January 27, 2012
Quintessential Noe Valley (And Price Per Square Foot Trend)
Having undergone a major remodel in 1999 following its purchase for $410,000 in 1998, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street sold for $1,700,000 in September of 2004.
The 2,302 square foot four-bedroom, which is much larger and scarcer than the median neighborhood home, is now back on the market and listed for $1,795,000.
Although their records appear to be incomplete for 2011, if PropertyShark is to correct, the median sale price per square foot for 94114 single-family homes was $697 in 2004, peaked at $953 in 2008, dropped to $840 in 2010, and was $773 last year on median sized home sales of 1,360, 1,530, 1,512, and 1,650 square feet respectively.
Based on PropertyShark’s stats, the median neighborhood price per square foot is up 11 percent since 2004 having increased 37 percent from 2004 to 2008, dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010.
Keep in mind that with a 21 percent increase in the size of the median home sold from 2004 to 2011, even if the price per square foot had dropped 20 percent the median price paid would have shown "appreciation," one of the reasons simply quoting changes in median or average sale price often misleads.
And yes, size matters when it comes to comparing price per square foot for homes.
∙ Listing: 4245 23rd Street (4/3) 2,302 sqft - $1,795,000 [4245-23rdst.com]
∙ Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]
Readers' Comments (12) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale), Neighborhoods, Real Estate Economics, Trends
Has The Fat Lady Sung For The Opera's Warehouse At 800 Indiana?
Contingent upon City approvals to develop the site, the San Francisco Opera has agreed to sell its set-construction warehouse at 800 Indiana Street to Archstone which has filed an application to build 350 units of housing on the site.
The opera’s building at 800 Indiana is a long, skinny parcel that stretches the length of two blocks between 20th and 22nd streets. Plans call for the property to be sliced in half, creating an "on-grade east-west plaza" where 21st Street would be if it didn’t dead-end 14 blocks to the west at San Francisco General Hospital.
The frontage of the complex would be further broken up by a series of courtyards. The five bottle-shaped courtyards are generally 50 feet wide, narrowing to 25 feet at the entrance.
Archstone has asked to build parking for 263 cars (and 350 bikes) and residents of Esprit Park should recognize the parcel as it runs the length of the development to the west.
∙ San Francisco Opera set-making site to become homes [San Francisco Business Times]
∙ Esprit Park Two Years Later, Apples-To-Apples Style [SocketSite]
Readers' Comments (5) | Permalink | Email Story | Filed under: As Proposed, Bay Buildings, Neighborhoods
Over Asking (But 24 Percent Below 2006) At The Watermark
As we reported last month:
Already $87,355 past due on a $652,000 loan by the time a notice of default was filed [in December of 2010], a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.
Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.
The bank-owned but apples-to-apples sale of 501 Beale #14E closed escrow yesterday with a reported contract price of $542,000. Yes, that’s officially 8 percent "over asking" but still 24 percent ($169,500) below its value in 2006.
∙ Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale [SocketSite]
Readers' Comments (1) | Permalink | Email Story | Filed under: Apples To Apples
January 26, 2012
Shooting For A Record $3,000 Per Square Foot In San Francisco
Listed for $4,900,000 in a very different condition back in 2008, 1170 Sacramento Street #19B (aka Penthouse B) sold to a local real estate agent for $3,125,000 in February 2009.
The 1,999 square foot unit (per tax records) underwent a complete transformation in 2010, and was rebuilt as a two-bedroom with truly luxurious finishes, design and flow.
Penthouse #B is now back on the market and listed for $6,000,000, just over $3,000 per square foot which would be an all-time record for a San Francisco property, we do believe.
And as plugged-in people know, the larger, but deconstructed, Penthouse #C atop 1170 Sacramento sold for $5,750,000 as a shell late last year.
