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Archive for the ‘New Developments’ Category

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Update: LindenHayes Nears Completion, Half in Contract

Posted by insidesfre on March 17, 2010

It’s been a few months since we last checked in on LindenHayes at Franklin and Hayes. So here’s the latest: Construction is drawing to completion as the builder finishes the common areas. As soon as the lobby and the landscaped courtyard are done (probably by April 3rd), LindenHayes will have its grand opening.

In the meantime, “dusty shoe” tours are continuing, by appointment. To date, there are 15 pending sales out of a total of 32 units—not bad for minimal advertising and no MLS entries.

Here’s a refresher on what’s available, and in what price ranges—keeping in mind that pricing is still “fairly fluid” at this point, according to Doug Shaw at Pacific Union:
- 16 1BR/1BA residences, ranging from $529,000-$649,000 (some in contract)
- 12 2BR/2BA, from $769,000-$965,000 (some in contract)
- Three 3BR/2BAs (all are in contract).

Parking is included with all units. Contact me if you’d like a dusty shoe tour before the grand opening.

Posted in Hayes Valley, New Developments | Tagged: | Leave a Comment »

Update: 555 Bartlett Off and Running

Posted by insidesfre on March 16, 2010

It’s been a week or so since the sales office at 555 Bartlett began taking reservations and writing contracts. To date, 25 of the 58 residential condos are in contract, according to the sales team. That’s an excellent sales rate for a new development in the current market. Given the overall quality and reputable developer involved, I’m not surprised. I was very favorably impressed upon my initial preview visit.

Current pricing lands one bedrooms from $440,000-$490,000; two bedrooms range from $530,000-$650,000. One three-bedroom unit remains, priced in the high $600,000 range. A large garage with ample parking, as well as various degrees of storage, are available.

Keep in mind 555 Bartlett is FHA approved. Give me a call if you’d like to check out the remaining inventory.

Posted in Mission/Potrero, New Developments | Tagged: | Leave a Comment »

NoPa Renovation = Two Luxury Condos

Posted by insidesfre on February 18, 2010

The low-key, pale blue 2BR/1BA single-family home above on Broderick between Hayes and Grove was sold in 2005 for $910,000 (listed at $799,000 at the time). It’s now resurfacing as two luxury condos with a far different exterior:

Welcome to the new incarnation of 526-528 Broderick. We now have 526 Broderick’s 1776-square foot, 4BR/3.5BA, two-level lower unit listed at $1,150,000. And upstairs is 528 Broderick, which is a 3BR/2.5BA, 1383-square foot unit all on one level.

The top level living area is pretty spacious, and they’ve even included a piano with the staging to emphasize that fact:

Most 3BR+ condos in the neighborhood have sold in the $700,000-$800,000 range. But none quite match the finishes and floorplans of 526-528 Broderick. 1696 McAllister, a 5BR condo with 3,000+ square feet and two-car parking sold last year for $1.4M. If today represents a slightly different market, the Broderick developer may be in luck. My sense is that bringing on these units now vs. Spring will work to their advantage. First open is Sunday from 1:00-4:00. (Working on finding a Web site, as there doesn’t seem to be one online yet.)

Posted in Haight/NoPa, New Developments | Tagged: | Leave a Comment »

Citrino Condos Make A Comeback

Posted by insidesfre on February 9, 2010

The building at 566 South Van Ness between 16th and 17th Streets in the Mission known as The Citrino is making a minor comeback in the current market. Citrino completed construction back in 2007 and went on the market in July of that year at a time when the credit crisis hit the media in a big way. Things didn’t get much better after that.

Though the developer did sell 22 of the 32 condos, an ownership change then took place, and future sales were put on hold. Seven of the condos that remained were rented, and three were left vacant. One bedrooms had sold in 2008 from the low $400,000s to the low $500,000s, and the two bedrooms sold from the high $500,000s all the way up to the mid $700,000s.

New ownership is now in place, and it’s looking to sell off units as tenants’ leases expire. And two of the three vacant, top-floor units are already on their way to being sold. The pair of 2BR/2BAs with about 932 square feet and one-car parking came on the market at the very end of January and were listed at very competitive prices of $569,000-$579,000. They went into contract within days of coming on the market. The last top-floor condo is currently available for $569,000.

Citrino’s finishes are high-end, with Scavolini kitchens, Bertazoni ranges, Fisher Paykel dishwashers, CaesarStone countertops, and gas fireplaces:
There are nice outdoor spaces and a cool roof deck. HOA dues are in the $330 range. Probably the biggest downside is the block on which Citrino is located. Though it’s around the corner from the 16th and Mission BART station and about four blocks from the Valencia corridor, Citrino is opposite a rundown gas station, adjacent to the South Van Ness car wash/gas station at 16th, and a few doors down from a temporary occupancy hotel that breeds a lot of characters. Buyers have to decide if the nicely done units and the convenient location outweigh the sketchy street locale.

