May 13, 2008
From Rendering To Reality (Although Not Quite Finality): 766 Harrison
A plugged-in tipster notes that the scaffolding has been stripped from 766 Harrison and what’s rising rings true to the rendering (with the exception of that two-way street).
And while our tipster also offered to send along a photo, we just couldn’t wait (but bonus points for the gesture and a gentle reminder that we always appreciate a good pic or tip).
∙ The 98 “Sophisticated/Stylish” Studio Apartments Of 766 Harrison [SocketSite]
Readers' Comments (8) | Permalink | Email Story | Filed under: New Developments, Rentals, SocketSnaps
While Libor Heads Up, Jumbo-Conforming Rates Head Down
While Libor has been heading up amid complaints "that financial institutions weren't telling the truth about their funding costs after rising mortgage defaults contaminated credit markets and drove up borrowing costs," jumbo-conforming rates have been heading down following Fannie Mae's decision to raise their purchase price for the loans last Tuesday.
From Julian Hebron at RPM:
The [jumbo-conforming] rate drop [of about 0.5% over the past week] is good news, but approval guidelines for these loans are strict. Borrowers must have at least 10% equity, or at least 15% equity if their property is a designated declining market—even San Francisco and Marin Counties are on many lenders’ declining lists. Cash-out loans require 25% equity, and cash-out is limited to $100k. Loans require full documentation, 1-unit properties only (condos ok), debt-to-income ratios of 45% or lower, and 700 minimum credit scores.
Fannie Mae has said they may announce less stringent guidelines as soon as this week, but all lenders can overlay their own risk-control guidelines and rate premiums beyond what Fannie Mae (or Freddie Mac) may require.
With the rate drop, jumbo-conforming mortgages are now being offered for around 6.25%. That’s a 0.625% (62.5 bps) discount to jumbo rates (6.875%) and only a 0.25% (25 bps) premium over conforming (6.0%).
∙ Libor Set for Overhaul as Credibility Is Doubted [Bloomberg]
∙ If Lowering Rates Isn’t Working, Perhaps Increasing Limits Will [SocketSite]
∙ Mortgage Rate/Spread Update: Are You Feeling Stimulated Yet? [SocketSite]
Readers' Comments (11) | Permalink | Email Story | Filed under: Trends
Fourth and King Railyard: Now You See It, Perhaps One Day You Won’t
While the Planning Department’s recommendations for building heights and development surrounding the new Transbay Terminal is currently the center of attention, don’t forget that the potential for San Francisco's Fourth and King Street railyard is about to be studied as well.
The study will produce policies, conceptual site plans, and implementation mechanisms for air-rights development of the 4th/King Street station and railyards, particularly given the need to reconfigure the facilities to accommodate the Caltrain Downtown Extension and California High-Speed Rail. This study will also examine the possibility for development on these facilities to supplement funding sources for construction of the Caltrain Extension and other public improvements to the railyards and existing station and immediate area.
According to a plugged-in tipster, the Planning Department’s six month study should commence by the end of the summer (and SPUR has already published some thoughts). And while any new development is years away, anybody living (or thinking about living) in the area should be aware of the potential along with its pro's (including views) and con's (including views).
∙ Transit Center District Plan Workshop: Initial Ideas Tonight (4/30/08) [SocketSite]
∙ Fourth and King Street Railyards Study [SFGov]
∙ A New Transit First Neighborhood [SPUR]
∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
Readers' Comments (52) | Permalink | Email Story | Filed under: Neighborhoods
Window Coverings: Can You Beat The Heat And Help A Reader Out?
"My son is in escrow on unit 957 at the Beacon...and we are looking for good window coverings to block out the heat. He is installing ceiling fans. Who has ideas?"
∙ Comment: Quite Literally At The Beacon [SocketSite]
∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
Readers' Comments (18) | Permalink | Email Story | Filed under: Fixtures & Furnishings, Just Quotes (Emphasis Added)
JustQuotes: Potrero Hill Power Plant Plan Paused (For A Week)
"Mayor Gavin Newsom asked city legislators to delay a vote on a controversial plan to build a new power plant in Potrero Hill that will replace an older, more polluting plant, saying he needs another week to work on an alternative strategy."
∙ Decision on Potrero power plant delayed [Examiner]
Readers' Comments (2) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added), Neighborhoods
May 12, 2008
829 Folsom Street: New Details, Online Registration, And Timing
The full site and floor plans are still “coming soon,” but a few new details about (and registration for) the sixty-nine new condos of (and at) 829 Folsom are now online.
Units range from alcove studios to three-bedrooms (priced from $485,000 to $1,850,000) and offer high-end finishes throughout (i.e., no “upgrades” necessary or even being sold). Sixty-three parking spaces in the building and a rooftop terrace with city view.
Reservations have been placed on ten of the sixty-nine units, the project has just received approval to being accepting hard deposits, and the developer will be calling 829 Folsom home (out of desire, not necessity). Expect a model unit to be open next month, a sales office to opening soon, and initial occupancy this summer (July/August).
And yes, discussions are underway for a restaurant on the ground floor.
