Category Archives: Updates

Update: “In The Heart Of Noe”, Marina Style (3917 26th St.)

3917noefront

Thanks to Sammy for letting us all in on the recent price reduction of 3917 26th St from $1,398,000 down to $1,349,000. As we said, “it will be interesting to see how quickly it sells”. The clock is still ticking.

-3917 26th St, $1,349,000, 3 bed, 2 bath [MLS]

Coming Soon! And, Coming Later!

Realtor Kevin Gueco writes a very sunny review for the coming soon Mosiaica 601 condo project (pictured above) in his SFNewDevelopments blog. There’s definitely some room for pleasant surprise in the announced price  (pleasant to me, anyway, since I selfishly find all condos I cannot afford to be unpleasant):

“Mosaica 601 announced last week that it plans to start pricing of its 3 bedroom / 2 bath condos in the low $600s!  This is an incredible value considering each home is around 1400 square feet.”

Of course, putting aside Gueco’s near-by  restaurant list, the area (where Mission meets Potrero) is a little rough, but the price still seems all right to me. Perhaps the developers see the price cuts so many other condo developers have had to make recently, and are starting lower to begin with?  

Also coming soon (but not as soon) are a more mysterious set of housing units. Just off West Portal and 16th Ave., in front of Arden Wood, you can see the pushed-up dirt, huge bulldozers, and thin wood skeletons that signal housing to come, and their sectioning looks multi-unit. Thus I suspect these are the long awaited condos that were subject of news and speculation in 2006. In fact, that’s still the only information I can find on this construction: 2 years old, via SFHomeBlog and J.K. Dineen. Someone has to have a more updated scoop here. Anyone?
 
Meanwhile, still a pipe-dream (ha ha! Really, Haight Street, how many pipe stores can one street support?), but with the supervisorial green light is the Whole Foods/condo complex, slated to replace long-dead Cala Foods at the corner of Stanyan and Haight. The Chronicle outlines the plan here:

 “The large, four-story project, which also includes some 60 high-end, market-rate housing units, was expected to be controversial, but the commission voted 6-0 to approve the conditional use permit – a result supporters think had a lot to do with their organized turnout.”

Right, agreed: Haight could use a face-lift and perhaps a gentle reminder that THE 60’S ARE OVER. Also, I like Whole Foods, but I’m saving for one of those condos, so I’ll stick to Trader Joe’s (with a new one also coming soon!). I’m curious what “market rate” will be when those units go up, since so many new developments are struggling to sell out units already. The Frontstep’s own banker/blogger, aptly known as “The Banker,” says: “We are overbuilt. . .and it is next to near impossible to get financing!”

What do you say?

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Construction photo via SFNewDevelopments

New Developments Face a New Reality in SF

 

I’ve heard from multiple sources that SF real estate is, for the most part, immune to the havoc wreaked on other parts of the US. But sales at our most recent condo complexes show that happy-smile-don’t-worry line of rhetoric is about as reliable as the clown’s was in Poltergeist (Happy Halloween!).

 

 
Socketsite reports that Symphony Towers, with only 55% of its units sold, has recently reduced prices 30%. The “Tower One Close Out,” advertised on the building’s webpage, demonstrates:
 
T-907 Penthouse studio w/built in Murphy bed & views $515,000 $419,000
T-602 1-br, Quiet courtyard location $565,000 $449,000
 
You have to wonder if those buyers among the 55% sold group are perhaps a wee bit upset. You might also wonder if you can’t, given the hint of desperation (“close out”= we really, really want to sell these goddamn condos!), get one of these units for even less than the advertised price.
 
Plus, Symphony Towers is not the only recent development cutting prices. The Hayes is also making cuts, despite its central location and uber-hip marketing (including requisite “ambient” track playing over your web tour of the property, a photo from which appears below). #610, for example, is a 1 bed/1 bath down now from $599K to $499K.  
inside "The Hayes," life is fabulously vogue

 

 
The Arterra, our newish “green” building at 300 Berry St. is also offering reduced prices, (such as #904, a 1 bed/1bath down from $649K to $599K), as is The Potrero.  
 
More good news for people who love bad news is that, according to the San Francisco Business Times, construction has been suspended at 535 Mission St: “The $100 million HOK-designed tower was put on hold earlier this month in response to worsening market conditions.”   
 
Well then. Seems like if one wants to buy right now, one should take these worsening conditions to the negotiating table. Don’t invite the clown.
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Photo credits, respectively: Scary ass clown: Brain Handles.com; The Hayes staged unit: The Hayes.com.
 
 
 

2801 Lake returns, new price, new look

In case you don’t get sfnewsletter:

All it takes is to remove the clutter (before shots)

adjust the price (sold in Dec ’07 for $2,580,000 after some massive price reductions) to get it sold, call in the contractors and voila…the after:

2801 Lake Street (after shots), a 5 bed, 4 bath remodeled home in Sea Cliff hits the market a mere seven months after last selling and this time they upped the price a hair to $4,995,000. (They also took out a few sunflowers and stuffed animals.) Any takers?

St. Regis, 188 Minna #33D, Back on Market!

So you heard me complain, and cry, and moan that my clients missed out on unit 33D at the St. Regis. Well, now it’s back on the market, still $3,695,000, still spectacular, and still available. The buyer, which just so happened to be represented by the seller’s agent as well, has walked (the wife claiming the space just didn’t work).

My clients have determined that they aren’t quite sure South of Market is happening enough to purchase at the St. Regis, claiming it to be a bit “dead”, and now 33D awaits the next person looking for an A+ unit with spectacular views, floor to ceiling windows, an outdoor terrace, and a great floorplan. Comps will quickly point to unit 23D selling at $3.3M, but I’d like to point out that was an off-market deal and the buyer and seller were represented by the same agent (think not necessarily market price). So now that the dust has settled, 27D (at $3,475,000) and 33D (at $3,695,000) are both available, things could get interesting.

There is still one other unit “available”, but not yet on the market in the “F” stack, should you be interested.

-188 Minna #33D [Pacific Union Listing, $3,695,000]

-188 Minna #27D [listing detail $3,475,000]