March 12, 2010
From Pavement To Eight Stories For 1 Franklin As Proposed
As a couple of plugged-in tipsters note, the surface area parking lot at the corner of Page and Franklin (1 Franklin) is being eyed for a new eight-story mixed-use development of 35 residential units over 2,378 square feet of ground floor retail and 18 parking spaces.
As proposed, the building would rise 85 feet along Franklin and step down to 55 feet along Page (not including the cornices atop the bays or the stair and elevator penthouse).
And according to Planning, "no hearing is required for approval except [for a hearing on March 24] to consider relaxing the requirements for bay windows under Section 136."
PER SECTION 136 OF THE PLANNING CODE permitted obstructions (bay windows) over the public right-of-way are limited to extend over the property line 2-feet where the sidewalk is 9-feet or less and 3-feet where the sidewalk is over 9-feet in width. The maximum width allowed for a bay window is 15-feet, narrowed at a 45-degree angle to a maximum width of 9-feet as it extends over the property line.
The minimum horizontal separation between bay windows is 2-feet at the property line, widened at a 135-degree angle to a minimum width of 8-feet as it extends over the property line. The proposed bay windows do not meet the projection, width, or separation requirements; therefore, the project seeks a variance from the requirements of Planning Code Section 136.
Yes, somehow it always seems to come back to bay windows in San Francisco.
Readers' Comments (15) | Permalink | Email Story | Filed under: As Proposed, Design & Architecture
Apples To Apples (And Kitchens To Kitchens) For 1461 Sanchez
The kitchen has been rearranged a bit and a new red stove (a Bertazzoni we believe) installed since its purchase for $1,630,000 in September of 2006 (new above, old below).
Other than that it’s looking to be a rather "apples to apples" sale in the making for 1461 Sanchez as the single-family Noe Valley Victorian is asking $1,615,000 in 2010.
A show of hands from those who think Noe "peaked" in 2006?
∙ Listing: 1461 Sanchez (3/3) - $1,615,000 [MLS]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]
Readers' Comments (20) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale), Remodeling and Renovation
1717 17th Street: Eastern Neighborhoods Plan In Action As Proposed
Recently rezone from Light Industrial to Urban Mixed-Use as part of the Eastern Neighborhoods Area Plan, the proposed 1717 17th Street project would demolish three existing buildings between De Haro and Carolina representing 12,000 square feet of Production, Distribution and Repair (PDR) and a surface area parking lot.
In their place would rise two mirror image mixed-use buildings yielding 7,000 square feet of ground floor PDR, 8,000 square feet of commercial/retail, 41 residential units and 58 below-grade parking spaces (click image to enlarge)
The project would be constructed in two phases as proposed:
Phase I (De Haro Street): Phase I would include demolition of the two existing wood‐frame buildings fronting 17th Street and the partial demolition of the concrete and aluminum building on site. Phase I would construct a new 48‐ft tall, 51,664 gross square foot (gsf), mixed‐use building containing 20 dwelling units with a unit mix as follows: ten two‐bedroom units and ten one‐bedroom units (21,345 gsf in total). The ground floor would also contain 7,500 sf of PDR/commercial/retail space, and 11,091 gsf of common area. The below‐grade basement level would contain parking for 29 off‐street parking spaces and 11 secured Class I bicycle spaces.
Phase II (228 Carolina Street): Phase II would be the demolition of the remainder of the concrete and aluminum building and construction of a 48‐foot tall, 51,664 gsf mirror image of the De Haro Street building, fronting on Carolina Street. This building would include 21 residential units with a unit mix as follows: nine two‐bedroom and twelve one‐bedroom units (21,315 gsf). This building would also include 7,500 sf of PDR/commercial/retail space and 29 below‐grade vehicle parking spaces and 11 Class I bicycle spaces.
And don’t panic, Anchor Steam’s distribution center at the south end of the block would not be harmed nor hampered (cheers), but new shadows would be cast over Jackson Park.
UPDATE: The shadow graphic above does in fact represent the expected impact on the Jackson Playground at June 21st, 7:30 PM for the proposed 48-foot building (green) versus a 40-foot alternative (outlined in red).
∙ 1717 17th Street Preliminary Mitigated Negative Declaration [sf-planning.org]
∙ Eastern Neighborhoods Plan, It's Not Just For Policy Wonks Anymore [SocketSite]
∙ Eastern Neighborhoods/Candlestick Plans Yea! (Mirant Retrofit Nea!) [SocketSite]
∙ Eastern Neighborhoods "Amnesty" To Continue Business As Usual [SocketSite]
Readers' Comments (19) | Permalink | Email Story | Filed under: As Proposed, Design & Architecture, Neighborhoods
March 11, 2010
Will Pent-Up Demand Outstrip Pent-Up Supply?
