Just Quotes: San Francisco Real Estate Market Heat Wave Shows No Signs Of Ending, But The Fog Is Back

“San Francisco’s median house price is poised to surpass $1 million this year after setting a record in May, the California Association of Realtors estimates. The county is the only one in the state with values to set a new high, said Leslie Appleton-Young, chief economist for the group.”

“‘There’s an improved economy, consumer confidence and extreme lack of inventory, and people want to buy [in San Francisco],’ Alan Mark, president of Mark Co.”

“The San Francisco area had the biggest gain in home prices among 20 U.S. cities in the S&P/Case-Shiller index. Single-family house prices in April jumped 24 percent from a year earlier, compared with gains of 12 percent of the broader gauge, which was still the biggest advance in more than seven years.”

“’We ended up taking something that wasn’t our first choice,’ said [one buyer]. ‘We really wanted to be on higher floor, but if we waited we’d get priced out.’”

Moral of the story? It’s a great time to list your property for sale in San Francisco, and if you’re buying in San Francisco, you will have to concede on at least one of your “must haves”, or you’ll never get in.

-San Francisco’s Million Dollar Homes Spur Condo Surge [Bloomberg.com]

Millennium Tower, San Francisco California, “Top 10 Residential Buildings In The World”

There’s been a lot said from yours truly about Millennium Tower in the past. I’ve watched her grow and shared my stories and photos with all of you over the years. Millennium Tower was erected, sold like hotcakes during the pre 2009 boom, sold not like hotcakes during the bust…but she’s back, and buyers are gobbling up her remaining inventory at breakneck speed.

Recently named as one of the Top Ten Residential Buildings In The World by Worth Magazine, and featured in the Wall Street Journal in an article about Penthouse (not the magazine…the top floor residence) owner Tom Perkins (of Silicon Valley Fame), Millennium Tower sits alongside locations like One Hyde Park in London, Linked Hybrid in Beijing, and One57 in New York as an address many of the who’s who of big money and luxury proudly call home (or second home). Not impressed with that lineup?

Some other noteworthy residents rumored to have roamed the Club Level Amenity floor: Carmen Policy (San Francisco 49ers); Joe Montana (San Francisco 49ers); Peter Thiel (PayPal Co-founder); Russell Coutts (America’s Cup Skipper – legend in Sailing), and that’s just to name a few…

One bedroom units are completely sold out (from the sales office, you can occasionally grab a resale), 85% of the entire inventory has been sold, and your entry level price point is going to be around $1,600,000, but you gotta trust me when I say, you definitely get what you pay for (except deeded parking…in some cases, but that’s a different story).

The building is swank, debonair, and delightful in every sense of the word, and it’s certainly an address in San Francisco you can be proud of owning.

-Top Ten Residential Buildings In The World [Worth Magazine]
-A Penthouse Fit For A King [Wall Street Journal]
-All things Millennium Tower [theFrontSteps]
-Contact me if you’d like a private tour of any of the residences [alexclark@gmail.com]

New Development Millwheel South, Dogpatch San Francisco

Perhaps you’ve been wondering about new developments in San Francisco, and perhaps it’s the only type of property you’ll buy (with good reason). Rejoice, there is a new development in San Francisco’s Dogpatch area that has opened its doors, and is available for immediate purchase, Millwheel South. Choose from one, two, and three bedroom floor plans on one of four floors with prices starting in the $500,000s. From the looks of their website and the amount of “SOLD” stamps all over it, you might want to get in sooner than later.


As always, I’m happy to get you in to negotiate price and terms. Something tells me they aren’t going to budge much on the price, but you can always negotiate a little something extra. I always do.

Opportunity To Be On South Park…No Not The Cartoon

I have come across another great opportunity for all of you one bedroom buyers that would love to be in one of San Francisco’s best locations…South Park.

This unit has been marketed off of MLS for a fair bit, and I’m surprised to hear it still available.

Details are here, the listing agent is here, and I am here to help you make this your new home (or city pied-a-terre) where you can enjoy all the South Park reruns from the comfort of your South Park home.

…and how can you deny yourself such easy access to the American Grilled Cheese Kitchen literally out your door!?

-One bedroom, one bath, one car parking at One South Park, $659,000 [PocketListings.net]

St. Regis Penthouse Was $70,000,000, Now $35,000,000. Yes, That’s Correct – $35,000,000 Less.

