn BLOG]

zūm llc: a 3D “picture medley”

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:

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733 Front Street:

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Blū (631 Folsom):

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The Potrero (451 Kansas):

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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 Potrero

-Blū

-Fairmont Heritage Place at Ghirardelli Square

-733 Front Street

-733 Front Street: a walkthrough and opinion [sfn BLOG]

Entry Level Housing Affordability at 18 percent in San Francisco

“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?

-C.A.R. Housing Affordability Report [California Association of Realtors]
-C.A.R. Housing Affordability Report [en Espanol]

1771 North Point: A First Look ™, Before-After, and Walkthrough of the 2007 Pacific Coast Builders Conference Eco-Friendly Marina Green Showcase Home

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.

BEFORE:
1771northpointbefore2

1771northpointbefore
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.
AFTER:
1771northpointtilekitchen2

1771northpointgeo2

1771northpointkitchen
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.)
1771northpointgala
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!]

Learning Something about BMRs for Infinity and 888 Seventh

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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.

-Mayor’s Office of Housing [website]

-1 Part Infinity, 1 Part Dwell, 2 Parts You! [sfn BLOG]

“The Definitive Blog on San Francisco Neighborhoods”

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]

4065 25th Street: A Done Deal, and Our Fun Spoiled

bluebottle.jpgIt appears our little Wager on 4065 25th Street, and how much over the $2,750,000 asking price it will sell, will be foiled. The parties involved have signed a confidentiality agreement, and the price will not be disclosed through MLS. (Our price guess was $2,895,900, but know it went closer to $2,950,000.) To all those that participated in our wager, thank you.  We’re calling the winners Eddy ($2.9975) and Cece ($2.9)…send us your mailing address, and we’ll send you a couple of “free drink” cards for Blue Bottle Coffee…the best tasting coffee in town. (Hayes and Embarcadero locations).

-Start Drooling Now…A before, after, and First Look at 4065 25th St. [sfn BLOG]
-Is what we’ve been saying for months finally catching on? [sfn BLOG]

Is What We’ve Been Saying for Months Finally Catching On?

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“Bay Area’s housing prices buck national trend, Median cost is up 6.6%, driven by strong upscale market, but number of homes sold is down 20%” (source: SFGate)

“-The Bay Area appears to be shaking off the nation’s housing doldrums.
Local home prices are still going through the roof, even though far fewer properties are changing hands. That contradicts the national real estate trend of slumps in both price and sales volume.
Why does the region’s housing seem to defy gravity?
It’s the wealth effect.

-Marin County established its own record with a median home price of $1,010,000 — the first county in California to pass the million-dollar mark…

-The median price for a single-family home nationally was $215,300 (Bay Area is $720,000)”-SFGate

It appears the word on the streets is now hitting the media. Thanks D.L. for the link!

-“Bay Area’s housing prices buck national trend, Median cost is up 6.6%, driven by strong upscale market, but number of homes sold is down 20%” [SFGate]
-Stats & Numbers [sfn BLOG]
-Tour de San Francisco (real estate) [sfnewsletter's tour of San Francisco's Micro-Markets]

$$$ Real Estate Marketing

As much as I love my fellow Realtors (R), sometimes I wonder where they get their “marketing remarks”, and how they tie them into the rest of their materials.
Take for example, 9 Massasoit St in Bernal Heights. It just hit the market and it has “$$$ Bay View”, yet the 76+% of internet home shoppers don’t get to see the “$$$ Bay View”. However, you do get to see four pictures of carpet and wood:
carpetandwood.jpg

Now this is where the argument for a company like Redfin makes sense. Whereas, these are arguments for using an agent.

-9 Massasoit St [MLS]
-60 Minutes, 60 Billion, and One Redfin… [sfn BLOG]

218 Cole: Damnit! It happened Again

Recently, I wrote an offer for some clients on 256 Page, and if you click that link, you’ll see we got completely blown out of the water. Well, we just wrote another offer on 218 Cole, and again got blown out of the water.
218cole.jpg

Here’s the story: The property is a nice…nothing stellar…3 bed, 1 bath condo on Cole between Hayes and Fell. It has parking, a tiny deck (more like large stair landing), is on the top floor of a three unit building, and has tons of charm and old-school detail. But again…nothing stellar. Asking $849,000, on the market a few days..maybe a week, took offers, and received nine of them! Our offer was $895,000, 30 day close, 5 day appraisal, 21 day financing, and at least 20% down. Not happening…. “$1,005,000. no contingencies. 18% over! There were two offers in the high range, the other had contingencies. This is the price after the counters and dust settled.”
Do we need to say more? Never saw that price coming. If anyone was a bit uncertain about the market, there’s a pretty good example. And as someone said, “One buyer out…8 more to go.” Meaning there were nine offers, one found a place, the other 8 that wrote an offer are still out there.

[update 6/7/07:] Our source was dead on correct.  Closed escrow this week for $1,005,000. 

