Archive for the ‘High Rise’ Category
Thursday, October 1st, 2009
A post wherin I look at price reductions that seem to be pointless.
1. Courtesy of SF Schtuff, 1001 California St., #3 is a super lux condo in the old Hitchcockian San Francisco splendor. (MLS gallery offers house porn to die for, here.)
The original price here was $7,250,000. Now it’s $6,950,000. Indeed, one could argue a $300K price break is nothing to sneeze at. But really, the person who can afford the new price could also afford the old price, especially since this home includes an HOA of $5886 per month. So, $300,000? Big ****ing deal. The monthly payments are still going to top the GNP of certain third world countries.
Here’s another reduction I don’t think makes any difference. 2421 Clement St. This is a 10 unit building, “fully rented,” originally priced at $1,435,888. More than 50 days later, it’s reduced to $1,398,000.
In this case, it’s not so much the amount of the reduction. I just wonder who would ever want to buy a 10-unit building in SF when every other day a law here makes being a landlord a bigger headache than it already was. In fact, this Examiner article highlights the dubious joys of landlords who are currently suing the city to block such laws. Good luck.
So I wonder, in the world of real estate, if price reductions aren’t sometimes just not that much of an incentive after all.
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Photo of 1001 California, #3 via listing agent Betty Brachman, Brachman Group.
Posted in Anna Marie Hibble, Buying/Selling Techniques, Central Richmond, High Rise, Inner Richmond, Luxury Homes, Marketing, Nob Hill, Reduced, San Francisco Real Estate, theFrontSteps | 4 Comments »
Tuesday, June 2nd, 2009
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.
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.
Tags: Battle Royale, fun, opinion, real estate, san francisco, The Infinity, theFrontSteps
Posted in Ask Us, Battle Royale, High Rise, Just plain fun, New Developments, San Francisco Real Estate, The Infinity, real estate, san francisco | 22 Comments »
Monday, October 27th, 2008
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!).
| 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.
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.
—————–
Tags: Arterra, Market News, New Construction, Reduced Prices, San Francisco Real Estate, The Hayes, The Potrero
Posted in Arterra, Civic Center/Van Ness, Doom & Gloom, Hayes Valley, High Rise, New Construction, New Developments, Potrero Hill, Reduced, SOMA, San Francisco Real Estate, Symphony Towers, The Potrero, Updates, Van Ness/Civic Center, market info, real estate, san francisco, theFrontSteps | 5 Comments »
Monday, September 15th, 2008
For those of you that read this San Francisco real estate blog on a regular basis, you’ll know I’ve been watching the progress of many of the new developments around town. One of my favorites happens to be Millennium Tower (301 Mission). Not because I’ve sold many units there, but because it truly stands out (and above) from the others.
(Yes, that is the Infinity you see way down there, and this shot is only from the 26th floor.)
Don’t get me wrong, I love the other new developments (towers) as well, and I’d love to show any of you around all of the buildings, because they all have their attractions, but Millennium Tower just seems to have that vibe. That…je ne sais quoi…It seems like it will have the same high end/high net worth residents (at least one penthouse in contract at +$10 million and….damn I want to tell you more, but promised not to) as those in the St. Regis, but twice as many amenities at half the dues…not to mention a Michael Minna restaurant. The Infinity feels much more Hard Rock Hotel meets San Francisco (not a bad thing at all), and One Rincon Hill with the dazzling views, just doesn’t have the location (trust me, I’ve had several clients turn away from the location) to put it in the same class as St. Regis and Millennium Tower, not to mention the uncertainty of Tower Two.
I must say I am a bit disappointed with the ranges, and islands in the kitchens at the Millennium, and that some units don’t have deeded parking, but those are easy enough to remedy. The building is solid, and the finishes are very high end. The views are extraordinary, the location is getting better, and the amenities are through the roof. The units are still selling very quickly and many owners losing their money in the stock market have bought multiple units here, so all signs still point to a successful development by Millennium Partners, and I can’t wait until they start moving people in.
(Penthouse terrace views.)
There are still some very choice units available at the Millennium and several at many other developments around town. I haven’t heard of any negotiations or price incentives at Millennium Tower, but I know some of the other developments around town have been offering them up, and the “off market” trading that is going on at many of them is nothing short of extraordinary.
I have more photos, and a lot more details, but you’ll have to contact me if you’d like to learn more.
Tags: Architecture, Luxury Homes, Millennium Tower, real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Alexander Clark, Architecture, Condominium, First Look (tm), High Rise, Luxury Homes, Millennium Tower, New Developments, SOMA, San Francisco Real Estate, South Beach, Walkthrough, market info, real estate, san francisco, theFrontSteps | 4 Comments »
Friday, September 5th, 2008
We get all kinds of good search words driving traffic to theFrontSteps, but “MonsterTruck” still leads the pack for consistency. Recently we had quite a few people find the site searching “Bedrock SF” and more specifically “Is the Infinity condo sf built on bedrock”? For exact details, we’d suggest you contact the folks at the Infinity directly, but should you care to browse some of the bedrock maps we alluded to previously, by all means, don’t let us stop you.