The original “asking” price for the 20,000 square foot St. Regis Penthouse (188 Minna), was $70,000,000, and at that price it was only slightly ambitious. Now at 50% less or $35,000,000 and still not officially “listed” on MLS, I expect all but one of the buyers in San Francisco to be able to qualify for this property.
According to the Wall Street Journal, this penthouse is “likely the most expensive bank-owned, single-family residential real estate listing in the country.” If that doesn’t get all of you first time buyers looking for a deal and to purchase foreclosed property to jump at this opportunity, perhaps the description will: Six bedrooms, 12 bathrooms, four fireplaces, a library and a home theater. The living room has 22-foot-high ceilings and an entrance foyer with a two-story waterfall feature. There’s also a 2,500-square-foot master suite with a gym, sauna and steam room and 3,000 square feet of terraces with views of the city and the bay.
Because you always ask…and I’m always happy to share, “The apartment was built by real-estate investment manager and developer Victor MacFarlane, who purchased three apartment shells then combined them into one large finished unit. He sold it back to the bank in a deed in lieu of foreclosure after it failed to sell after several price cuts. The unit is now owned by Second Step Asset Management, a subsidiary of Bank of America.”

And it could be yours for $35,000,000…chump change.

-Schedule a Private Showing
-Deluxe San Francisco Penthouse to Relist for 50% off [Wall Street Journal]
-On Top Of The World At The St. Regis San Francisco [theFrontSteps]
-St. Regis Penthouse Marketing Details [Sotheby's]
-Both Millennium Tower’s Grand Penthomes Are Sold, Thanks To A Yacht [theFrontSteps.com]

Hunters Point Shipyard Redevelopment Project

An interesting solution to an otherwise forgotten stretch of San Francisco land. Hats off to CCLR for putting this video together and sending it my way.

Center for Creative Land Recycling (CCLR), based out of San Francisco, is a nonprofit organization focused on creating sustainable communities and encouraging environmentally conscious and socially responsible development through the facilitation of land recycling.

Bravo!

For more videos by CCLR head to their YouTube Channel.

San Francisco New Development Sales Report

We recently got our hands on a massive downtown/highrise/new development report provided by the Mark Company (they happen to do most, if not all, of the new development marketing), and we thought we’d share a tiny summary with you. If you’d like detailed numbers and more commentary on the market/sales, feel free to contact us.

According to The Mark Company’s report:

* The number of closings in new developments in SF decreased by 19% month-to-month with 29 closings in Oct. vs. 36 in Sept.
* The average price per square foot for condos sold decreased by nearly 24% with an average of $685 psf in Oct. vs. $897 psf in Sept. Meanwhile, the average price decreased by nearly 22% to $639,588.
* The number of currently selling market rate condominiums reached 945 in Dec., a nearly 5% decrease from Nov.

It clearly took a while to get this report done and the numbers might be considered a bit “old”, but we’ll make sure to get it out to you in a timely manner the next time around. But for the most part, it’s right on the money.

“Fastest Sales-Cycle For New Home Development In San Francisco”

Generally, we shy away from posting media blitzes on our site as they usually are simply a way for us to publish a sales pitch, but this time given the state of the housing market across the nation, and here in San Francisco, we thought this PR push worthy of a mention at the very least.

Union by Palisades, a new residential condominium and loft development at 2125 – 2101 Bryant Street, “has concluded the fastest sales-cycle for new home development in San Francisco this year, and at an average price that exceeded many luxury high rise properties. Between January and September of 2010, Union closed transactions on all 76 homes…”

That’s pretty impressive, and great to hear buyers are out there, loans are funding, and deals are closing.

-Union by Palisades [website]

Can We Get A Sale In 2010 At The St. Regis For Chissakes!

Having recently received a few (yes, more than two) inquiries as to both rentals, and sales activity at the St. Regis Residences here in this lovely city of San Francisco, we thought it high time to give you an update.

First off…not one closed transaction in 2010 (according to MLS). Second, there are currently eight, yes 8, active listings in the St. Regis and none of them are moving (average Days On Market of 105). Finally, …..well, we won’t go there.

Here is a nice little spread sheet of the recent comps (had to go back to 2008 to get anything good) for the St. Regis Residences in San Francisco. Enjoy.