Returning to market after a hiatus is a strategy that’s picking up speed in the new development segment. The Artani at 818 Van Ness is getting ready to unleash a bunch of units it pulled from the market after an unsuccessful sales attempt last year, and 829 Folsom is also resuming sales after a marketing team change. In all cases, prices are lower than when the buildings first started selling in 2008-2009. I’m sensing some good opportunities for buyers who are ready to jump into the mix and get new-construction homes for reasonable prices.

Posted in Mission/Potrero, New Developments, SoMa/S. Beach/M. Bay | Tagged: , , | Leave a Comment »

Preview: Nove’s Noe/Mission Luxury Condos

Posted by insidesfre on February 3, 2010

The nine LEED-certified condos known as Nove (pronounced “Nov-ay”) are taking shape at 1060 Guerrero and 145 Ames on the Noe Valley/Mission border. I toured the property yesterday (no photos allowed yet) and the luxury units are pretty impressive.

Designed by Handel Architects—the same group behind downtown’s Millennium—Nove is subdivided into three lots, with each lot running from Guerrero to Ames. There are three condos on each lot—two units in the front building, and one townhome-style in the rear. However, the units in each building are not detached from each other. (A couple different developers own the lots.) There will also be three separate homeowners associations.

There will be eight 3BR/2BA condos, and one 4BR/3BA unit, ranging from about 1291 square feet through about 1800 for the 4BR. Finishes are high end and designed by Studio Becker. The living areas are spacious, and the master suites typically feature nice front and rear balconies. The Guerrero units get great light and have a nice feel to them. The Ames properties have less appealing/private outlooks, as they face the Guerrero building and the homes on Ames. But the benefit is that you have no one above or below you. The two buildings are separated by a nicely landscaped area that also accommodates deeded patios.

Prices aren’t set yet, but will range from around $1.1M for the smallest 3BR to around $1.4M for the other 3BRs. The largest 4BR/3BR condo will likely be in the $1.7M range, and Nove’s first open house will be the weekend of February 20th. Contact me if you’d like a preview. My take on this project is that it’s beautifully designed and provides excellent space and finishes in a highly walkable location near public transportation, freeways and some of the best restaurants in town.

Posted in Mission/Potrero, New Developments, Noe/Eureka Valley | Tagged: , , | Leave a Comment »

New Construction Projects Moving Ahead in San Francisco

Posted by insidesfre on February 1, 2010

Several new developments are on track for construction in San Francisco, despite the economic downturn. Most prominently, according to a report Friday in the San Francisco Business Times, Bosa is planning to build Phase Two of The Radiance in Mission Bay this summer. They’ve scaled back the number of units from 318 to 170, and expect to finish the property within two years. Bosa is currently getting a new round of construction cost estimates and will be presenting that info to its lenders, Scotiabank and Bank of America.

Another anticipated project that seems to be on track is Lennar’s Hunter’s Point Shipyard. The company started work on the first 88 homes this month, and is already looking ahead to the next 159 units (breaking ground in second half of 2010).

The SF Business Times also mentions the possibility of 308 units breaking ground at 333 Harrison later this year, as well as a couple large apartment buildings.

It’s good to see projects being greenlighted in San Francisco. My sense is that we’ll see more new developments breaking ground over the next two- to three years. But Radiance and Hunter’s Point are good starts.

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Update: Linden Hayes Sales Under Way, Pricing Goes Public

Posted by insidesfre on January 21, 2010

The 32 units over at Linden Hayes—now with its official address of 233 Franklin—are finally seeing some list price ranges from the sales team.

Six units have been sold, according to my colleague Doug Shaw at Pacific Union. So if you want to jump on the bandwagon, here are the ranges:

1BRs: $525,000-$649,000

2BR/2BA: $800,000-$965,000

3BR/2BA: $940,000-$995,000

The first owners can expect to move in around mid-March. Contact me if you’d like a private tour.

Posted in Hayes Valley, New Developments | Tagged: , | Leave a Comment »

A Look Inside the Mission’s Newest Development: 555 Bartlett

Posted by insidesfre on January 15, 2010

I attended a friends and neighbors party at the Mission’s new 555 Bartlett last night. The building isn’t quite complete, but it’s pretty obvious that it will cater to what San Francisco buyers need—reasonably priced units with parking in a central, increasingly hip location.

