September 4, 2010
The Pitch To Bring The America’s Cup To San Francisco
San Francisco’s pitch to bring the next America’s Cup to The Bay includes providing the "free [use of] land and future development rights on the property in exchange for the America's Cup event authority paying $100 million to $150 million to shore up the piers, dredge the area around them, and install new breakwaters and utility lines."
At the center of it all, a proposed amphitheater at Piers 30-32 designed by Skidmore, Owings & Merrill to be covered by "a tensile net structure evocative of a sail that would allow diffuse light through but provide shelter from rain, wind and direct sun."
Teams would be based at Pier 50, event offices would occupy Pier 48, a temporary marina for mega-yachts would be built off the Brannan Street Wharf, and Pier 28 would become a media center.
The plan will soon be presented to San Francisco's Board of Supervisors for approval with City officials pledging to have the facilities ready for racing by the end of 2012.
∙ San Francisco's plan for hosting America's Cup [SFGate]
∙ Skidmore, Owings & Merrill LLP (SOM) [som.com]
∙ SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
∙ From Piers To Park And The Brannan Street Wharf By 2012 [SocketSite]
Readers' Comments (10) | Permalink | Email Story | Filed under: As Proposed, Being Green, Breaking News, Design & Architecture, Neighborhoods
September 3, 2010
History Lesson(s) And A Listing For 31 Alta Street
Excerpts from the website for 31 Alta which has just hit the market asking $3,800,000:
In 1852 Captain Andrews built his home on the Eastern slope of Telegraph Hill, on this perch for a direct view of ships sailing into the shipyards below. The home remains virtually unchanged as later photographs show, neighboring homes disappearing, steep streets being graded over the hills, Coit Tower rising, and a forest of skyscrapers growing in the distance.
31 Alta survived the 1906 earthquake and fire under wine-soaked burlap sacks and traded hands several times prior to the 1920’s, when it was purchased by Charles F. Sawvelle and his wife Myrtokleia, or “Myrtle.” Myrtle brought notoriety and excitement to Alta Street by converting the bottom of the home into a speakeasy. Raided by the authorities in February of 1927, Myrtle was arrested for her activities and reported to have said, “No one was disturbing anybody. We are going to start all over again with a tea room and this time there will be no nights in jail.” Her timing couldn’t have been worse for “tea” as the Prohibition landed her in jail again, 90 days later.
The meticulously re-pointed, first floor, brick walls are all on display with an updated wainscot to conceal the new electrical systems. It’s believed they were originally designed by brick masons-who may have been gold miners and the walls were built with raised brick lip at the entire perimeter of the first floor wall, creating a pocket sill plate as an early seismic solution that has stood the test of time.
A 2005 restoration restored a breathtaking original staircase from the first level to the main living level. The custom railing and replacement of balusters was done by a retired Haas woodworker who commented “this is the San Francisco baluster” so called because Haas Woodworking in the East Bay specialized in hand turning that style and providing them to builders in San Francisco in the 1850s.
The exterior redwood siding is original to the home. During the restoration when the siding was recently repainted the only thing that had deteriorated were the hand-cut iron nails. The siding was re-attached with new stainless steel nails, stripped of paint, primed and repainted.
Sold for $960,000 in 2002 (prior to said renovation). Additional details and images online.
UPDATE: Speaking of the house's (permit) history and that renovation...
∙ Listing: 31 Alta Street (3/2) -$3,800,000 [31alta.com] [MLS]
Readers' Comments (10) | Permalink | Email Story | Filed under: Bay Buildings, Design & Architecture, Listings (for sale)
The Kind Of Decks And Views That Inspire Song (1216 19th Street)
Re-built in 2003 for renowned mezzo-soprano Blanche Thebom (who passed away this past March), the three bedroom Potrero Hill home at 1216 19th Street offers the kind of decks and views that inspire song (or at least a long-weekend post on SocketSite).