We’d have to say, it’s a pretty damn good time to be a buyer at the St. Regis, so don’t hesitate to contact us if you have a question about the St. Regis, or any other high rise gem punctuating our skyline.

Tasty Views, Cool Beers, And Designer Living, 600 Feet Above Ground At One Rincon Hill

Sometimes you just need a little real estate photo porn to get you through your day. Below are some images from One Rincon Hill (for those wondering, One Rincon Hill is the gigantic tower…some would say phallic symbol… that kisses the west end of the Bay Bridge off/on ramps), which were recently provided to us from the Design Above All Event (something we HIGHLY…no pun intended…recommend you go experience) that is currently taking place on top of the San Francisco skyline (~600 feet up to be more precise).

The views are incredible and the two & three-bedroom condominium homes (ranging in size from 1880-1957 square feet, and price of $3.1 and $3.6 million), which were designed by Carver+Schicketanz, of Carmel; Eugene Anthony and Associates, Ltd., of San Francisco; Labexperiment, also of San Francisco; and Donald Joseph Inc., of Sacramento, are quite nice, to say the least.

To see what the building looked like before, have a look at our photos from the topping off ceremony, but don’t forget to have a look at the photos below.

Living Room Design by Carver+Schicketanz or Carmel, California:
DAA_Carver+Schicketanz_LivingRoom1

Unit 5301 Living Room Design by Labexperiment of San Francisco:
DAA_labexperiment_5301_living1

Unit 5302 Family Room by Eugene Anthony and Associates, Ltd., San Francisco:
DAA_EugeneAnthony_5302_familyrm1

Unit 5304 Living Room by Donald Joseph Inc., Sacramento, California:
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Unit 5904 Living Room by theFrontSteps red tape ducking photog dawg prior to completion of the building (notice the Bay Bridge in the background), and post sucking back a tasty lager:
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Unit 5904 Views captured by the photog dawg and his cohort that night! (That’s Millennium Tower in the foreground, not yet topped off.)
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Beers on the balcony too…the balcony that didn’t have a railing (blurry image suggests shaking in fear of falling 600 feet to our death like idiots!):
orh5904balconyview

And the elevator we took back down…duh! Obviously not that night!

———–
“Design Above All,” inspiration for luxury high-rise living 2009, is open to the public Tuesdays and Thursdays, 11 a.m. – 3 p.m., and Saturdays 11 a.m. – 5 p.m. through Nov. 1, at One Rincon Hill, 425 First St., San Francisco. Tickets are available at the door or online at www.sfdesigncenter.com. Admission is $20 (includes valet parking) and benefits three local charities: PAWS (www.pawssf.org), Food Runners (www.foodrunners.org) and At the Crossroads (www.atthecrossroads.org). Group rates available and must be arranged in advance. For more information, call (415) 490-5820 or visit www.sfdesigncenter.com

Who Is Tom Perkins And WTF Does He Have To Do With Us

Our recent scoop on the sale of both Grand Penthomes at the Millennium Tower (one that sold to mega millionaire venture capitalist Tom Perkins) has been getting quite a bit of press lately, and oddly enough we received this email today:

This is all great [referring to the sale of a ~$9,000,000 condo] I suppose, but who is Tom Perkins?

Apparently, theFrontSteps is more responsive and accurate than a quick and easy Google search on “who is Tom Perkins”, so, since you asked, we thought this video would give you some idea about the man, and his (former) yacht:

Don’t get us wrong, we love your emails and especially your tips (keep them coming to thefrontsteps@gmail.com), but sometimes we worry about some of you readers….in a good way, of course.

BOMs Go Off, Prices Drop At St. Regis Residences San Francisco

Those of you that read this site frequently, know that we like to keep our eye on the St. Regis Residences here in San Francisco. We do this for many reasons, and we always like to report back to you, our dear readers as to what is going on in there.

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Well….prices they are a droppin! So if you’ve had your eye on this building, give us a shout and we’ll give you the real deal scoop that is not fit to print. In a nutshell, here is a list of Recent BOM, and withdrawn listings at St. Regis (BOM=Back On Market).

Why would a property be BOM? In this day and age, the number one deal killer is financing. Especially when the building is as nice and well kept as the St. Regis.

