luminapool

Lumina Sales Center Says Thanks

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It’s not everyday a development runs an ad thanking those that have helped make it a success, but Lumina just did. I’m proud to be one of the many agents bringing buyers through the door, and making it a resounding success.

The LUMINA Sales Team & Tishman Speyer would like to extend their sincerest gratitude to those of you who have helped bring the vision of LUMINA to life.

Lumina San Francisco
Thanks Lumina sales center, it’s a pleasure working with you guys. Here’s to 2016 getting more people to recognize the sheer awesomeness of what you’re creating.

Contact me to get into Lumina today.

1333 Jones St., Nob Hill San Francisco

13% Under Asking In Nob Hill | That’s An Audi R8

Hope everyone had a great Thanksgiving! I know I did. Back to the grind…

With the grind comes daily ganders at all things San Francisco real estate, and today is no exception. Check out this this Nob Hill Co-op apartment at 1333 Jones topping our weekly list of underbids (because they do exist).
1333jones

Listed just under $1.5M and sold for $1.3M… that’s gotta put a smile on your face. The $200,000 savings can put an Audi R8 in your garage (it is holiday season after all), or your kids through San Francisco pre-school (go with the R8). :-)

Hey look! Two other full service bachelor pads also sold under asking recently: one at the Four Seasons and the other at the Ritz Carlton. Underbid by about 8% after being on market for 339 and 227 days respectively. Wowza…

Anywho…the weekly top 10 list of Underbids for your Monday viewing pleasure:

Address BR/BA/Units List Price Sold Price Underbid
1333 Jones #801 1/1.5/1 $1,495,000 $1,300,000 -13.04 %
2955 Pacific Avenue 3/2/1 $4,100,000 $3,650,000 -10.98 %
2535 Vallejo Street 3/3.75/2 $6,275,000 $5,600,000 -10.76 %
956 South Van Ness 4/3.5/2 $2,995,000 $2,674,000 -10.72 %
3283 25th Street 2-4 Units $1,788,000 $1,615,000 -9.68 %
765 Market Street #27B 1/1.5/0 $1,550,000 $1,415,000 -8.71 %
690 Market Street 1/2/1 $1,150,000 $1,050,000 -8.70 %
3236 Scott Street 5+ Units $2,450,000 $2,250,000 -8.16 %
825 Rhode Island Street 4/3.5/1 $1,895,000 $1,750,000 -7.65 %
1069 Capp Street 5+ Units $1,799,000 $1,675,000 -6.89 %
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San Francisco New-Home Construction Report

The SF Planning Department just released updated Q3 information regarding the new-housing development pipeline. San Francisco is in the midst of one of its biggest new-housing construction booms in history. (The same is occurring on the commercial development side, but this report won’t deal with that.) Indeed, it often seems that new projects of one kind or another are being announced on an almost daily basis, and a detailed map delineating all projects in some stage of the pipeline makes many city districts appear to have measles.

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New housing construction has lagged population pressures for decades – pressures which have soared during the current economic and employment boom – and now there is a scramble to address the inadequacy of housing supply, and, for developers/investors, to reap the rewards of a high demand/low supply dynamic in one of the most affluent and expensive housing markets in the world.

Currently, there are approximately 59,000 housing units of all kinds – luxury condos, rental apartments, market rate and affordable units, and social project housing – in the relatively near-term pipeline (next 5 to 6 years). Most are in the Market Street corridor area, the Van Ness corridor just above Market Street, and in the higher-density housing districts to the southeast of Market Street (see map). If we add the mega-projects planned for Candlestick-Hunter’s Point, Treasure Island and Park Merced, which may take decades to become a reality, the number jumps to over 80,000. As a point of context, there are approximately 382,000 residential units in San Francisco currently. About 3500 new units were added in 2014.

Housing supply and affordability issues, strong feelings regarding neighborhood gentrification and tenants’ rights, and even simple NIMBYism (or in SF, NBMVism, “not blocking my view!”) make development the most contentious political issue in San Francisco. Furious battles are ongoing in the Board of Supervisors, the Mayor’s office and the Planning Department; with neighborhood associations and special interest groups; and at the ballot box. Development is not for the faint of heart or shallow of pocket: One cannot contemplate building virtually anything in the city without vehement opposition and sometimes a well-funded coalition in opposition. For developers, the equation to be penciled out includes high costs, enormous hassle-factor and extended project timelines on one side, and the potential for large financial returns on the other. In new San Francisco developments, condos often sell for $1250 per square foot and above, and 500 square foot studio apartments can rent for up to $3500 per month.

