Articles Filed Under: Industry Stuff

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3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)

3577 Pacific Recap: Withdrawn From MLS (But Sold Two Days Prior)

As its MLS listing was simply withdrawn on 7/10/09 without mention of a sale, we missed it when 3577 Pacific closed escrow on 7/8/09 with a recorded contract price of $4,900,000. Once again, purchased pre-renovation for $2,225,000 in August 2005; returned to the market post-renovation in October 2008 asking... Read More »

1844 Market Street Development Hits A Banking Speed Bump

1844 Market Street Development Hits A Banking Speed Bump

It was a plugged-in tipster that first noticed the movement on 1844 Market Street back in May. And while the builder had indeed broken ground on the 113 unit mixed-use project with 90 parking spaces and 5,000 square feet of retail, the FDIC’s seizure and sale of United Commercial... Read More »

Affordable Housing Requirements For Rental Development Challenged

A developer’s recent legal challenge of the affordable housing requirements imposed by the City of Los Angeles in order to gain approval for a new market rate residential rental development “raises the question about whether the affordability requirements for new market rate rental developments in San Francisco and other... Read More »

Speaking Of Million Dollar Foreclosures (And “Shadow Inventory”)

Speaking Of Million Dollar Foreclosures (And “Shadow Inventory”)

Purchased for $1,212,000 with ten percent down and two variable rate loans in November of 2005, 773 Rhode Island returned to the market in March of 2007 seeking $1,395,000. It was taken back by the bank in September of 2008. It’s now fourteen months later and the Potrero Hill... Read More »

Fannie Mae As The Largest Lender Landlord In All The Land?

Having taken back 57,000 properties through foreclosure in the first half of 2009, “bringing its total real-estate owned inventory to 63,000 properties valued at $6 billion,” Fannie Mae is rolling out a “Deed for Lease Program” in the hopes of generating some cash from the non-performing assets and mitigating... Read More »

Just Cause Protection Coming For Non-Rent Controlled Rentals?

A vote on a Supervisor Avalos’ legislation that would extend “just cause” eviction rights to all rental units rather than just those (for the most part) built before June 1979 and restricted by rent control was postponed by “at least a week” by the Board of Supervisors Land Use... Read More »

First Refreshed, Now Reduced For One Rincon Hill #806

First Refreshed, Now Reduced For One Rincon Hill #806

Speaking of refreshed listings, withdrawn from the MLS in July after almost 120 days on the market at $945,000, the resale listing for One Rincon Hill (425 1st Street) #806 returned to the MLS two weeks ago asking $908,000. Yesterday the list price was reduced to $899,000 for an... Read More »

Lembi’s Fear And Loathing In Las Vegas

“According to the Clark County, Nev., district attorney’s office, there is a warrant out for Walter Lembi, managing director of the financially troubled Lembi Group, for allegedly passing $298,500 worth of bad checks earlier this year at Caesar’s Palace in Las Vegas.” UPDATE: “Under deal, Lembi has agreed... Read More »

Quantifying The Impact Of Not Allowing Realtors To Reset DOM

It’s not a San Francisco based study, and we haven’t had a chance to review the research, but a plugged-in tipster directs us to a report on the impact of eliminating the ability to reset “days on the market” for a property’s listing. In April 2006, the real estate... Read More »

Overlooking Architecture (And Upgrades) At The Montgomery (#502)

Overlooking Architecture (And Upgrades) At The Montgomery (#502)

According to our plugged-in inside source, The Montgomery (74 New Montgomery) #502 offers great light and is surprisingly quiet (“thick walls and double-pane windows really keep the noise out”). Also noted, “the owners put a lot of money into it – subzero fridge (not a builder option) and custom... Read More »