The BOMs are interesting, but the recent sales prices are more interesting. Take a look at Unit 27D, which hit the market ages ago for $3,995,000 and recently sold for $2,300,000 (42% less than original asking and almost $1300/sqft)! Victory for the new owners for sure. What a fantastic unit and great way to take advantage of timing and unlucky pricing.

One more example, Unit 24C, originally listed for $2,495,000 sold recently for $2,195,000* (The asterisk means sales price was not disclosed, but we have it on good intel the price was around $1,850,000 +/-, which puts that price per square foot near $1100!) That is $1100 per square foot for one of the premier residences in San Francisco! That’s a little bit different than the >$1500 per square foot we had been accustomed to.

Okay, some more stats for all you St. Regis lookers. Average sales price per square foot in the building for recent sales $1476. Average price per square foot for expired or withdrawn listings at the St. Regis, we’ll call it around $1650.

Moral to the story…pricing is crucial when selling your unit at the St. Regis these days, and buyers are clearly in the driver’s seat. Millennium Tower is putting forth some good competition for the St. Regis too, so make sure you check out all of the property available to you… especially those on top.

Happy Friday y’all!

Both Millennium Tower’s Grand Penthomes Are Sold, Thanks To A Yacht

In news of the top of the world today, we’ve been told both Grand Penthouse Residents on top of Millennium Tower have now been sold (ink is dry, it’s a done deal).

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Grand Penthouse A (GPHA), which is on the Northwest corner of the building with a nice big patio, closed escrow recently (somewhere around $10 Million), oddly coinciding with the recent rumored sale of the Maltese Falcon, so if you’re wondering who could potentially be living, or at least claiming their slice of pie in the sky up there, that’s a pretty darn good hint.

Grand Penthouse B (GPHB), which is on the South East corner and also has a large patio (better in our opinion because there is sun and less wind), was sold a bit before A (somewhere around $9 million…Update from reader “rich”: “Tax records show a $8,100,000 for GPHB!! What a steal”), and naturally there is a story here. It was told to us that the ultimate buyer of GPHA was actually in contract on GPHB and waiting for the first buyer of GPHA to fall out of escrow, and for a little teeny weeny yacht to sell, which all apparently happened (some guys have all the luck, eh?) And being swift like a Falcon, the buyer, and his agent (Katy Dinner) swooped in and landed themselves in the $10 million shell on top of the San Francisco Skyline. Furniture, walls, and appliances will cost extra, but for those who need to pump their ego, what better place to lay down a fist on the table and claim your dominance than the top of Millennium Tower.

So there you have it, both Grand Penthomes at the Millennium Tower have been sold (as a reminder, they are empty shells yet to be built out), and there were more than a handful of interested parties.

Life is pretty good at the top, isn’t it? Gotta wonder how that Penthouse at the St. Regis feels about that.

We’ll bring fresh lime margaritas to the house warming, and gladly launch a paper Falcon from the balcony and watch it drift down to the peasants below.

[Update: For a little profile on the buyer of GPHA that we can now share, since the cat is so far out of the bag, check our follow up post by clicking here.]

Battle Royale: San Francisco’s Infinity Towers Versus Some Peninsula Townhouse

We haven’t done a Battle Royale in a while, but we thought this recent email could not only shed some light on the steals and deals being thrown out by The Infinity to get their Towers sold, but also a bit of debate as to whether it’s better to put your money in San Francisco, or Peninsula real estate.
infinityt21
From the reader (edited slightly for syntax):

Hi,

Love your blog!

I would like your opinion…

I’m looking to purchase either a new 2 bedroom townhouse in the peninsula or else a 1-2 bedroom condo at The Infinity. I will be purchasing with 4-6 other people for The Infinity (volume discount, we each get our own place, 3 people will be in the $800K -1.4mil range so i think we will have a lot of bargaining power), or trying to find a good discount for a new townhouse in the peninsula. Which would be the better investment?

I’m [f*cking young!], make $110K a year, first time home buyer, would probably rent out a room at either the condo or the townhouse, and prefer not to do any remodeling.

Thanks!

Go Giants or go home! San Francisco all the way. Way better investment in our eyes (we are biased), way better location, and at your age, you’ll likely have a helluva lot more fun. Just make sure we get an invite to the housewarming party (have you heard about our fresh lime margaritas), and there is no lifeguard on duty when we cause a ruckus in the pool! Marco…Polo…Fish Outta Water!.

