Inside San Francisco Real Estate

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Archive for the ‘Downtown’ Category

What the Median Price Will Buy You in SF: Condo Edition

Posted by insidesfre on May 20, 2010

We take a look today at the median price in the San Francisco condo market, and what you can get for your money at this price point.

The median price for the 247 reported condo sales since April 1st is $689,000. Here are three properties that are listed for exactly that price:

The first is a 1BR/1BA at 25 Hotaling, a new project in the Jackson Square district downtown. I really liked Hotaling; it’s excellent for buyers looking for a pied-a-terre in an area that gets pretty quiet at night.

We move on to 3919 21st Street in Eureka Valley. I toured this property when it was listed back in mid March. It’s about 700 square feet, and is located on a secluded part of 21st Street, at the rear of the lot. There’s no parking, but there is a lot to walk to in the neighborhood (as well as lots of ZipCars nearby):

The owners paid $645,000 in 2006, so the list price is obviously designed to cover selling costs.

And finally, here’s 301 Bryant #D31, a 914-sq foot 1BR/1BA in great South Beach location:

One glitch here is that the unit is tenant occupied, which is something to consider if you’re not looking to purchase investment property. This is a bright corner unit with a spacious bedroom. HOA dues are $442/mo.

Posted in Downtown, Market Snapshots, Noe/Eureka Valley, SoMa/S. Beach/M. Bay | Tagged: , , , | Leave a Comment »

Get Your Rock Star on at the Warfield Office Condos

Posted by insidesfre on May 12, 2010

I visited the Warfield building at 988 Market & 6th Street yesterday on broker tour to see the new “office condos” that just hit the market.

A bit of history: The Warfield was designed by Gustav Albert Lansburgh, and was constructed between 1921 and 1922 in a Renaissance Revival style. The Warfield Theatre opened in May 1922. The Examiner once occupied the building, and Al Capone apparently used the building in the 1920s, too.

There are a total of eight floors of space, with seven floors being offered as commercial office condos and zoned C3G with an allowance for what’s known as Accessory Use Housing. This means you can use about a quarter of each floor for residential use, and the rest of the space for a variety of uses. Floors 2-5 will share a wall with the famous Warfield theatre, but the top three floors definitely have residential possibilities.

Square footage ranges from 4,601 for the second floor, to 5,118 for the 8th floor. The latter is the penthouse unit, which is the only fully developed one. I pictured Lenny Kravitz living here and shooting that video with Gina Gershon. My favorite part is the cassette-embossed cabinet in one of the bathroom areas:

And I also liked the “office” part of the floor:

The penthouse includes a huge attic space, as well as a 5,000-square foot roof deck. It’s being listed at around $2.5M. Included in the mix are a purple bedroom and adjacent fuschia half bath.

The other units are presently “warm shells,” meaning they’re waiting for development. I checked out unit 5, which looked like this:

Prices for the other office condos range from $1,339,000-$1.4M. Unit 6 has a half-acre deeded roof space, by the way. Some other tidbits: HOA dues are $1,000/mo; parking is available for $180/mo; and each owner is guaranteed eight tickets to every performance at The Warfield.

You can also buy the actual Warfield auditorium for $10M. Or the whole damn building for $22M. Drum solo, please.

I say: Get in there and set up shop by the end of June. Then you can get your eight seats for the Sharon Jones & the Dap Kings show on 6/25.

Posted in Downtown, New Developments | Tagged: , | 1 Comment »

Checking in On 25 Hotaling in Jackson Square

Posted by insidesfre on March 9, 2010


It was back in September when I first visited 25 Hotaling, the nine-unit boutique building in Jackson Square. The project is a mix of eight one bedrooms and one two bedroom, with three commercial spaces as part of the HOA.

For a building with somewhat small units and no deeded parking, 25 Hotaling is doing decidedly well. It’s at the halfway point for completing its sales; two units have closed, and two will be selling shortly. What remains are four 1BR units ranging in price from $629,000-$689,000, and the two bedroom listed at $889,000. (I’m told an offer is actually on the way on one of the remaining 1BRs.) Prices have been coming in 3% lower than asking, which tells you how buyers are using that credit.

The seller is offering a 3% credit toward HOA dues, parking or closing costs—or you can just knock 3% off the list price. Leased parking is available nearby at $300/mo, which isn’t bad for downtown. Buyers seem to be professional couples looking for second homes in San Francisco, says listing agent Ken Eggers at Zephyr Real Estate, as well as primary home buyers who work in the Financial District.

Contact me if you’d like to check out the remaining inventory. I really like the location of Hotaling and they’ve done a nice job with the property.

Posted in Downtown | Tagged: , , | Leave a Comment »

What’s Up With the St. Regis?

Posted by insidesfre on February 12, 2010

Every once in a while, multiple properties hit the market in a particular neighborhood, block or building, and it makes you wonder what’s going on. I recently noticed that there are seven condos currently available at the St. Regis (188 Minna) in the SoMa area, which is kind of a big number within one property.

There are five 2BR condos currently available, all approximately 1600 square feet and priced from $1,795,000 to $2,490,000. Additionally, two 3BR properties are on the market for $2,595,000 and $4,800,000. I’ve asked around, and it doesn’t sound like anything strange is happening at the St. Regis—just sellers making changes and moving on. Not one of the seven units is classified as a foreclosure or short sale. (But two other units in the property are actually in the auction stage.)