The 58-unit development is located at the corner of Mission and Cesar Chavez and features a mix of predominantly one- and two-bedroom condos.

The developer is pricing Bartlett in a very appealing price range for new construction—and for a majority of San Francisco buyers. The one bedrooms will start in the $400,000s, and the two bedrooms will be listed in the mid-$500,000s. There are a handful of three-bedroom units in the $600,000s, and a few studios. Many of the one bedrooms, some with studies, face the 26th Street side of the project, which will be quieter. The two bedrooms face Cesar Chavez.

Here’s a look at the living room of the staged one-bedroom model, along with the kitchen—and a desk area that lies between the bedroom and bathroom:

The two-bedroom model is staged a bit more whimsically, and also includes a painted “brick wall” :

Finishes are quite nice for the price point, and include quartz countertops, Bosch gas range, microwave and dishwasher, and Kohler faucets. Most units have small balconies or decks, and are pre-wired for ceiling fans and alarm systems.

There’s also an approximately 11,000-square foot interior courtyard, bike storage, an elevator, and a Walgreens on the ground level. Parking comes with each unit, but those opting for no parking can chop $40,000 off the purchase price. HOA dues will range from $270-$350/mo.

The location is extremely convenient for downtown and Peninsula commuters. BART is three blocks north on Mission, and 280 or 101 are about two minutes away. You can also walk one block to Valencia and find yourself a stone’s throw from Pi Bar, Anthony’s Cookies, and Beretta. Or head south on Mission and hit El Rio, Blue Plate, Good Frikin’ Chicken, Emmy’s Spaghetti Shack, the Front Porch, and Safeway.

Though not yet ready to be shown to the public, 555 Bartlett will open soon. And don’t get too put off by the existing exterior colors; I’m told they are primer for the final color scheme.

555 Bartlett is also approved for FHA loans.

Let me know if you’d like to schedule an appointment before the masses get through the doors.

Posted in FHA, Mission/Potrero, New Developments | Tagged: , | 8 Comments »

Mission’s Union Gets FHA Approval

Posted by insidesfre on January 13, 2010

One of the latest condo developments to get FHA loan approval is Union, the 76-unit complex at Bryant between 19th & 20th in the Mission. The project has been on the market since last year, and is more than 50% sold, according to the sales team, and it’s now possible to buy a condo in Union with as little as 3.5% down.

Union is split into two parts: the townhomes, and the recently released brick-and-timber lofts. Price ranges for remaining townhomes are $675,000-$799,000 for two bedrooms, and $820,000-$895,000 for three bedrooms.

One-bedroom lofts range from $575,000-735,000; two bedrooms are $660,000-$755,000 and three bedrooms are listed between $795,000-$859,000. The loft units tend to be smaller than the townhomes.

Before you run out to get preapproved for an FHA loan, make sure you run the numbers and find out how much your monthly payments will be. As I’ve noted in this blog before, FHA loans let buyers purchase homes who don’t have the required 20% down payment. But be mindful of how much cash you’ll have to come up with on large loan amounts.

Posted in FHA, Home Buyer Tips, Mission/Potrero, New Developments | Tagged: , | Leave a Comment »

13 New Condos Coming at 15th & Dolores

Posted by insidesfre on January 5, 2010

The long-vacant lot and its adjacent historical structure at the corner of 15th and Dolores are finally scheduled to become high-end residential housing later this year (barring one more upcoming “formality hearing”):

The property went through Planning review channels last Fall, and is now slated to host a mix of one- and two-bedroom condos (plus one three bedroom). Development on the land has been battled by neighbors for years, but it looks like the time has come for residential housing to take hold.

The existing structure—originally built in 1904 as a parsonage, which is a house provided for the pastor of a church—will be transformed into three condos, and the lot will ultimately see four stories of ten additional units. Parking will be available for all condos.

The developer is experienced in creating “unique, boutique residences,” according to one of the listing agents for the project. So I’m guessing pricing will be closer to the $1M mark and above for these units. (Luxury properties in established neighborhoods are generally selling at $1,000/sq foot.)

Smaller buildings with luxury finishes seem to be the trend these days, as those buyers willing and able to pay higher prices tend to prefer smaller buildings in well-established neighborhoods with limited development opportunity. And this one is in an extremely walkable, central location in Mission Dolores and straddling the Castro, Duboce Triangle, and Hayes Valley areas.

I’ll keep you posted on this project as it unfolds.

Posted in Hayes Valley, Mission/Potrero, New Developments, Noe/Eureka Valley | Tagged: , | Leave a Comment »

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