Thanks for the email, glad you like the blog. We like you.

St. Regis Residences San Francisco: A Sales Update & A Little Horn Tootin’

stregis1

Because I had a listing not too long ago at the St. Regis, I like to keep up on that building, and lucky for you, I like to share what I find. Although young, considerably younger than my colleagues (most of whom I completely respect and admire) selling in the building, I’m no dummy.

Here is a list of most recent activity at the St. Regis (188 Minna). What is important to note on all of the “active” listings, every single one of them has either been on the market before with another agent, or been reduced by a large enough margin to reset the DOM (Days On Market). So they are hardly “new” and hardly “active”. In fact, I’d go so far as to say every listing there is a Stalefish, which by no stretch of the imagination means it is a bad property, just getting a little long on the market, and a great opportunity for you buyers that have your eyes on the St. Regis.

Let’s take a look at the most recent sales: Unit 27D, which started in June of 2008 at $3,475,000, reduced countless times, eventually down to $2,995,000 in December 2008 and withdrawn from the market. Relisted in January 2009 at $2,550,000 and recently sold in March 2009 at $2,300,000. That is $1,175,000 (34%) less than original asking price and it took nine months to get there.

Unit 25D was the only other 2009 sale, and was originally listed in September 2008 for $3,995,000, withdrawn in December, relisted with a new agent in January 2009 at $3,200,000 and eventually sold April 2009 for $2,500,000 ($1,495,000 or 37% less than original asking price) or $1402 per square foot and eight months on the market.

For comparison, we sold unit 38B three months prior to unit 27D, and we sold it in seven days for a higher price per square foot than what 27D recently achieved, and many would argue 27D to be a nicer unit. At the time we advised our clients to take the offer we had on the table and run to the hills, even though it was below asking (asking $2,395,000), and we knew we’d be laughed at by some other agents selling in the building and rumors about our sale would quickly circle, which they did, and which is exactly why we kept the sales price confidential.

So that brings us to the facts, and good comparisons to see what has happened to high rise luxury real estate in San Francisco in just one year, and how a little foreshadowing saved our clients time and money. Unit 38B sold in March 2008 after seven days on the market (with us), for roughly $1350+ per square foot…cash. Unit 27D listed three months after our sale for $1940 per square foot, took nine months to sell for $1337 per square foot. Unit 25D listed six months after our sale, eventually sold eight months later for $1402 per square foot.

We’ll let you do the math and discuss. For us, the writing is on the wall, and if you’re interested in a unit at the St. Regis, or currently live there, we’d be happy to discuss all high rise luxury sales and listings with you (email alexclark@gmail.com).

Happy Friday!

City And Media Pounce, Developer Responds (Mike Krozier, Think One Rincon Hill)

Hullabaloo, hullabaloo, hullabaloo. That appears to be what everybody loves these days (especially when it seems to highlight more economic hardship for anybody…we’d think it easier to claw out of a recession if we shifted our focus elsewhere), and so it is no surprise the city (we’ll call it more the real estate obsessed readers) were up in arms over Robert Selna’s Chronicle Article stating (among other things):

The developer of the new condominium tower that dominates San Francisco’s southern skyline has told The Chronicle that he does not plan to pay the $5 million in fees that were central to obtaining city approval to build the high-rise.

orh

Apparently the Chronicle didn’t get it exactly right…shocker!

From the developer of One Rincon Hill himself:

An open letter to the leaders of the city of San Francisco, Rincon Hill residents, our project partners, and the media:

While it is unfortunate that my discussion with the San Francisco Chronicle was taken out of context and thus reflected inaccuracies, it does provide me with an opportunity to share what has been and continues to be our commitment to both the project and the City. As such, I share the following.

Not only is One Rincon Hill more than 70% sold*, but sales once again are brisk; in fact, sales traffic has been above the pre-crash level (60-100 tours) every week in 2009. We are pleased to report that we have almost fully paid our construction lender and contractors, have no liens against the building and appreciate the unwavering support of our partners. We have not received any funds from the City in any aspect of the development of this project.

We have every intention to complete Tower II, but, as I said publicly months ago, we are waiting for the economy, and the residential real estate market in particular, to turn on the upswing. There is no rush to proceed at this time.

