Plan to Save the Sinking Millennium Tower Approved

Plan to Save the Sinking Millennium Tower Approved

The refined plan to permanently stabilize and potentially right the sinking Millennium Tower, by adding a series of 52 new cast-in-place reinforced concrete piles around the tower’s perimeter, has been approved and permits should soon be issued. As we outlined last year, the project will take an estimated 22... Read More »

Pace of New Home Sales in the U.S. Rebounded in June

Pace of New Home Sales in the U.S. Rebounded in June

The seasonally adjusted pace of new single-family home sales in the U.S. rebounded from the pandemic-driven hits the market took in March and April (at which point the annualized pace was down 14.0 percent versus the same time last year) and climbed to an annualized rate of 776,000 sales... Read More »

Luxury Two-Bedroom Fetches a Sub-2007 Price

Luxury Two-Bedroom Fetches a Sub-2007 Price

As we outlined earlier this year: Back in 2007, the 1,670-square-foot, two-bedroom unit #27C in the St. Regis Museum Tower building at 188 Minna Street quickly fetched the $2.75 million price at which it was listed, financed by the Hong Kong-based Bank of East Asia. Featuring “one of St.... Read More »

Mortgage Rates Inch Up from All-Time Lows

Mortgage Rates Inch Up from All-Time Lows

Having dropped to an unprecedented sub-3 percent rate last week, the average rate for a benchmark 30-year mortgage has since inched up 3 basis points (0.03 percentage points) to 3.01 percent, which is still 74 basis points below its mark at the same time last year, according to Freddie... Read More »

Revised Designs for Bonus-Sized Development in the Mission

Revised Designs for Bonus-Sized Development in the Mission

As we outlined last year, the proposed redevelopment of the shuttered Mission District garage site at 1721 15th Street had been put on hold pending a Density Bonus-based supersizing of the project which was originally envisioned to yield a total of 24 residential units over 2,700 square feet of... Read More »

Pace of Existing-Home Sales in the U.S. Rebounds 20.7 Percent

Having dropped over 32 percent from March through May, the seasonally adjusted pace of existing-home sales across the U.S. rebounded 20.7 percent in June to an annual rate of 4.72 million sales, according to the National Association of Realtors. That being said, the current pace is still down 11.3... Read More »

Another Mortuary on the Market, Positioned for Redevelopment

Another Mortuary on the Market, Positioned for Redevelopment

Built in 1915, Driscoll’s Valencia Street Serra Mortuary building at 1465 Valencia Street, between 25th and 26th Streets in the Mission, is now being shopped, positioned by Beckett Capital as a rare opportunity for a new “owner/user” or a developer interested in undertaking (our phrasing, not theirs) a “residential,... Read More »

Rebound in S.F. Home Sales and “Pent Up Demand” Plateau

Having bottomed out at the end of April, at which point they were down nearly 50 percent on a year-over-year basis, the number of homes in contract to be sold started to rebound in May and turned positive, on a year-over-year basis, last month. In fact, pending home sales... Read More »

Number of Homes for Sale Nearing Recession-Era Levels in S.F.

Number of Homes for Sale Nearing Recession-Era Levels in S.F.

Continuing a trend which shouldn’t catch any plugged-in readers by surprise, the number of homes on the market in San Francisco, net of new sales and contract signings, ticked up another 6 percent over the past week to 1,360, which is now over twice as much inventory as there... Read More »

114,000 Bay Area Residents Returned to Work Last Month, But…

114,000 Bay Area Residents Returned to Work Last Month, But…

While an estimated 16,000 San Francisco residents were either newly hired or returned to work last month, for a total of 499,100 employed, there are still 74,800 fewer employed people in the city than there were prior to the pandemic and 66,300 fewer than at the same time last... Read More »