Category Archives: Architecture

15thkit

$1.6 to $2.2 – $1.2 to $1.6 – $1.6 to $2.3…San Francisco Overbids Continue With No End In Sight

Although I’ve been out and about and trying to enjoy summer, clearly the Overbid factory didn’t get the memo. Check out the most recent craziness, including one architect/owner designed house on 15th Ave that sold almost 40% over asking! To all of those that think things slow down in Summer…think again.

Top 10 Overbids for San Francisco:

Address BR/BA/Units DOM List Price Sold Price Overbid
414 Missouri St 4/3.00/N/A 6 $950,000 $1,410,000 48.42%
671 Alvarado St 2/1.00/ 12 $899,000 $1,305,000 45.16%
1426 6th Ave 3/3.00/N/A 13 $1,595,000 $2,300,000 44.20%
609 Precita Ave 2/2.00/N/A 42 $825,000 $1,175,000 42.42%
531 Sanchez St 2/1.00/N/A 8 $995,000 $1,400,000 40.70%
2570 Folsom St 4/3.00/N/A 14 $1,595,000 $2,210,000 38.56%
45 Richland Ave 3/1.50/N/A 10 $650,000 $900,500 38.54%
2628 15th Ave 3/1.50/N/A 12 $849,000 $1,175,000 38.40%
656 Arguello Blvd 2/2.00/3 21 $799,000 $1,104,713 38.26%
80 Jersey St 3/2.00/ 14 $1,195,000 $1,650,000 38.08%

Want the top 20, sign up for sfnewsletter @ sfnewsletter.com.

[Update: Business Insider Just Shared 13 Properties all Selling For $1M or more over...]

Have a great weekend!

8octavia

San Francisco New Developments And Luxury High Rise Condominiums

A Look At Some New Developments Popping Up Around Town

San Francisco median home sales prices have increased dramatically since 2012. Beginning from a low-$600k with an average price per sqft of mid-$500, and then accelerating in the first half of 2013 close to $800k with an average price of mid-$600 per sq ft, to almost $1M mediam home sales price and $800+ per sq ft currently. To say San Francisco and the Bay Area are in the midst of a very dramatic recovery would be considered a very large understatement.

Thankfully, new development is soaring once again, generally in the form of large new condo projects (many of which have already sold out), so if you’re deciding whether to buy a new condo, and paying $1000+ per sq ft for brand new everything, here is a list of the hot new developments that are changing various districts of San Francisco.

The highly anticipated Amero, in Cow Hollow, has 27 Units. Sadly, they’re all sold out before construction completes in Q4 of this year.

amero amerosf.com
But there are other developments which still have available units:

Vida
vida
In the Mission district, Vida has 114 Units, and opened earlier this year, with about 25% sold. Featuring 1 to 2-bedroom units, up to 1,138 sq ft.
vidasf.com

Fifteen Fifteen
1515Also in the Mission, Fifteen Fifteen is a 32-unit building that might have one or two units left. Features studio to 2-bedroom, up to 1,100 sq ft.
1515 street

Toward Mission Dolores neighborhood, there is 35 Dolores, a 33-unit building with an estimated opening in Q3:
35-dolores

8 Octavia
8octavia
Located in the vibrant Hayes Valley, 8 Octavia features hi-tech ammenities including Nest for temperature control, building is wired with high speed internet, and remote doorman service. This is one of the few buildings that has multi-floor penthouses with trendy concrete ceilings. 1 to 3-bedroom penthouse, totaling 40 units. Estimated Opening: Q4
Last time I visited they had only a couple units left, so don’t delay.
8octavia.com

1645 Pacifc
1645_pacific
In Pacific Heights, 39 Units (12 sold). With Estimated Opening in Q4 this year, this building offers junior 1 bedroom to 2 bedroom, up to 1,877 sq ft.
1645 pacific.com

A few blocks south, we have 1450 Franklin, a 67-unit building with estimated opening in Q4:
1450 Franklin

The major developments are all in District 9, which includes Potrero Hill, SOMA, Mission Bay, and Dogpatch.

Onyx
onyx 
Located in the sunny Potrero Hill, Onyx is just steps from an array of cafes, restaurants, galleries, and nightlife. Opened in Spring this year, it is almost sold out. 1 to 2-bedroom, totaling 20 units.
www.onyxsf.com

Arden by BOSA
arden
Built by the developer behind the Madrone and Radiance, Arden is a luxury Condominium by Mission Creek. Some of its perks are the stylish interior design, minutes from the Mission Creek Park, dog park, and downtown. 1 to 3-bedroom, up to 2,300 sq ft. Total units: 263, and already 100 sold
ardenbybosa.com

Lumina and Park 181
lumina
Built by the developer behind the highly successful and iconic Infinity, Lumina (656 units) is one of the new constructions that will be changing SOMA along with Park 181, which is designed by famed architect Heller Manus, the same architect behind Infinity.
park181
Park 181 (67 units) is an ultra luxurious new development that offers great views, as well as many luxury amenities. They are both located right by the new Transbay Terminal and minutes from the Ferry building. 1 to 3-bedroom. Estimated Opening: Q3-Q4
luminasf.com/
park181sf.com/

72 Townsend
72townsend
Adjacent to the historic Condominium conversion at 88 Townsend, 72 Townsend is coming in 2015 and features 1 to 3-bedroom, up to 2,800 sq ft, totaling 74 units. 1:1 parking ratio.