In specific response to the reporting in the San Francisco Chronicle that “he does not plan to pay the $5 million in fees that were central to obtaining city approval to build the high-rise,” this is not my plan. In fact, to date we have paid more than $16.6 million in fees:

Affordable housing in lieu fee (offsite) $11,026,146 (Dec. 2005)
S.F. public school fee $858,448 (Feb. 2006)
Rincon Hill Community Improvement fee $3,162,889 (Sept. 2006)
SOMA Stabilization Fund fee $1,268,306 (Dec. 2005 and Sept. 2006)
Total: $16,615,789

The sole remaining fee to be paid is the balance of the SOMA Stabilization Fee of $13.75 x 393,884 square feet or $5,415,905. This payment is not yet due. The payment becomes due when we obtain a final Certificate of Occupancy (which has not yet occurred); or, alternatively, we can post a letter of credit at that time to delay the payment by 6 months. In other words, we are not in default nor do we intend to be. Furthermore, the developer will not receive any distributions from the project before the SOMA Stabilization Fund fee is paid.

In my typical candor, I shared with the Chronicle the realities of today’s economy on our project – no different from what most every project is the country is experiencing. As we are in the most egregiously difficult financial environment of our times, I am realistically concerned with the burden of this fee. This was the intent of my discussion with the Chronicle, and I am disappointed it was not more clear. That said, we plan to pay the fees when due and proceed onto Tower II of this project which will provide a very singular living experience in a world class city.

Thank you for this opportunity to update our project and our vision.

Michael Kriozere
Urban West Associates

-City fees for One Rincon unlikely to be paid [SFGate/SF Chronicle]

[Editor's Note: No, the tower is not tilted...it's trick photography. ;-) ]

Ask Us: Environmental Impact Report Not Needed? (430 Main)

Where readers ask and we (the community) try to answer:

This proposed building at 430 Main / 429 Beale requires exemptions for maintaining a 45 degree angle opening to the sky in all directions from an internal courtyard … meanwhile, it would BLOCK the SINGLE 45 degree angle opening to the sky from BayCrest Towers’s open spaces (courtyard/pool area, 2 barbecue patios) and units facing the courtyard. However, Rincon Hill Plan’s mere existence means the Planning Department doesn’t have to do an environmental impact report. What gives ?!?!?

See one of my three entries on this topic on my Rincon Hill blog.

The developer, Portland-Pacific, and their design team will hopefully get an earful from BayCrest, Bridgeview, and Portside residents when they hold a meeting on Wednesday, March 18, 2009 from 6:00 pm until 8:00 pm at South Beach Harbor Services Building’s Community Room, between Pier 40 and AT&T Park.

Contact Tuija Catalano at 415-567-9000 or 430Main@portland-pacific.com at the developer with any questions …

There you have it. We have no idea what gives, and hope the community can take it over on this one. Answers to Jamie’s questions would surely be appreciated as would your attendance and phone calls we’re sure.

New Guidelines For Lending On Condominiums

This topic was discussed very lightly in a thread somewhere back on this site, but we thought it deserved front page attention. From “the Banker”:

I have found that there is a tremendous amount of uncertainty and recent questions in reference to all of the Condo Guidelines and Approval Changes that are directly hitting the San Francisco condo market. I will note that these rules are those issued by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac.

There are exceptions to the rules and [my bank] does have certain projects approved, or grandfathered in before all of the changes. Also, because of the relationship [my bank] has with the Agencies, we also have the ability to request for Exceptions. This is a major advantage that [we have]!!!!

Here is a list of some of the new, potential pitfalls:

-New construction financing is being increased from 51% to 70%, again if not grandfathered in or currently approved
-No more than 15% of the projects’ units can be 30 or more days delinquent on HOA dues
-The project cannot have more than 20% commercial space
-Fidelity Insurance is required for Condos with 20 or more Units
-No more than 10% of the project can be owned by one entity
-A HOA must be in control for at least 1 year

Again, these are the guidelines and exceptions can be made.

As always, if you have more questions, feel free to drop us a line (thefrontsteps@gmail.com), or make a comment below. If you’d like to get in touch with “the Banker”, that can be arranged as well.