Of the units in the greater pipeline of 80,000 units, over 9000 units are designated as “affordable housing” – but about 5000 of those are in the long-term Candlestick-Hunter’s Point and Treasure Island projects. Because of the nature of the political environment, much to do with how much affordable housing will be built is in flux. Many developers are in intense negotiations with government agencies and neighborhood associations to find a workable compromise between return on investment on one hand, and unit mix and affordable housing requirements on the other. Said requirements may consist of a percentage of units in the project, building affordable units elsewhere in the city, or contributing substantial amounts to the city’s affordable housing fund in lieu of building.

New housing construction is very sensitive to major economic, political and even environmental changes (i.e. natural disasters), so simply because something is in the pipeline doesn’t mean it will be completed as planned within the timeframe contemplated. First of all, plans are constantly being changed in the normal course of things. And if a big financial or real estate market correction (or crash) occurs, as happened in late 2008, projects in process can come to a grinding halt, and new projects substantially altered, delayed or abandoned. Because the timeline in San Francisco can run 3 to 6+ years, from initial filing with Planning to construction completion, developers and their financiers make enormous financial bets on what the future will look like. Timing is everything in real estate development, and can make the difference between exceedingly large profits and bankruptcy. When the music stops – which it always does sooner or later, though the time range of opportunity can vary greatly – not everyone will find a chair to sit down in. That especially applies to those who over-leveraged their projects.

As a side note, big Chinese developers have been investing in both large residential and commercial real estate development projects in the Bay Area, and, according to reports, continue to aggressively seek additional opportunities. Though significant – constituting billions of dollars in investment – these projects do not constitute the greater part of Bay Area development.

The Planning Department’s pipeline-report webpage is here: http://sf-planning.org/index.aspx?page=1691

And if it keeps snowing, you will find me here.

88 King St

SOLD: 88 King St., South Beach, San Francisco

Working for sellers and working for buyers…that’s what I do.

I have a great client that I showed all kinds of different properties to in all parts of the city. Turns out, he really liked South Beach and all it has to offer (proximity to water, Giants games, restaurants, vibrancy, downtown, etc.), but we just couldn’t find the right unit in the dream building (88 King St)…so I did a little digging (Some call it “bird-doggin'”) and we SCORED!

He just closed on a big 2+ bed, 2 bath, corner unit in this awesome property that has arguably the best outdoor pool and common area in the city, and we did it all off market. No competition, no stressful overbids, just a buyer and seller agreeing on ideal price and terms (lots of terms actually) and that was that.

Congratulations amigo! I’m looking forward to hanging on your balcony when the Giants get back into the swing of things (all puns intended).

Recent Transactions [theFrontSteps]
South Beach, San Francisco [theFrontSteps]
Alexander Clark as listing agent [theFrontSteps]
Buyers…this is for you [theFrontSteps]

luminapool

Lumina SF | 200 Offers On First 52 Units Released | Second Release Happening Now

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Continuing to bring you all the updates on one of San Francisco’s most hyped and happening new developments, Lumina SF, I wanted to quickly follow up on the last post I did with updated pricing on the first release of units. For full details about the Lumina SF development, including amenities and finishes, check out my original post.

So how did that first release go? Was it as insane as everyone expected? I’d say yes. From a reliable source:

Lumina received about 200 offers for the 52 released units. A few were accepted and most were asked to come back with “highest and best.” Additional units were released to absorb more of the interest, resulting in approximately 80 sales. The next release MIGHT BE first come, first serve but buyers that have not prevailed will be given priority, if possible. The next release will not be for a week or more as they are swamped, getting this group of contracts written.

That’s old news. Second release is happening now, and I’d be happy to help you secure a unit in this amazing luxury building.

Alex Clark
Paragon Real Estate Group
415-254-5351
alexclark@gmail.com

Lumina SF: Pricing, Square Footage, and Timing of Sales – An Update [theFrontSteps]
Lumina – Luxury High Rise Living In Downtown San Francisco [theFrontSteps]

LUMINA SF :定价,面积和销售新信息

luminaview1
No…I have not been hacked. My assistant is fluent in Chinese, so we wanted to give you overseas readers something to consider. We’re here to help.

我最近收到关于Lumina豪宅的定价,面积和销售情况 (详细英文版):

定价如下(第1阶段) :
Studios :约 650平方英尺,695000 至 825000美元
1房 :约 850 至 870平方英尺(高塔)及约 880 至 1100平方英尺(广场) ,865000 至 1150000美元,
1房 + 书房:865000 至 1160000美元
2房 :约1170 至 1570平方英尺(高塔)及约1400 至1500平方英尺(广场) ,1225000 至 2295000美元
3房 :约1790 至 2670平方英尺,2350000 至 5350000美元

