Walkable Neighborhoods Are Key to Millennial Homebuyers
July 30, 2015 by Pacific Union • Posted in Industry Surveys & Studies
San Francisco’s Union Square, ranked as one of the city’s most walkable neighborhoods.
Living in a highly walkable neighborhood is more important to millennials than it is to other generations, as nearly one-third of them use their feet as a regular form of transportation.
In a recent survey conducted in conjunction with Portland State University, the National Association of Realtors found that 50 percent of millennials – defined here as persons born in 1981 and later – said that living within an easy walk of amenities was very important when choosing a place to live. The importance of walkability decreases with age: 43 percent of Gen Xers ranked it as critical, compared with 38 percent of baby boomers.
One reason that a neighborhood’s walkability is so important to millennials is because a significant number of them – 32 percent – reported walking to work or school within the past month, compared with 19 percent of Gen Xers and 13 percent of baby boomers. Millennials were also the most likely to stroll in their free time, with 62 percent saying that they walked to restaurants and shops and when running personal errands. Additionally, the survey found that millennials walked an average of 13.3 days per month, more than older generations.
Members of Generation X were slightly more prone to travel by bicycle: 28 percent reported having ridden a bike for transportation or exercise in the past 30 days compared with 26 percent of millennials and 21 percent of baby boomers. Gen Xers favored neighborhoods with bike lanes more than other generations, with 28 percent calling them very important.
Millennials are flocking to the Bay Area to take advantage of a booming economy and high-paying jobs, and the fact that the region’s major cities are some of the most walkable in the U.S. is likely an additional attraction. In its 2015 rankings of America’s most walkable cities, Walk Score named San Francisco as the second most walkable city in the country, with a score of 83.9 out of a possible 100. Chinatown ranked as the city’s most walkable neighborhood, with a perfect score, while four other enclaves received a 99.
Oakland ranked No. 9 in the country for walkability, notching a 68.5. Downtown tied Koreatown-Northgate as the most walkable neighborhood in the city, both scoring a 97.
Walk Score also ranks neighborhoods for their bike-friendliness based on four factors, including number of bike lanes and hills. Even with its famously steep terrain, San Francisco ranks No. 2 in the country for bike-friendliness with a score of 75.1. Perhaps not surprisingly, San Francisco’s best neighborhoods for bicyclists are all in relatively flat parts of the city, including the Civic Center and the Mission District, both of which received a score of 98.
With a Bike Score of 60.9, Oakland ranks No. 14 in the U.S. for bicyclists, with the Bushrod neighborhood in the northern part of the city netting a high score of 98. Nearby Berkeley actually has a higher overall Bike Score – 88.8 – than either of its larger neighbors but didn’t make the top 20 due to its size.
(Photo: Flickr/Daniel Hoherd)
Showing posts with label San Francisco real estate. Show all posts
Showing posts with label San Francisco real estate. Show all posts
Wednesday, August 5, 2015
Sunday, August 2, 2015
Refined Designs And Timing For New Development Fronting Fourth
July 30, 2015
The designs for the mixed-use development to rise at 1300 Fourth Street (a.k.a. Mission Bay Block 6 East), with 142 affordable apartments and a mangers unit over a series of ground-floor commercial spaces fronting Fourth Street, have been refined and newly rendered.
As designed by Mithun Solomon and Studio VARA, a double-height restaurant at the corner of Fourth and Mission Bay Boulevard will overlook the future Mission Bay Commons, while the northern most corner of the development at Fourth and China Basin will provide space for an after school writing and literacy program to be run by 826 Valencia.
1300 4th Street Rendering: China Basin
Up to five additional retail spaces will line the ground floor of the development along Fourth Street.
A mews with 12 townhomes and 10 flats facing a mid-block walkway between Mission Bay Boulevard and China Basin will rise up to three stories along the western edge of the development.
1300 4th Street Rendering - Mid-Block
The Tenderloin Neighborhood Development Group (TDNC) will manage the 143 units which will range in size from around 600 square feet for a one-bedroom to 1,300 square feet for the largest three-bedroom and be made available to households earning up to 50% of the Area Median Income (AMI). The building will provide and 24-hour property management and supportive services for residents, including after school activities and other programming for youth. Twenty percent of the apartments will be designated for formerly homeless families.