870 Harrison
870harriso
Located in SOMA, Coming in Q4.
870-harrison-street

Millwheel North
millwheel_north
In the already up-and-came Dogpatch, Millwheel North is a two-building condominium project connected via a shared landscaped courtyard. Located across from Progress Park, its perks include proximity to Caltrain and everything that Dogpatch has to offer, including the Pier 70 redevelopment that is scheduled to kick off this summer. 1 to 3-bedrooms, up to 1,710 sq ft, totaling 39 Units. Estimated opening in Q3
millwheelsf.com

That ought to get you started and help you zero in on some of the new developments popping up around town. But these things sell fast (so fast, that our numbers might already be off), so it’s best to have someone on your side. Give us a shout and we’ll get you dialed. If you, or anybody you know, has interest in any of these units, contact us for pricing, more details, and to get you in the door. (Developers and sales offices hold these details close to their chest.)

2200marketmarket

30 Days Later, Property Resells For $101,000 More

This is for those of you that just fought your way into contract, closed, and are now wondering, “Will I ever make my money back?”

A good friend and colleague of mine recently (just this March) represented her buyers in the purchase of this awesome top floor penthouse at 2200 Market #502. They closed for $949,000, in an all cash purchase.
2200 market street

2200 Market

The owner decided not to move in, and therefore wanted to sell. Recently listed again – this time for $899,000, 2200 Market #502 came back on only 30 days after the buyers closed on their purchase. Fast forward four days of marketing, it went into contract, and voila! It has sold $101,000 higher than it sold for just 30 days prior – and it was an all cash transaction.

Because I know most of you are doing the math on how much this buyer/seller made, probably around $30,000 after commissions, title/escrow fees, and transfer tax. Not bad for holding a property just 30 days.

How’s that for nuts?

-2200 Market #502 [Listing Detail]

Condo Trends

San Francisco Condominium Prices Increase 19% YOY

Below, and attached, you will find the recent condominium sales report from the Mark Company, one of the leaders in new development sales in San Francisco. They have a keen eye on all things new construction, high rise, and luxury that is popping up around town, and they are behind many of the sales offices you might be visiting. To say they know the high rise market in San Francisco would be an understatement. They are truly the front lines, so have a look.

APRIL 2014 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 19 PERCENT OVER PREVIOUS YEAR
The Mark Company Trend Sheet Tracks New Construction and Resale Market Trends

San Francisco – May 19, 2014 – San Francisco condominium prices rose 19 percent in April 2014 over the previous year, according to the Condominium Pricing Index released today.

The Mark Company Condominium Pricing Index for April was $1,115 per square foot, which is up 8 percent from March. New construction inventory was 45 percent lower than a year ago, and down 1 percent from the previous month with only 136 units now available.

‘The Condominium Pricing Index underwent by far its largest single month gain this year, building on an already strong market in San Francisco caused by low inventory and extremely strong demand,’ notes Erin Kennelly, senior director of research, The Mark Company. ‘However, a surge of new condominium projects scheduled to come online this year may indicate an easing of the city’s inventory crunch.’

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet, represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.

The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $1,915 per square foot in April, up 19 percent year over year.

The condominium price per square foot was $927 for resales, up 7 percent from March 2014 and up 19 percent year over year, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 307 condominium resales in San Francisco in April, 259 active condominium listings representing less than one month of inventory, and 155 pending condominium listings.”
markcotrendsheet

With what little inventory there is all across the city, versus what incredible demand remains, these numbers should come as no surprise.

As always, I’m here to help if you have any questions, or would like to buy or sell in any luxury high rise tower in San Francisco.