-218 Cole [MLS]
-Why’s This Keep Happening to Me? [sfn BLOG]

Cut/Paste: Another Follow Up to Senate Bill 464 (Ellis Act)

“SB 464 (the anti-Ellis Act bill) still is awaiting a vote on the Senate floor. The speculation is that the bill’s author, Sheila Kuehl of Santa Monica, does not have the votes she needs for passage.
Currently, virtually all of the Republicans and several key Democrats are opposing SB 464. If these keys Democrats reverse their positions on the bill, Kuehl may secure the votes she needs to pass SB 464.” -SFAR Advantage Online

-Previous Follow up post [sfn BLOG]
-Ellis Act a la SB 464 [sfn BLOG]
-Ellis Act getting tougher or easier [sfn BLOG]
-Leland Yee [website]
-San Francisco Tenant’s Union [website]
-the legal part of evictions [Sirkin Paul Associates]
-the low down [Senate Judiciary Committe]
-Rent vs. Buy, the old debate…in an interactive graph [sfn BLOG]

Local Brokerage Opening 2523 California Street Location

Zephyr Real Estate will be opening its doors at 2523 California Street at Steiner tomorrow (5/17/07).  If you go to 2525, you’ll find it too. ;-) They also have a space directly across the street. The digs are very nice! Modern, clean, new, high-tech, sporting Hermann Miller chairs, and basically pretty sweet! Go stop by and say hi. Watch for Zephyr to be breaking into that Pacific Heights listing inventory. They’ve had success in all of the offices they’ve opened around the city, so what’s stopping them from going into the “North End” and being successful?
In other Local Brokerage news, in case you missed it, B.J. Droubi was purchased by Coldwell Banker. Droubi agents have been asked which CB office they’d like to inhabit, but many will probably go to their Market St. location. As you can imagine the recruiting brokers of all the other Brokerages in town are anxious to get their hands on the star agents from Droubi. We wish them all luck and look forward to working with the agents regardless of which offices they choose.

733 Front Street, A Walkthrough, Details, and Opinion

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Generally, I don’t like to post about properties I haven’t visited in person. Now that I finally have been to 733 Front, I’m happy to share what I know and thought.

In a nutshell, 733 Front goes down as one of my favorite new developments for many reasons.  The biggest being the use of the European cabinetry in a bold burgundy color.  So nice! (Sorry, I forgot my camera.) The cabinets also open like a “garage door”, meaning you pull and they go up, not to the side.  The drawers don’t slam, and the microwave is in a drawer. Very cool.  The cabinetry makes the kitchen look smooth, sleak, and very modern.  I also really liked the two bedroom corner unit on the 3rd floor with south east views to the square.  The wood floors were great, as were the nice glass tiles in the bathrooms. The sales staff was friendly and answered pretty much anything I asked, but I promised not to divulge some information.

What I didn’t like was the use of electric cooktops, but the Thermador ranges 733 Front has chosen would be just fine for most, myself included, and you can’t do gas in a conversion building like this. I also didn’t like the parking situation. You’d think for $600,000 you’d get a parking spot, but I guess that is what is becoming of our city. If it encourages people to use public transit and/or (Gasp!) walk, then more power to them. I wasn’t terribly impressed with some of the Junior 1, and 1 bedroom units. They felt cramped. But they did have nice natural light and large windows. 

Now for some bullets and details: click “keep reading”

Continue reading

3711 Clay…and Another Heart Broken: An Update and Done Deal in Presidio Heights

3711 Clay the 4 bed, 4 bath, 3700 (approx) square foot home in Presidio Heights that was built in 1891, listed at $1,950,000. They handed out 30 disclosure packages, set an offer date of May 1st. They received 10 offers. Turns out the parties involved have decided not to share the final sales price with us via MLS. Thankfully, you’re on the inside, and we can tell you it probably sold for at least $2,775,000, and it sold quickly…19 days on the market.

-3711 Clay…and Another Heart Broken [sfn BLOG]
-More fun with 4065 25th Street…and a Wager? [sfn BLOG]

More Fun With 4065 25th Street…and a Wager?

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Our post about 4065 25th is getting such good “traffic”, I thought it might be fun to place a little wager. The sale is set to close on Monday (5/21/07), and if you’ve been following, you’ll know that not many people felt the price was justified.  But we know they received 3 pre-emptive offers and that usually indicates a pretty hot property, and that the price is….well….justified.

Now….who’d like to wager? I’m saying $2,895,900.  What about you?  Just give us your price by commenting, and have fun.  There may be something in it for the reader that says the correct price.

-Start Drooling Now…a Before, After, and First Look ™ at 4065 25th Street [sfn BLOG]
-Some Makeup (a Little), Some Elbow Grease (a lot)… [sfn BLOG]

[DISCLAIMER: This has absolutely nothing to do with the listing agent, or any other agents associated with sfnewsletter. If you want to gripe about it, gripe to me, Alex Clark.]