theFrontSteps - San Francisco » High Rise

“No View For You!”-View Nazi

thefrontsteps — Fri, 27 Apr 2012 16:03:44 +0000

Come on people! It’s 2012! If you claim “views for miles” in your listing, at the very least, take a picture with a smartphone and upload that!

I understand you want to get us in the door, but really? On MLS and no photo? Not sharing pics or details of an off market home, that’s a different story. But MLS? The shangrila of real estate? Come on….

1201 California

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

thefrontsteps — Fri, 29 Jul 2011 12:04:51 +0000

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]

San Francisco New Development Sales Report

thefrontsteps — Thu, 20 Jan 2011 17:35:40 +0000

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.

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

thefrontsteps — Tue, 08 Jun 2010 13:15:01 +0000

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.

BFD Price Reductions

Anna Marie Hibble — Thu, 01 Oct 2009 16:00:27 +0000

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.

—————

Photo of 1001 California, #3 via listing agent Betty Brachman, Brachman Group.

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

thefrontsteps — Tue, 02 Jun 2009 18:50:20 +0000

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.

New Developments Face a New Reality in SF

Anna Marie Hibble — Mon, 27 Oct 2008 14:30:35 +0000

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.

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.

—————–

Photo credits, respectively: Scary ass clown: Brain Handles.com; The Hayes staged unit: The Hayes.com.

Millennium Tower, San Francisco: A walkthrough, a few photos, a little scoop, and my opinion

thefrontsteps — Mon, 15 Sep 2008 20:58:12 +0000

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.

Is the Infinity Condo SF Built on Bedrock?

thefrontsteps — Fri, 05 Sep 2008 15:45:42 +0000

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

43% over (asking) on 2190 Broadway 9W ($5,000,000)

thefrontsteps — Fri, 18 Jul 2008 18:21:54 +0000

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]