接受报价至到10月3日(星期五) 。目前只有两座大楼,里面只有52个单位提供出售。预计在第二阶段释放更多单位,定价会更新。

本新闻稿中提供的单位都在广场A座4楼,和D座7, 12, 18, 23, 30楼。预计2015年后期和2016年入住。

Lumina SF: Pricing, Square Footage, And Timing Of Sales – An Update

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I received new information regarding pricing, square footage, and timing of the Lumina residences, which I have edited and put in the original post, which you can find here, but if you’re on the email drip system, here you go:

Pricing (Phase 1):
-Studios: approximately 650 square feet, from $695,000 to $825,000
-1BR: approximately 850 to 870 square feet (Tower) and approximately 880 to 1100 square feet (Plaza), from $865,000 to $1,150,000,
-1BR + Den: from $865,000 to $1,160,000
-2BR: approximately 1170 to 1570 square feet (Tower) and approximately 1400 to 1500 square feet (Plaza), from $1,225,000 to $2,295,000
-3BR: approximately 1790 to 2670 square feet (both Tower & Plaza buildings), from $2,350,000 to $5,350,000

Currently no offers are being accepted, but will be considered starting Monday 9/29/14 by noon thru Friday 10/3/14. There are currently ONLY 52 units on offer in ONLY two of the buildings (as stated). After this release, they expect a much larger release of units in the second phase, and pricing will not be the same.

Units available in this release are in the Plaza A (mid rise building) on the 4th Floor, and Tower D (shorter of two towers) on floors 7,12,18,23,30…that’s it. Occupancy projected for late 2015 and 2016 respectively.

Lumina SF: Luxury High Rise Living In Downtown San Francisco – The Inside Scoop [theFrontSteps]

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Lumina: Luxury High Rise Living In Downtown San Francisco – The Inside Scoop

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[Update: I can get you in to the sales center, guaranteed, just contact me using the form below.]

Designed by world-renowned Bernardo Fort-Brescia of Arquitectonica, in collaboration with Heller Manus, LUMINA is a 656-unit condominium development, soaring above the San Francisco Bay, striving for LEED Silver Certification. It is located at 201 Folsom Street on the south side between Main and Beale Streets, two blocks from the Embarcadero waterfront. Currently under construction, the project will consist of two towers of 42 and 37 stories, and two mid-rise plaza buildings of eight stories each (perhaps you’ve seen a couple cranes and a few construction workers down that way?)

Each new home will include first-class features and finishes, and common area amenities will do nothing short of blowing your socks off. Floor plans, which are now up on their site, include studio, one bedroom, one bedroom plus den, two bedroom, to three-bedroom layouts, averaging 1,200 square feet. [Note: that is average…studios start around 1200 square feet.] Of course there will be penthouses too, but they’re holding those cards close to their chest (get on my radar screen if you want to be notified of penthouse units). Many units will offer breathtaking views of San Francisco Bay and the city, and floor-to-ceiling glass windows.

Pricing (Phase 1):
-Studios: approximately 650 square feet, from $695,000 to $825,000
-1BR: approximately 850 to 870 square feet (Tower) and approximately 880 to 1100 square feet (Plaza), from $865,000 to $1,150,000,
-1BR + Den: from $865,000 to $1,160,000
-2BR: approximately 1170 to 1570 square feet (Tower) and approximately 1400 to 1500 square feet (Plaza), from $1,225,000 to $2,295,000
-3BR: approximately 1790 to 2670 square feet (both Tower & Plaza buildings), from $2,350,000 to $5,350,000

Currently no offers are being accepted, but will be considered starting Monday 9/29/14 by noon thru Friday 10/3/14. There are currently ONLY 52 units on offer in ONLY two of the buildings (as stated). After this release, they expect a much larger release of units in the second phase, and pricing will not be the same.

Units available in this release are in the Plaza A (mid rise building) on the 4th Floor, and Tower D (shorter of two towers) on floors 7,12,18,23,30…that’s it. Occupancy projected for late 2015 and 2016 respectively.

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Residences will feature: Gaggenau™ ovens and cooktops; Bosch™ refrigerators and dishwashers with integrated paneling; Premium Caesarstone® quartz countertops and backslashes; Custom SieMatic cabinetry with aluminum recessed channel pulls; SieMatic vanity cabinets with Volakas marble countertops; European porcelain tile on bathroom floors and shower walls; Expansive glass curtain wall with balconies/patios in select units; NEST® Learning Thermostats, and views, views views (unless you buy in lower level units, which are totally awesome too.)

Microwave ovens do not come standard, nor do Hardwood Floors. Those are upgrades. Floors will set you back about $10-20,000.

Parking is included with EVERY unit. That said, you are not allowed to park your car, you must use valet (oh the horrors!). If you decide you don’t want parking, you can ask for $10,000 knocked off your sales price, or perhaps roll it into HW floors?

