SocketSite brings you real estate, planning and development trends, breaking news and key metrics for San Francisco, the Bay Area, and beyond. Please feel free to contact us with tips for real estate news in your neighborhood!
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Please revert back to the previous site design that doesn’t give me a headache with all the moving pieces and clutter all over the place. You went backwards, many steps. There’s nothing good in the new design.
Please see: Limp Mode Engaged. We’re not going to waste (too much) time on the limp mode site, other than to keep it up and running while we resolve the issue(s) at hand.
Is there a difference between “Asking rents in SF are ticking up,” and “Rents in SF are ticking up”? I’ve noticed you use “asking” in such headlines, and I’ve wondered if there’s a difference in meaning.
Robert: you can look at Related Rentals’ Fifteen Fifty (i.e., 1550 Mission St.), as a straightforward example.
Last I checked, they were leasing corner-located 1 Bedroom, 1 Bathroom units for $4,300 monthly. But in order to get punters to sign a 15 month lease on a vacant market-rate unit, they are having to offer 8-Weeks Free Rent as a so-called “concession”. So the effective rent is $55.9k total over the fifteen months, and if you divide that by the duration of the lease you get almost $3,727 monthly, or a 3.3 percent decrease from the “asking rent”, for the “actual rent” being charged.
I might be a little late to the party, but it’s been 5 months since SocketSite has had any updates. Anything I can do to help?
Yes, Certainly: there are a multitude of properties from past months that have now likely sold: for each one please update with the final price, when it was first listed, and the notation that “It closed OVER asking after being offcially on the market for X days” (the latter will vary but should not be more than 4 or 5.)
Nobody bit. I’ll give it a go then. 601 Van Ness Ave Apt 131, located in the Opera Plaza complex we were talking about around here in May was listed for rent in July 2022 for fourteen days, and then returned to market for sale in September of this year asking $398,500, or $727 per ft.² with the listing describing the unit as a “Super cute junior one bedroom condo with great floor plan and pleasant updates!” Closed in November for $380,000, or $693 per ft.² — 4.6 percent “UNDER asking” — after lingering 63 days on the market.
Elsewhere in the same building, the 1 bedroom, 1 bathroom “Spacious full size one bedroom” Unit 504 was listed for sale asking $400,000 late last month for a mere $454 per ft.² after last selling way back around the peak of the dot-com bubble for $236k. Currently marked “Pending” after a mere 25 days officially on market. Shouldn’t it sell for a higher floor, fuller-sized premium over Apt 131? If you think you know the market in Cathedral Hill, now’s the time to tell.
Nope. Apt 504 at Opera Plaza sold on Christmas Eve 2024, trading 2.5 percent “OVER asking” after being officially on the market for 49 percent less time than Apt 131. While the latest listing indicated the floor area was “Not Verified”, my back-of-the-envelope calculation from previous sales of the same unit indicates the $410k closing price represented $465 per ft.².
Is this site still working?
Testing 1..2..3..
The mechanics of the website itself are working as you can see. However the editor’s absence leaves a dearth of interesting content. His contributions are very much missed.
Where are all the clever (and not so clever) people who followed this site? Have they moved to another site?