∙ Listing: 1216 19th Street (3/2) 3,025 sqft - $1,988,000 [MLS]
∙ In Memoriam: Blanche Thebom (1915-2010) [sfcv.org]
Readers' Comments (1) | Permalink | Email Story | Filed under: Listings (for sale)
So You Want To Be In Animated Renderings Redux
Two years ago Steelblue invited plugged-in SocketSite readers the opportunity to be immortalized in live action animations for San Francisco’s new Transbay Transit Center.
And now they’re doing it again, shooting green screen scenes ("sitting in a park, observing art, shopping, playing with their kids, reading on a bench”) from a studio in Potrero Hill.
If you’re around tomorrow (September 4, 2010) and would like your shot at the big green screen, email steelblue (steelblue@steelbluellc.com) to schedule a slot between 10 and 4.
Next time, in 3-D…
∙ So You Want To Be In Renderings… [SocketSite]
∙ Transbay Transit Center Video: The Director’s Cut With Smooth Tunes [SocketSite]
Permalink | Email Story | Filed under: Bay Buildings, Interesting Opportunities
On Tour As New Déjà Vu: Odeon Penthouse (181 O’Farrell #513)
As we wrote last November with respect to Odeon (181 O’Farrell):
And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"
As we wrote this past February:
The Odeon penthouse is now back on the MLS with an "original" list price of $1,899,000 and an official 3 days on the market. You’ve got to love (or at least understand) those industry stats and Realtor reports.
And as we add today, 181 O’Farrell #513 is back on the market and asking $1,725,000. And yes, it’s an official one (1) day on the market which ought to help those averages.
∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $1,899,000 [MLS]
∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
∙ Top Floor Sir, Going Down (181 O’Farrell #513) [SocketSite]
Readers' Comments (9) | Permalink | Email Story | Filed under: Bay Buildings, Listings (for sale), RealRecentReductions
September 2, 2010
3271 Baker Sells For $61,000 (Updated And Behind The Scenes)
As a plugged-in reader noticed, 3271 Baker Street hit the courthouse steps yesterday and ended up selling for $61,000. As a plugged-in tipster notes, however, the foreclosure was initiated by the holders of a third note (who had loaned $425,000) and a first and second mortgage came along with the sale.
Once again, listed for $3,395,000 two years ago but last asking $1,895,000 as a short sale with a self-reported $7,300 in monthly rent. And also according to our tipster, it was the holders of the third note who were yesterday’s winning bidders.
UPDATE: Let’s see if we can’t pull a few things together and clear a few things up.
3271 Baker was purchased in November 2006 for $1,700,000 by way of a $1,000,000 first and $425,000 second courtesy of Countrywide which would suggest $275,000 of the buyer’s cash was involved at the time.
A third mortgage in the amount of $425,000 was written by Pacific Equity Capital in October 2007 (which was then assigned by PEC to three individuals) and the property was subsequently remodeled.
In July 2008 the remodeled 3271 Baker returned to the market listed for $3,395,000 (a list price which was subsequently sliced, diced and chronicled on this site). And in August 2009 with the note in default and $495,231 owed (principal, interest, and fees), the holders of the third mortgage filed to foreclose (enter a failed bankruptcy bid on the part of the owner).
Unable to successfully negotiate a short sale having reduced the list price down to $1,895,000 this past June, yesterday the third mortgage successfully foreclosed on the property with a winning bid of "$61,000" on the courthouse steps. The foreclosure effectively extinguishes the third mortgage and the underwriters of the third now own the property subject to the terms of the first and second mortgages and their balances due.
As a couple of plugged-in readers correctly noted (and we originally screwed up in a since redacted note), as both the foreclosing lender and winning bidder, the third mortgage holders have effectively invested $425,000 plus forgone interest and fees in the property to date, the $61,000 bid was essentially a pass through.
And as a plugged-in "EBGuy" digs up, there’s even more going on behind the scenes.
The history of the Marina property in headlines and links:
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]
∙ Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
∙ Facing Foreclosure 3271 Baker Street Makes A Move In The Marina [SocketSite]
∙ 3271 Baker Street: It’s Complicated (And Back On Craigslist) [SocketSite]
∙ Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]
Readers' Comments (60) | Permalink | Email Story | Filed under: SocketSite Readers Report
Pending U.S. Home Sales Rise From June But Slide Year-Over-Year
While the National Association of Realtors Pending Home Sales Index rose 5.2 percent from June (75.5) to July (79.4). On a year-over-year basis, however, the index is now down 19.1 percent versus 18.6 percent in June and 15.9 percent in May.