Before I get into the amenities, here are a few more things I’ve learned from my research:
-Homeowners Association (HOA) fees will be in the ballpark of $1000/mo, and calculated based on the size of your unit. Smaller unit = lower HOAs. Larger Unit = Higher HOAs.
-The first phase of sales will be limited to around 75 units, and only in two of the four buildings, the mid-rise (Plaza), and shorter high-rise.
-Sorry, no Penthouses will be released yet.
-Closing for this phase are currently scheduled for 2015 and 2016
-A second release of homes is planned for November.
-Prices will most likely increase for each release.
-Parking is gonna set you back about $10,000, but apparently that $10k will be credited back to you and your purchase price (still fuzzy on this).
It’s hard as hell to get an appointment to the sales center, but my clients are guaranteed to get in, so register with me below, and we’ll make it happen. [You must be prepared to show pre-approval/proof of funds prior to meeting, and must not be represented by an agent.]

So what about those amenities, which literally consume about an acre of land?

ROOFTOP TERRACE
An expansive ±10,500-square-foot rooftop oasis with outdoor dining areas, barbecues, fire pits, vegetable gardens, and an outdoor movie lawn where you can sit back and enjoy the latest films or timeless classics projected on an expansive wall under the stars.

CLUB LOUNGE
An impressive club lounge features a marble-wrapped fireplace and backlit bar, and is furnished with rich wood paneling and stone flooring.

PRIVATE DINING ROOM
For an intimate or grand-scale gathering, the elevated Private Dining Room affords the most refined living and dining space for entertaining your guests. The Private Dining Room opens to a breezy outdoor terrace, features a chef-quality show kitchen for cooking demonstrations, fully equipped back-of-house prep kitchen, and stone-clad fireplace.

SCREENING ROOM
For a relaxed film viewing, the beautifully designed private screening room with sophisticated wall paneling and dimmed sconces features comfortable, upholstered tiered theatre seating for 30, a large projection screen, and surround sound.

LIBRARY LOUNGE
For intimate social gatherings or a peaceful escape, the welcoming private lounge is conveniently outfitted with Wi-Fi access, and still welcomes hard and paper back books.

CHILDREN’S ROOM (Don’t worry, you won’t be alone.)
Ideal for children’s birthday parties or just playful afternoons, the colorful and engaging space, complete with a chalkboard and an interactive wall, is thoughtfully designed for hours of enriching entertainment.

PET GROOMING STATION
To conveniently care for your pets, the grooming station features a full wash basin and raised platform for easy accessibility.

FITNESS CENTER (Get your sweat on.)
The massive ±7,000-square-foot fitness center designed by renowned gym designer, Jay Wright, is fully equipped with both yoga and high impact aerobic studios, the only residential 20-foot rock climbing wall in San Francisco, and cardio and strength equipment to keep you in shape for the myriad of outdoor activities the Bay Area has to offer.

POOL ($100 to the first person to share their selfie canon-ball with us.)
Enjoy a refreshing dip in the 75-foot heated lap pool, beautifully sun-lit by a two-story skylight from above.

SPA
A transcendent experience awaits in the ±2,000-square-foot spa where a private treatment room, day lockers, steam room, dry sauna and men’s and women’s changing rooms are perfectly suited for a fully immersive experience.

MUSIC PRACTICE ROOM (So you don’t have to annoy your neighbors.)
For residents who have a true passion for music, the professional-quality practice room provides the perfect sound isolation and environment to spend hours honing your craft.

That ought to get you started, so take a minute to fill out the form below, or shoot me an email (alexclark@gmail.com), phone call/text (415-254-5351), and don’t miss out on this one of a kind opportunity in this one of a kind city we all love to call home.

Remember: It’s hard as hell to get an appointment to the sales center, but my clients are guaranteed to get in, so register with me below, and we’ll make it happen. [You must be prepared to show pre-approval/proof of funds prior to meeting, and must not be represented by an agent.]

DECEMBER 2013 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 18 PERCENT OVER PREVIOUS YEAR

San Francisco condominium prices rose 18 percent in December 2013 over the previous year, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.

The Mark Company Condominium Pricing Index for December was $1,034 per square foot, which is up 2 percent from November. New construction inventory was 78 percent lower than a year ago, and down 26 percent from the previous month, with 92 units currently available.

“With fewer than 100 new condominiums now for sale in San Francisco, price appreciation is likely to continue in 2014,” states Erin Kennelly, senior director of research, The Mark Company.

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), 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 $1,776 per square foot, up 18 percent year over year.

The condominium price per square foot was $868 for resales, up 26 percent over December 2012, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 229 condominium resales in San Francisco in December, 134 active condominium listings representing less than one month of inventory, and 123 pending condominium units, the Trend Sheet found.

That’s some pretty insane growth and is not surprising. Thanks Mark Company for the info.