-The Mark Company Trend Sheet (pdf)

softstorymapimage

San Francisco “Soft Story” Retrofit Advisory – Some Details

I get a few questions from time to time about Earthquake retrofitting, liquefaction zones, when is the next quake going to be, and so on and so forth. The answer to all of those questions is the same, “I don’t have the answers, but there are other people who can help, and I’m happy to connect you.” In fact, I did a post a while back and it’s still the most visited post on this site, ever (actually, Sexiest Realtor Contest still holds that title), so if you’re on the hunt for more earthquake info, have a look: San Francisco Neighborhoods prone to Liquefaction and Earthquake Induced Landslides

San Francisco has introduced new law called the Mandatory Soft Story Retrofit Ordinance or Mandatory Wood Frame Retrofit Program, directly affecting wood-frame structures, containing five or more residential units, having two or more stories over a “soft” or “weak” story, and permitted for construction prior to January 1, 1978. In case you missed that:

  • Wood frame construction (Type V), and
  • Application of permit for original construction was prior to January 1, 1978, and
  • Five or more residential units, and
  • Two or more stories over a basement or underfloor area that has any portion extending above grade, and
  • A soft story condition that has not been seismically strengthened to the standards set forth in the ordinance.
  • So where can you get a list and find out if you, or the building you’re looking to buy is on it? According to the City and County of San Francisco website

    There is currently NO, and has never been an official list of “unsafe” properties. Until a licensed design professional has done a building assessment, there is no such information on any specific building.

    However, there is a list, the “City believes, to the best of our knowledge, to be within the scope of the Mandatory Seismic Retrofit Ordinance.”, and that list can be found here www.sfdbi.org/softstory, or more specifically on this updated spreadsheet of addresses located here: Soft Story Noticing Pool
    and there is this map to help you ballpark your building:
    softstorymapimage
    Okay, so how does this apply to you, the buyer or seller of San Francisco real estate?

    Simply put, when you purchase a property that might fit this bill, or have a property you plan to sell (disclose, disclose, disclose) expect to receive the following notice as part of the San Francisco Association of Realtors cover your ass program, and keep in mind, there may be some serious expenses headed your way if your building falls under the above mentioned criteria:
    Continue reading

    2224jackson

    Pacific Heights Property Fetches $1,706,000 Over Asking

    You read that correctly, 2224 Jackson Street, a Pacific Heights trophy three unit property listed at $2,095,000, just knocked out last week’s stunner at 2514 Gough (Sold $1.4M over), to take the cake for most insane insanity ever in real estate anywhere, ever, by selling for $1,706,000 over asking price, or a grand total of $3,801,000. It is a vacant multi unit property in one of the best areas of town, but still – that’s nuts.

    That was the winner, but there were more. Second place was a paltry $600,000 over asking- that one got kicked off the list today. See the top 10 Overbids list below.

    Address BR/BA/Units DOM List Price Sold Price Overbid
    2224 Jackson St 2-4 Units 13 $2,095,000 $3,801,000 81.43%
    1783 Noe St 2/1.00/N/A 24 $1,195,000 $1,705,000 42.68%
    390 Franconia St 2/1.00/N/A 6 $895,000 $1,262,375 41.05%
    239 Judah St 3/2.00/N/A 27 $1,199,000 $1,661,000 38.53%
    2200 Lyon St 3/2.50/N/A 19 $2,100,000 $2,900,000 38.10%
    141 2nd Ave 3/3.50/N/A 9 $1,900,000 $2,600,000 36.84%
    3700 Folsom St 2/2.00/N/A 12 $1,049,000 $1,425,000 35.84%
    79 Everson St 3/2.50/N/A 24 $1,195,000 $1,610,000 34.73%
    5725 Diamond Heights Blvd 4/3.00/N/A 8 $1,595,000 $2,139,250 34.12%
    727 35th Ave 5/4.50/N/A 13 $1,525,000 $2,025,000 32.79%

    I need a drink. You?

    203guerrero

    That Crooked House On The Corner Of Guerrero And 14th Is For Sale – 203 Guerrero

    In case you’ve driven/ridden by this place and thought you’d like to have a look inside, it’s your lucky day – 203 Guerrero just hit the market, and it’s pretty damn sweet.
    203guerrero

    203guerrerobath

    203guerreroroof

    Modern to the core, and a perfect place to see and be seen (if you’re into that type of thing), this stunner of a 3 bed, 3 bath condo (not a single family) could be yours for the very low, never sell at this price in a million years, price of $1,699,000. Don’t walk, run. It’s awesome. It has a rooftop deck with hot tub smack dab in the heart of the Mission (the heart is known to wander) for Chrissakes! Oh yeah, and Four Barrel is just down the street.

    -203 Guerrero Listing Details [The Goods]

    Designer Richmond Condo

    741 18th Ave, Central Richmond 2+ bed, 1.5 bath, 2 car parking Top Floor Edwardian hits MLS for only $949,000

    [Update: SOLD for $1,200,000]

    Do you know how much more home you could buy if you just took a look outside of the Mission, Noe, NOPA, Cole Valley, Inner Sunset, or Pacific Heights neighborhoods? Wonder no more, and come visit my newest listing at 741 18th Ave in San Francisco’s Central Richmond District.