∙ 829 Folsom [829folsom.com] [Registration]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]
Readers' Comments (26) | Permalink | Email Story | Filed under: New Developments
Stem Cell Research Funds New UCSF Building Outside Of Mission Bay
By way of a plugged-in tipster and GlobeSt.com:
The University of California at San Francisco will receive approximately $34.9 million from the [California Institute for Regenerative Medicine]. It will combine the grant it with $100 million from its own coffers to construct a 74,000-sf building off Medical Center Way on its Parnassus campus, which has not seen a new research facility since the mid-1960s. The building is being designed by Rafael Viñoly of New York.
∙ Stem-Cell Grant Will Yield $1.1B in Projects [GlobeSt]
Readers' Comments (9) | Permalink | Email Story | Filed under: Design & Architecture, Neighborhoods
Not Only Appliances, But A Shower Door And Some Light Fixtures Too
A plugged-in tipster reports back on the bank owned condo in the Beacon that we pointed out ten days ago (260 King #957).
...3 offers...the [foreclosed upon] seller had stripped everything out of it before leaving...even the shower glass door, light fixtures, power cover outlets, all appliances!
No word on the accepted contract price but we’ll let you know as soon as it closes (as you might recall, it was listed at $644,900 despite having previously sold for around $860,000). And if a plugged-in reader happens to be the buyer, let's not forget those invitations to the housewarming.
∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
Readers' Comments (21) | Permalink | Email Story | Filed under: SocketSite Readers Report
When Investment In Neighborhoods Isn’t “Enhancement” Enough...
“Imposing community impact fees on developers similar to those applied to builders with projects in the South of Market area would likely happen for future development areas, one city legislator said.
“No area plan improvements that create greater development opportunities and greater opportunities to profit from development will go forth in the city of San Francisco without having mitigation or impact fees that will provide for the enhancement of those areas,” Supervisor Jake McGoldrick said.”
∙ Community funds to bridge economic gaps in SoMa [Examiner]
Readers' Comments (29) | Permalink | Email Story | Filed under: Just Quotes (Emphasis Added), Seemingly Random
SocketSite's San Francisco Listed Housing Inventory Update: 5/12/08
Inventory of Active listed single-family homes, condos, and TICs in San Francisco increased 3% over the past two weeks (37% higher on a year-over-year basis) while listed sales volume appears to have slightly slipped. Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor do they include multi-family listings (unless the units are individually listed).
∙ SocketSite's San Francisco Listed Housing Inventory Update: 4/28/08 [SocketSite]
Readers' Comments (31) | Permalink | Email Story | Filed under: Trends
May 9, 2008
Quite Simply, We’re Completely Crushing On This Craftsman On Cole
It's has nothing to do with the alliteration in the listing. Quite simply, we're completely crushing on the design, style and architecture of this Craftsman on Cole.
And in keeping with the day's theme, the upstairs deck. And yes, there's another off the kitchen.
∙ Listing: 1445 Cole Street (3/2) - $1,925,000 [MLS]
Readers' Comments (22) | Permalink | Email Story | Filed under: Design & Architecture, Listings (for sale)
JustQuotes: The HBANC Comes To San Francisco For An Urban Assault
“The [Home Builders Association of Northern California] has opened an office at 660 Mission St., an "urban division" that will push legislation and policies that help foster the sort of dense, urban, infill housing that is being built in San Francisco and downtown Oakland, according to HBANC President and CEO Joseph Perkins.”
“The office will be staffed with members of HBANC's government affairs group, which battles "growth controls, frivolous and abusive lawsuits, excessive environmental regulations and runaway fees," according to the group. Those forces "are significantly impairing housing production in the Bay Area and making homes less affordable."”
“Perkins said his group would offer support to local groups like the Urban Land Institute and the San Francisco Planning and Urban Research Association, both of which push density along transit corridors. HBANC doesn't advocate for individual developments.”
∙ Builders will seek urban home deals [San Francisco Business Times]
Readers' Comments (4) | Permalink | Email Story | Filed under: Industry Stuff
Drawn To The Decks (But Perhaps Not The Best For Entertaining)
We’re drawn to the deck(s) and views, but do wish they were located off the living room or kitchen for ease of entertaining (at least more than one, or perhaps two...). And while that couch in the kitchen has got to go, we do like the light and access to the yard (think grill).
∙ Listing: 4419 19th Street (3/3.5) - $2,535,000 [MLS]
Readers' Comments (32) | Permalink | Email Story | Filed under: Listings (for sale)
Wells Fargo Tightens Local Lending Standards For HELOCs
Three months ago we alerted you to a trend in lending to tighten up on Home Equity Lines of Credit (HELOCs), so please don’t let us hear that any plugged-in readers have been caught unprepared or by surprise.
The latest local news: Wells Fargo has “lowered the maximum loan-to-value to 75 percent from 80 percent on mortgages involving an equity line of credit for houses in Marin, San Francisco and San Mateo counties.”
∙ When Hell HELOCs Freeze Over... [SocketSite]
∙ Wells tightens standards for home equity lines [Business Times]
Readers' Comments (20) | Permalink | Email Story | Filed under: Trends
A Contemporary Remodel Backing Up To Bernal Heights Park
It’s not the largest space (floor plan), but it’s not a bad use of what there is (or was); we do like the setting (up the hill from Cortland Avenue and backing up to Bernal Heights Park); and we’re fans of the contemporary remodel (and wall of doors).
∙ Listing: 55 Gates (3/2) - $1,198,000 [Virtual Tour] [MLS] [Floor Plan]
Readers' Comments (22) | Permalink | Email Story | Filed under: Listings (for sale), Remodeling and Renovation