The St. Regis has been performing fairly well in a challenging market for luxury homes. Last year, five 2BRs sold, ranging in price from $1,975,000 to $2,550,000. However, nine 2BRs were withdrawn by sellers or expired (two of which are on the market now). The building has some nice amenities, from concierge and butler service to an outdoor terrace, spa, and fitness center.

But the reason the St. Regis may have so many units sitting on the market (for an average of 90 days) is because newer, shinier buildings like The Millennium have entered into the mix and are competing for buyers’ attention. The Millennium boasts superior amenities such as Michael Mina’s rn74 restaurant, a private dining room, wine storage, a Sports Club/L.A. center and more. Its sister over at the Four Seasons (765 Market) only has three units on the market—including a 1BR that just came on at $2,650,000—and that building seems to be holding up well in terms of turnover.

Posted in Downtown, SoMa/S. Beach/M. Bay | Tagged: , , | 1 Comment »

Odeon Penthouse Officially on Market in Union Square

Posted by insidesfre on February 10, 2010

The unique Union Square penthouse property at The Odeon (181 O’Farrell #513) came on the market last week. The 3BR/2BA, two-level condo has 2516-square feet and is listed at $1,899,000.

The unit has a busy history. The current owners paid $2M and put another $400,000 in. They’ve tried to sell it in fractional increments (totalling $3.1M at one point), and off market in the $2.4M range. But the unit is officially on the market now and in the San Francisco MLS for a price at which the seller will not break even by any stretch.

HOA and parking expenses aren’t cheap—a total of $1312 per month. But the floorplan is pretty cool, with two bedrooms, one bath and the living areas on the main level. A master suite is on the upper level, which is the very definition of “boudoir” to me:

In any event, be the king Union Square and grab your penthouse while it lasts.

Posted in Downtown | Tagged: , | Leave a Comment »

Marquee Lofts Unit Sees Semi-Sweet December Sale

Posted by insidesfre on December 22, 2009

Last sold for $1.4M in November 2004, 151 Alice B. Toklas Place #702 closed escrow last week for $1,330,000.

The 2300-square foot, 2BR/2.5BA unit with two parking spaces is located in one of my favorite buildings, and was designed by noted architect Stanley Saitowitz. Unit 702 is the product of two units joined together, and has 13-foot ceilings, panoramic views, and great natural light.

There are two master suites that have “disappearing” pocket doors (see above photo). And the unit was used in the Keanu Reeves/Charlize Theron film “Sweet November” back in 2001.

#702 was initially listed back in March 2009 for $1.8M, and saw a series of price reductions that led to the final $1,330,000 sales price. So the seller did take a hit in price. But given the limited number of buyers who can afford a loan on a $1M+ property these days, all parties should be quite satisfied.

Posted in Downtown, North End of Town | Tagged: , | Leave a Comment »

Nob Hill Condos Target First-Time Home Buyers

Posted by insidesfre on December 8, 2009


I often get contacted by prospective buyers wondering what’s available for around $400,000 in San Francisco. Unfortunately, the options are limited and usually don’t involved parking. But if you’re looking for a highly walkable condo with luxury finishes in an affordable price range, 901 Bush Street may be for you.

A bit of background on this 38-unit building: Its owners Ellis Acted the property back in 2006. (This means they used legal means to get out of the rental business and empty the building of tenants, making it the largest property ever Ellis Acted in San Francisco.) Then came a fire and rehab. And an attempted condo conversion by the owners. The city denied the conversion—not surprisingly, since you can only convert buildings with six or fewer units. Lawsuits followed, and there was reportedly a settlement with the city that paved the way for a “special use district” that enabled the building to be considered new construction. The units then came on the market as condos.

The units were priced in the $300,000-$500,000 range. They feature high-end finishes such as Caesarstone countertops and stainless-steel appliances. Twenty-two units have sold since 2008, and sixteen have sold this year—the latter being mostly one bedrooms with an average sales price of $397,430. There are seven available now and four in contract. The owners have somehow managed to withstand the economic downturn that hit in late 2007 and got even worse in October 2008. The building is even approved for FHA financing. Monthly homeowner association dues (HOA) are $270.

Though the building history is rather unfortunate, I have to admit that 901 Bush addresses the need for housing in this price range that’s located in a walkable, transit-rich area.

Posted in Downtown, FHA, North End of Town | Tagged: , , | Leave a Comment »

Drastic Drop for 33 Dashiell Hammett

Posted by insidesfre on October 28, 2009

dashiellLast sold in 2007 for $1,295,000, 33 Dashiell Hammett went on a resale campaign beginning in early 2008.

The 3BR/2BA Edwardian single-family home tucked on Dashiell Hammett between Pine and Bush/Powell and Joice sailed through list prices like there was no tomorrow: $1,995,000; $1,895,000; $1,795,00; $1,595,000; $1,490,000…And now, it’s officially a short sale with one of the previous listing agents, clocking in at $1,095,000.

There’s a lot of old-world clutter and a decked-out yard, plus one-car parking. In the end, though, will the list price fly with the lender? Only two other homes have sold in what is technically the “downtown” district, and both sold for around $2.3M. I’m betting any buyer who writes an offer at asking will end up being countered. Go to it!

Posted in Downtown | Tagged: , , | Leave a Comment »