The projected budget for the development, which also includes 41 off-street parking spaces, parking for 136 bicycles, and a number of open courtyards, but doesn’t account for the value of the land, is around $76 million.
The project team currently plans to start construction in late spring 2016, with occupancy slated for around the end of 2017.
Articles and photos sourced from www.socketsite.com
July 30, 2015
The designs for the mixed-use development to rise at 1300 Fourth Street (a.k.a. Mission Bay Block 6 East), with 142 affordable apartments and a mangers unit over a series of ground-floor commercial spaces fronting Fourth Street, have been refined and newly rendered.
As designed by Mithun Solomon and Studio VARA, a double-height restaurant at the corner of Fourth and Mission Bay Boulevard will overlook the future Mission Bay Commons, while the northern most corner of the development at Fourth and China Basin will provide space for an after school writing and literacy program to be run by 826 Valencia.1300 4th Street Rendering: China Basin
Up to five additional retail spaces will line the ground floor of the development along Fourth Street.
A mews with 12 townhomes and 10 flats facing a mid-block walkway between Mission Bay Boulevard and China Basin will rise up to three stories along the western edge of the development.
1300 4th Street Rendering - Mid-Block
The Tenderloin Neighborhood Development Group (TDNC) will manage the 143 units which will range in size from around 600 square feet for a one-bedroom to 1,300 square feet for the largest three-bedroom and be made available to households earning up to 50% of the Area Median Income (AMI). The building will provide and 24-hour property management and supportive services for residents, including after school activities and other programming for youth. Twenty percent of the apartments will be designated for formerly homeless families.
The projected budget for the development, which also includes 41 off-street parking spaces, parking for 136 bicycles, and a number of open courtyards, but doesn’t account for the value of the land, is around $76 million.
The project team currently plans to start construction in late spring 2016, with occupancy slated for around the end of 2017.
Articles and photos sourced from www.socketsite.com
Friday, July 31, 2015
Average 30-Year Mortgage Rate Drops Back Below 4 Percent
July 30, 2015
Having ticked up to 4.09 percent two weeks ago, the highest rate so far this year, the average rate for a 30-year mortgage has dropped to 3.98 percent, versus 4.12 percent at the same time last year, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year rate, which hit an all-time low of 3.31 percent in November 2012, and a three-year high of 4.58 percent in August 2013, has averaged roughly 6.7 percent over the past twenty years.
The recent dip comes on the heels of a second big drop in Chinese stock prices and weaker than expected pending and new home sale reports, and an associated flight to quality which dropped Treasury yields around 5 basis points.
Articles and photos sourced from www.socketsite.com
July 30, 2015
Having ticked up to 4.09 percent two weeks ago, the highest rate so far this year, the average rate for a 30-year mortgage has dropped to 3.98 percent, versus 4.12 percent at the same time last year, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year rate, which hit an all-time low of 3.31 percent in November 2012, and a three-year high of 4.58 percent in August 2013, has averaged roughly 6.7 percent over the past twenty years.
The recent dip comes on the heels of a second big drop in Chinese stock prices and weaker than expected pending and new home sale reports, and an associated flight to quality which dropped Treasury yields around 5 basis points.
Articles and photos sourced from www.socketsite.com
Tuesday, July 28, 2015
Bay Area Inventory Shortages Fuel June Home Price Gains
July 23, 2015 by Pacific Union • Posted in Home Sales Volume & Inventory Conditions
Home inventory dropped in all nine Bay Area counties last month, driving prices higher from one year ago and ensuring that multiple offers remain commonplace.
In its June 2015 sales and price report, the California Association of Realtors says that the months’ supply of inventory (MSI) for single-family homes declined to 2.0 across the nine-county Bay Area in June, down from 2.2 in May and 2.5 from one year ago. San Mateo County had the most severe supply constraint in state, with an MSI of 1.5, followed by Santa Clara and San Francisco counties (1.7), Alameda County (1.8), and Contra Costa County (2.0). CAR says that an MSI of 6.0 to 7.0 is typically considered to be a balanced market, with larger numbers favoring buyers and smaller numbers favoring sellers.
The median sales price in the Bay Area was $833,330, down 1.6 percent from May but up 7.7 percent from a year ago, outpacing the state’s annual home price growth of 7.0 percent. In a statement accompanying the report, CAR President Chris Kutzkey attributed the Bay Area’s home price gains to supply limitations.