∙ Pending Home Sales Rise [realtor.org]
∙ U.S. Pending Home Sales Down 18.6 Percent Year-Over-Year In June [SocketSite]
∙ Pending Home Sales Plummet And The Markets React [SocketSite]
Readers' Comments (3) | Permalink | Email Story | Filed under: Trends
A Winner’s Circa 2005 Curse (And Seller’s Boon)
Sold for $1,635,000 in August 2005 having been listed for $1,395,000, this past Friday the re-sale of 819 Haight Street closed escrow with a reported contract price of $1,380,000 (15.6% under its 2005 sale) having been listed for $1,595,000 a year ago.
As a plugged-in reader wrote about the property two weeks ago:
The posts that comment on the costs to add bathrooms are probably right, particularly given the finishes on this house. Some of the best possible materials were chosen throughout--tile, fixtures, etc. The front porch is an aberration. A quick fix prior to the sale in 2005, replacing even more inappropriate and very damaged Spanish tiles.
As for the neighborhood, that block is entirely residential, with the exception of Zephyr. There are several families on the street who enjoy the proximity of Duboce and the dog park up the street. It's a very walkable neighborhood, and contrary to the suggestions above, safe. You might find graffiti on your trashcans, but aside from that, no car break ins or the usual petty things you'd expect. (Petty criminals don't like hills.)
We'd buy it. Again. But then, we'd be buying it for less than we sold it for in 2005, so we'd consider it a bargain. ;)
Keep in mind that competitive bids were more the rule than exception in San Francisco circa 2005. And as soon as a property sold, it became a comp for the next sale. And so on. And so forth.
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]
∙ 819 Haight Street’s Return Redux: Winner's Curse In Action? [SocketSite]
∙ A Winner’s Curse That Has Yet To Be Cured [SocketSite]
Readers' Comments (10) | Permalink | Email Story | Filed under: Apples To Apples, Real Estate Economics
September 1, 2010
From The Flames Of St. Paulus The Free Farm Blooms
At the corner of Gough and Eddy where the St. Paulus Lutheran Church once stood before burning down in 1995, the Free Farm is now in full bloom. Founded this past January and true to its name, the farm has already grown and given away well over 1,000 pounds of fresh organic produce from the 1/3 acre parcel on loan from the Church.
It’s simply a sunny day shout out to the farm which is open Wednesdays and Saturdays from 10am-2pm for those seeking fresh produce or willing to lend a hand. Cheers.
∙ The Free Farm [thefreefarm.org]
Readers' Comments (13) | Permalink | Email Story | Filed under: Being Green, Neighborhoods
Planning Commission Poised To Let Them Eat Patxi’s Pizza On 24th
With Mi Lindo Yucatan having moved out a year ago and the space since remodeled and expanded to 2,495 square feet, San Francisco’s Planning Commission is poised to approve the conditional use authorization for Patxi’s Chicago Pizza to fill the vacant storefront at 4042 24th Street in Noe Valley.
Also in front of San Francisco’s Planning Commission tomorrow, a public hearing on the proposed 25-35 Dolores Street project and the conditional use authorization for a new doggy day care at 130 Turk in the Tenderloin.
UPDATE: A separate proposal to add a fourth floor, parking in the basement, and nine residential units on the three upper floors of 130 Turk is also making its way through Planning. Cat people will need not apply.
∙ 4042 24th Street Conditional Use Authorization [sf-planning.org]
∙ Growing Pains For Noe Along 24th [SocketSite]
∙ San Francisco Planning Commission Agenda: September 2, 2010 [sf-planning.org]
∙ The Plans For 25-35 Dolores Street (S&C Ford Garage) As Proposed [SocketSite]
Readers' Comments (29) | Permalink | Email Story | Filed under: As Proposed, Commercial, Neighborhoods