    Listed at $949,000 this exquisite Top Floor Edwardian 2 bedroom plus sunroom (easily used as 3rd bedroom or office), 1.5 bath luxury residence has it all in a location ideal for outdoor enthusiasts, or urban dwellers alike. Perhaps the last area in San Francisco where you can get a “deal”, this flat features beautiful hardwood floors, formal living room w/ wood burning fireplace, formal dining room, original gum wood details, designer kitchen w/ CaesarStone counters, Bertazzoni range, breakfast area, in unit stackable Washer & Dryer, tons of natural light, views to Marin headlands, lots of closet space, additional deeded storage, landscaped yard, and 2 car parking. Half block to Golden Gate Park, and 5 minutes to Ocean Beach. Easy access to Marin, Napa, Peninsula & Downtown. Multiple public transit options, and front row seats to Outside Lands. Your friends will be asking to visit you all the time.

    I will be holding this home open on Sunday 4/27 from 1-4pm, Monday 4/28 from 5:30-7:00pm, Tuesday 4/29 from 11-12:30pm, Thursday 5/1 (My birthday, so come say Happy Birthday to me) 5:30-7pm, Sunday 5/4 from 1-4pm, and by appointment all week. Please do not hesitate to contact me if you, or anyone you know, would like to get in for a closer look.

    It’s truly an amazing property in an amazing location.

    -741 18th Ave, 2+bd, 1.5ba, 2pk, Central Richmond $949,000 [Property Details via MLS]
    -Photos by Rob Jordan, Whistle Photography

    This slideshow requires JavaScript.

    01-16jessie406-front-2700res

    1 Ecker (16 Jessie) Unit 406 Hits The Market, Monday Open House Was Packed

    You may have already seen the press my good friends over at Curbed gave to this awesome condo in the heart of downtown San Francisco (Financial District/Yerba Buena), but if not, here you go: 16 Jessie (1 Ecker) #406, Junior 1br/1ba, $495,000

    This slideshow requires JavaScript.

    Sustainable down to its very foundation, this century-old building (1 Ecker) was painstakingly restored and updated with brand-new modern interior fixtures and finishes. This top floor, Junior 1br, 1ba unit features soaring 12′ ceilings, exposed brick, open kit/liv area, bamboo floors, Cesarstone kit countertops, espresso cabinetry, stackable Whirlpool High Efficiency W&D, Bosch Energy Star appliances, addl. storage, bike parking, & shared roof deck/bbq area. Furniture is negotiable. Walk to shops, restaurants, public transportation, Ferry Building, and so much more. This is the perfect Urban dwelling for anyone.

    On a side note, this was the first ever Open House I’ve done on a Monday evening and the traffic was through the roof. Perhaps this could be the first step to getting buyers, sellers, and agents their Sundays back! Many, many of the people through the door preferred the Monday evening showing over the standard Sunday 2-4pm window for open houses, citing their inability to do anything on Sundays because this window falls smack dab in the middle of the day. My vote is to get our weekends back. What about you?

    I’ll have it open again:
    Thursday 4/17 from 5:30-7:30pm
    Saturday 4/19 from 2-4pm (my colleague will be there)
    Tuesday 4/22 from 2:30-4pm
    Offers, if any, will be reviewed Wednesday 4/23 @ noon.

    -A Slice of 1 Ecker In Yerba Buena Can Be Yours For $495k [Curbed]

    Top 10 Overbids Of The Week, And One Mind Bender On Church That Wouldn’t Even Make The List

    [Update: Most recent Overbids can be found here, and delivered to you biweekly via email at sfnewsletter.com]

    Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.

    This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
    1850church
    It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?

    Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!

    Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.

    In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.

    Address BR/BA/Units DOM List Price Sold Price Overbid
    2820 Sacramento St 2822 2-4 Units 11 $1,825,000 $2,550,000 39.73%
    360 Guerrero St 1/1.00/404 11 $599,000 $780,000 30.22%
    1013 Rhode Island St 2/2.00/N/A 9 $1,099,000 $1,410,000 28.30%
    125 Bella Vista Way 3/2.00/N/A 42 $749,000 $960,000 28.17%
    664 Teresita Blvd 2/1.00/N/A 9 $699,000 $891,000 27.47%
    26 Pleasant St 30 2-4 Units 75 $2,395,000 $3,020,000 26.10%
    1335 31st Ave 2/2.00/N/A 14 $795,000 $1,000,000 25.79%
    415 Missouri St 3/1.00/ 19 $995,000 $1,250,000 25.63%
    3380 22nd St 3/1.00/ 70 $849,000 $1,060,000 24.85%
    2446 17th Ave 3/2.00/N/A 15 $729,000 $908,000 24.55%

    So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.

    To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?

    -1850 Church [Property Detail]
    -Noe Valley, Glen Park comps for 1850 Church [MLS]
    -Overbids you may have missed [theFrontSteps]