Condominium For Sale, 199 New Montgomery #1105

Yet another listing to note and check out, 199 New Montgomery #1105 just hit the market and let us tell you…it is sweet! (Additional Details)

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199newmontbedroom

This chic, contemporary residence is located in one of San Francisco’s most desirable buildings in an excellent centrally located SOMA block (right across the street from San Francisco’s Academy of Art College). It has one bedroom plus a den, one bathroom, a very open and spacious feel, bamboo wood floors, modern kitchen, great natural light, and one car deeded parking! Price is set at $639,000 and there will be an open house this weekend on Sunday (3/1/2009) from 2-4pm, and every Sunday thereafter until it is sold. If you, or anyone you know, is interested in this great condominium at 199 New Montgomery, please do not hesitate to stop by or contact Alex Clark (alexclark at gmail dot com, 415-254-5351) for details.

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199newmontkitchen

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[Full Disclosure: The editor of this here insanely popular real estate blog is the listing agent on this property. Big time exposure like this is just one of the perks of listing your home, condo, or multi-unit building with him.]

-199 New Montgomery #1105, 1 bd, 1 ba, 1pk, $639,000 [Listing detail]
-Your editor/agent…what an ugly mug! [Zephyr Real Estate]

SF BLŪ Introductory Price Reduction

From the marketing team behind BLŪ, San Francisco:

Please note that we are nearly ready to deliver homes at BLŪ on 631 Folsom Street. First though, we need to fulfill a lender commitment to pre-sell 25% of the building. Once we hit that number, we can commence closings. In an effort to reach this 25% sold level quickly, we are lowering prices dramatically until the pre-sale goal is reached.

We have 1000+ [square foot] two-bed/two-bath homes with parking in this 21 story high rise which we are offering starting in the upper $500′s.

The deals will last until our lenders allow closings to begin and then the discounting will end.

Assuming the pricing of our most recent post on BLŪ, that would mean they’re selling homes that were previously “starting from the $600s” now “in the upper $500s”. sfnewdevelopments (found via Curbed SF) is talking 10-20% reductions (previous price in parentheses):

Residence A – starting from $743,000 ($925k)
Residence B – starting from $631,000 ($809k)
Residence C – starting from $622,000 ($799k)
Residence D – starting from $743,000 ($930k)
Residence E – Starting from $575,000 ($739k)
Residence F – starting from $673,000 ($809k)

As you can see, pricing varies depending on the source. Our starting prices for the “E” and “F” plans are significantly different than those sfnewdevelopments is quoting, but we’re not holding it against them. We’re just saying…don’t offer what they’re asking at the sales office, and don’t believe everything you read. Remember, in real estate EVERYTHING is negotiable and it NEVER hurts to ask.

You know what to do for details…drop us a line.

The Montgomery San Francisco Showing The Full Monty By Slashing Prices

We didn’t get a chance to head down to The Montgomery and report back on their coming of the Ox Chinese New Year celebration party, but we can bring you this:

montypricingdown1

Notice the top right corner of that photo? We’ll give you that extra 1.5% commish back, so don’t be shy getting in touch with us, and/or registering me, Alex Clark, as your agent during your first visit. Feel free to email for details.

Ask Us: The Infinity Condos San Francisco Top Floor Upgrades (And Pricing)

infinitytower2up

Where readers ask and we (the community) try to answer:

Any idea on the price to get into the top 12 floors [of the Infinity Tower II] that have the upgraded cabinetry?

That’s a good questions and we did a bit of digging. This reader has already received their answer via email, but we promised not to publish price online, so if you’d like to know the pricing, you’ll have to contact us.

The answer:
The top 6 floors (not 12…it was the top 10 on Tower 1) have the different cabinetry, the lowest price would be $1,XXX,000 for the North, 2 bd, terraced unit with 1,280 square feet.

And the follow up question:

What are the differences in appliances in the top 12 [remember it's 6] floors?

The answer:
The top 6 floors of the Infinity Tower II have Poggenpohl Kitchen cabinetry (upgrades), as well as a Viking Stovetop, as opposed to the Bosch. In addition, the Bosch dishwasher (standard in all units) will have matching front that blends into the cabinetry as opposed to the stainless look.

[Updtate: It is the top 12 floors that have upgraded appliances (Viking Stovetop, Convection Microwave, and treated Paneling on the Dishwasher). It is the top 6 floors that get the upgraded Poggenpohl kitchen cabinetry.]

More questions about the Infinity or any other new developments in San Francisco? Drop us a line, or better yet, let’s schedule a tour.