∙ Listing: 1170 Sacramento #19B (2/2) 1,999 sqft - $6,000,000 [penthouse-b.com]
∙ A Peek Inside The Deconstructed Penthouse Atop 1170 Sacramento [SocketSite]
∙ The Shell Of The Northern Penthouse Atop 1170 Sacramento Sells [SocketSite]
Readers' Comments (33) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale), Remodeling and Renovation
U.S. New Home Sales: Down 7.3% In December Year-Over-Year
The seasonally adjusted annual pace of new single-family home sales in the U.S. fell to 307,000 in December, down 2.2 percent from a revised rate of 314,000 in November and 7.3 percent below the 331,000 pace recorded in December 2010.
Preliminary U.S. new home sales (versus pace) in December were estimated to be 21,000 (give or take 9 percent), down 1,000 from November and the slowest December on record since 1963. December sales peaked in 2005 with 87,000 new homes sold.
In the West, the pace of new home sales was down 29.1 percent year-over-year to 73,000 in December, up 9.0 percent versus the month before.
∙ New Residential Sales: December 2011 [census.gov]
∙ New Residential Sales Since 1963 [census.gov]
∙ U.S. New Home Sales: Up 9.8% Year-Over-Year In November [SocketSite]
Readers' Comments (15) | Permalink | Email Story | Filed under: Trends
January 25, 2012
A Glimpse Inside "The Glint" And The Story Behind "The Mansion"
While not quite in the same league as the "Party of Eight" house up on Billionaires Row, a plugged-in reader recognizes "The Glint" (Peter Thiel's "hero accelerator in a mansion") to be 170 Saint Germain, in which Thiel's fellows now reside.
First listed for sale asking $4,500,000 last March, the 6,744 listed square foot home (per its last listing) was withdrawn from the market last asking $3,699,000 in November and then offered for rent at $15,000 per month.
∙ Party Of Five Eight Move To San Francisco’s Billionaires Row [SocketSite]
∙ This San Francisco Mansion Is Where Peter Thiel's Genius Kids Party... [businessinsider]
∙ 170 Saint Germain: Before, After And A Peek Inside (Poke To Follow) [SocketSite]
∙ 170 Saint Germain: The Aforementioned Poke [SocketSite]
Readers' Comments (13) | Permalink | Email Story | Filed under: Bay Buildings, SocketSite Readers Report
Expect An Exceptionally Low Federal Funds Rate Through Late 2014
"To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with [its] dual mandate, the [Federal Open Market Committee] expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."
∙ Federal Open Market Committee Press Release: January 25, 2012 [federalreserve.gov]
Readers' Comments (29) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added)
A New New Kitchen, Fireplace, And Listing For 2400 Green Street
With a remodeled and reconfigured kitchen featuring Scavolini cabinetry, unfortunately the sale of 2400 Green Street won't be apples-to-apples as compared to January 2008 when the 4,500 square foot Pacific Heights home was purchased for $3,995,000.
As the then remodeled kitchen looked in early 2008:
A modern gas fireplace has also replaced the original wood burning one in the living room.
And having been on the market but off the MLS for a bit, 2400 Green Street is now official inventory having been listed for $3,900,000.
∙ Listing: 2400 Green (4/4.5) 4,500 sqft - $3,900,000 [2400green.com]
Readers' Comments (25) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale), Remodeling and Renovation
Actual San Francisco Foreclosures Flat QOQ, Up 3.8% YOY In Q4 2011
Bay Area Notices of Default (NODs) in the fourth quarter of 2011 fell 16.6% on a year-over-year basis, down 6% in San Francisco proper (from 435 to 409).
Actual Bay Area foreclosures in the fourth quarter fell 16.2% on a year-over-year basis (from 5,764 to 4,831) with Contra Costa (down 13.1% to 1,354), Alameda (down 23.8% to 1,038) and Santa Clara (down 20.3% to 718) leading the way with respect to volume.
Fourth quarter recorded foreclosures in San Francisco totaled 162, up 3.8% on a year-over-year basis, flat from the third quarter of 2011 versus a 21% drop across the Bay Area overall. While nominal, San Francisco was the only Bay Area county to record a year-over-year uptick in recorded fourth quarter foreclosures.
∙ California Foreclosure Activity Drops [DQNews]
∙ San Francisco Foreclosure Trends And 2011 And Retrospective [SocketSite]
Readers' Comments (2) | Permalink | Email Story | Filed under: Trends