From a local agent’s recent email blast:
The market has been down for so long that the inventory has dwindled...too many shoppers for too few homes...because prospective sellers have been waiting for prices to go back up. But when they see the buyer surge this Spring, you can bet that the inventory is going to build up fast....and prices are going to follow.
Keep in mind that while listed inventory is currently running 18 percent lower on a year over year basis (down from 25 percent four weeks ago), it’s dead even compared to 2008 and up 48 percent as compared to 2007. And with respect to listed sales, while the early February count (250-ish) is up 27 percent versus 2009, it’s down 19 percent versus 2008 and down 34 percent versus 2007.
In terms of suggesting prices will surge along with supply, we’ll let you work that one out.
∙ SocketSite's San Francisco Listed Housing Inventory: 3/01/10 [SocketSite]
∙ Early February Listed Sales Count For San Francisco: Down 35-40% [SocketSite 3/09]
Readers' Comments (171) | Permalink | Email Story | Filed under: Trends
One Of 33 32 Atop 611 Washington (Montgomery Washington Tower)
One San Francisco’s original luxury high-rise buildings, only 33 residential units were built atop 611 Washington (perhaps the pool on the 21st floor now makes more sense). As units 2101 and 2102 were merged into one, however, there are now only 32.
The 2,624 square foot #2402 is one of those thirty-two. Once listed for $4,595,000 (it’s been on and off the MLS four times since 2008), 611 Washington #2402 was being shopped off the MLS at $3,995,000 last month, and has just been re-listed at $3,595,000.
And yes, industry reports will reflect "one day" on the market.
∙ Listing: 611 Washington #2402 (2/2.5) 2,624 sqft - $3,595,000 [MLS]
Readers' Comments (17) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale), RealRecentReductions
San Francisco’s Four Seasons No Longer Facing Foreclosure
While Millennium Partners’ strategic default on its $90 million Four Seasons San Francisco mortgage might not have yielded the intended results with respect to getting its debt holders to renegotiate, it did yield a new equity partner.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
And as such, San Francisco’s Four Seasons is no longer facing foreclosure.
∙ If You Owe The Bank $100 $90 Million... [SocketSite]
∙ S.F.'s Four Seasons averts foreclosure [San Francisco Business Times]
Readers' Comments (0) | Permalink | Email Story | Filed under: Bay Buildings
Not Another Cookie Cutter Penthouse (2308 A Divisadero)
While vertically challenged at times, we’re kind of digging the unique and eclectic nature of the space. And those bumps will go away with time (and a cold compress or two).
∙ Listing: 2308 A Divisadero (2/2) 1,900 sqft - $1,325,000 [MLS]
Readers' Comments (31) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale)
March 10, 2010
Interview With The Vampire Inspiration Hits The Market
"I see…" said the vampire thoughtfully, and slowly he walked across the room towards the window. For a long time he stood there against the dim light from Divisadero Street and the passing beams of traffic. The boy could see the furnishings of the room more clearly now, the round oak table, the chairs. A wash basin hung on one wall with a mirror. He set his brief case on the table and waited.
And so starts Interview with the Vampire by Anne Rice.
503 Divisadero was the inspiration for Louis’ haunt on Divisadero, and the Victorian has just hit the market asking $1,395,000. The Interview connection isn’t mentioned in the listing, perhaps not even known. And the building appears to have most recently been home to Fog Horn Realty and a mortgage broker or two.
We’re biting our tongues (not necks) on any tongue in cheek parallels.
∙ Listing: 503 Divisadero (4/2) - $1,395,000 [MLS] [Map]
Readers' Comments (11) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale)
A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street?
Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.
∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $658,000 [MLS]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]
Readers' Comments (16) | Permalink | Email Story | Filed under: Apples To Apples, Bay Buildings, Listings (for sale)
Apples To Apples To Apples In Mission Dolores: 1954 15th Street
In 2005 1954 15th Street sold for $820,000 (which reflected a newly remodeled bathroom and windows), and then again for $860,000 in 2006 (annual appreciation of 5 percent).
Listed for $889,000 54 days ago, the asking price for the two bedroom Mission Dolores condo was reduced to $869,000 last week. A sale at asking would represent average annual appreciation of 0.3 percent over the past four years (and of course a more likely rise then fall from peak).
As the kitchen hasn't been remodeled, we’re looking right past the freestanding fridge.
∙ Listing: 1954 15th Street (2/1.5) 1,477 sqft - $869,000 [MLS]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]
Readers' Comments (9) | Permalink | Email Story | Filed under: Apples To Apples, Listings (for sale), RealRecentReductions