From what we can tell, the Infinity is located on the block where Folsom and Spear intersect (highlighted in green circle) and there is a chance it is built on a little bit of both (landfill and bedrock). We would still suggest you consult the experts.
[Update: From "Henry" who makes an excellent point, "It doesn’t matter. Any building that size will have piers all the way down to bedrock, even if the material above it is landfill."]
-Ask Us: A Map of Bedrock vs. Landfill (SF) [theFrontSteps]
-USGS Seismic Site
Tags: real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Ask Us, Condominium, High Rise, Inspection/Disclosure, SOMA, San Francisco Real Estate, South Beach, The Infinity, real estate, san francisco, theFrontSteps | 4 Comments »
Friday, July 18th, 2008
Just a bit busy, so this from today’s sfnewsletter:
“Hi Alex,
I just heard a rumor that 9W at 2190 Broadway asked for $3.45M and closed for $5M. An overbid of 43%?”
Rumor mill says…TRUE! Also true: that puts the price per square foot of this condo that “needs updating” at $1,562.50; HOA dues are $2254.50; Days On Market 39; built in 1973; 3200 square feet; and one parking space.
Happy Friday!
-2190 Broadway 9W [listing details]
Tags: real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Alexander Clark, Condominium, Done Deals, High Rise, Maximum Overbid ™, Pacific Heights, San Francisco Real Estate, market info, real estate, san francisco, theFrontSteps | 3 Comments »
Wednesday, June 25th, 2008
One day on, one day off…1080 Chestnut #14A, a 3 bed, 3.5 bath, 2600 square foot co-op sells in contract in a heart beat, somewhere around $4,500,000 (something says off-market deal, which is totally okay by us.)
—
Sale is pending board approval.
-1080 Chestnut #14A [MLS]
Tags: Luxury Homes, real estate, san francisco, San Francisco Real Estate
Posted in Co-op, High Rise, It is Brisk Out, Luxury Homes, Russian Hill, San Francisco Real Estate, market info, real estate, san francisco | 1 Comment »
Tuesday, June 17th, 2008
Where readers ask, and we try to answer:
Hi -
I read your article [about calculating square footage in San Francisco] and had a quick question on measuring square footage in a high-rise condominium in San Francisco. Do you know if the structural concrete should get included in the condo square footage? The condo I am looking to buy has about 100 square feet of structural concrete behind some walls, mostly along the edges, and the builder is including it in the square feet measurements. This is not “air space” nor do I own it. I can’t occupy it or modify it. I can see the reason to include partition walls, because these can be knocked down and the space can be occupied. But not so with concrete. Any advice?? The rules seem vague with respect to this.
Also, would you have the name of the individual at the Assessor’s office that replied to your email? They seemed very informative. I called the office and the person I talked to didn’t know the answer to my question (and she was an appraiser).
Thanks!
David
We tried contacting you directly, but received no reply. We’re putting this up here (as always) in hopes that the community comes back with some good answers. As for the “individual at the Assessor’s office”, we’ll leave that up to them to allow us to release their email. (We’re big on privacy. Hence the reason we allow Marina Prime to comment under a zillion different aliases. 
)
Please have a look at the comments for some replies, or to reply to this question.
-Calculating square footage in San Francisco [theFrontSteps]
Tags: Architecture, real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Architecture, Ask Us, Condominium, High Rise, New Developments, San Francisco Real Estate, real estate, san francisco, theFrontSteps | 2 Comments »
Monday, June 16th, 2008
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]
Tags: Announcements, Luxury Homes, real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Alexander Clark, Announcements, Condominium, High Rise, Insider Information, Luxury Homes, Modern, New Developments, SOMA, San Francisco Real Estate, St. Regis, Still There, Updates, market info, real estate, san francisco, theFrontSteps | 5 Comments »
Wednesday, June 4th, 2008
[Update: As of 6/13/2008 at 8pm, it is again available. The buyers in contract pulled out, my buyer has had a change of heart feeling SoMa is a bit "dead", so we won't be writing an offer at this time, and now we wait to see what happens.]
I can’t believe what I’m writing. Months ago I tried to tell all of you and some clients about some pocket listings (off market deals) at the St. Regis.
After playing phone tag a few times and finally getting a commitment from some clients to fly out and see unit 33D a 2 bed, 2.5 bath ~1800 sqft condo at the wonderful St. Regis, asking $3,695,000, I find out today it is in contract! (I find out after practically pleading for them not to ratify and give my clients a look.)
Are you kidding me! Why am I so upset? Because, in every other world class market in the world, when you have some clients that are ready to plunk down close to $4,000,000 it’s not much of a problem to find them a suitable home (forget personal tastes, we’re talking availability). When you live in San Francisco, it’s not so easy.
I’m disappointed, and of course had you been watching my new morphine habit (Twitter) you’d already know this. Silver lining…I know of more pocket listings at the St. Regis, so I’ll live to fight another day.
Tags: Luxury Homes, real estate, san francisco, San Francisco Real Estate, theFrontSteps
Posted in Alexander Clark, Condominium, High Rise, Insider Information, It is Brisk Out, Luxury Homes, New Developments, SOMA, San Francisco Real Estate, St. Regis, Updates, market info, pocket listings, real estate, san francisco, theFrontSteps | 10 Comments »