“Home prices continue to improve but at a more moderate rate compared with the previous year,” she said. “However, in areas such as the San Francisco Bay Area where tight inventory is fueling stiff competition and generating multiple offers, home prices are still rising at or near double-digit rates, and creating a challenging environment for potential buyers in the region.”
On an annual basis, prices were up in all nine counties, ranging from 15.4 percent in Napa and Sonoma counties to 9.5 percent in Alameda County. The Bay Area is home to the six most expensive counties in California, led by San Francisco, where the median sales price was $1,339,290 in June. San Mateo County was just a step behind, with a median sales price of $1,300,000, followed by Marin ($1,163,460), Santa Clara ($990,000), Contra Costa ($839,910), and Alameda ($814,480) counties.
Slim inventory levels and heated competition for available homes mean that Bay Area homebuyers continue to pay more than list price, even as buyers across the state enjoyed slight discounts. CAR says that Bay Area homes are selling for an average of 106.3 percent of original list prices compared with 99 percent statewide.
While June Bay Area home sales increased by 9.4 from May and 11.1 percent from a year ago, the number of active listings declined a substantial 10.7 percent on an annual basis, adding another complication to a housing market that’s already difficult for many buyers.
(Photo: Flickr/woodleywonderworks)
July 23, 2015 by Pacific Union • Posted in Home Sales Volume & Inventory Conditions
Home inventory dropped in all nine Bay Area counties last month, driving prices higher from one year ago and ensuring that multiple offers remain commonplace.
In its June 2015 sales and price report, the California Association of Realtors says that the months’ supply of inventory (MSI) for single-family homes declined to 2.0 across the nine-county Bay Area in June, down from 2.2 in May and 2.5 from one year ago. San Mateo County had the most severe supply constraint in state, with an MSI of 1.5, followed by Santa Clara and San Francisco counties (1.7), Alameda County (1.8), and Contra Costa County (2.0). CAR says that an MSI of 6.0 to 7.0 is typically considered to be a balanced market, with larger numbers favoring buyers and smaller numbers favoring sellers.The median sales price in the Bay Area was $833,330, down 1.6 percent from May but up 7.7 percent from a year ago, outpacing the state’s annual home price growth of 7.0 percent. In a statement accompanying the report, CAR President Chris Kutzkey attributed the Bay Area’s home price gains to supply limitations.
“Home prices continue to improve but at a more moderate rate compared with the previous year,” she said. “However, in areas such as the San Francisco Bay Area where tight inventory is fueling stiff competition and generating multiple offers, home prices are still rising at or near double-digit rates, and creating a challenging environment for potential buyers in the region.”
On an annual basis, prices were up in all nine counties, ranging from 15.4 percent in Napa and Sonoma counties to 9.5 percent in Alameda County. The Bay Area is home to the six most expensive counties in California, led by San Francisco, where the median sales price was $1,339,290 in June. San Mateo County was just a step behind, with a median sales price of $1,300,000, followed by Marin ($1,163,460), Santa Clara ($990,000), Contra Costa ($839,910), and Alameda ($814,480) counties.
Slim inventory levels and heated competition for available homes mean that Bay Area homebuyers continue to pay more than list price, even as buyers across the state enjoyed slight discounts. CAR says that Bay Area homes are selling for an average of 106.3 percent of original list prices compared with 99 percent statewide.
While June Bay Area home sales increased by 9.4 from May and 11.1 percent from a year ago, the number of active listings declined a substantial 10.7 percent on an annual basis, adding another complication to a housing market that’s already difficult for many buyers.
(Photo: Flickr/woodleywonderworks)
Monday, July 27, 2015
Inventory Of Homes For Sale In San Francisco Slips With Seasonality
July 27, 2015
The overall inventory of properties currently listed for sale in San Francisco (471) slipped 3 percent over the past two weeks as was to be expected and is currently running 15 percent lower on a year-over-year basis, driven by a continued slowdown in new listings for previously-owned condos.
While the inventory of previously-owned condos listed for sale in the city (254) is 28 percent lower than at the same time last year, the number of listed single-family homes for sale in San Francisco (217) is running 7 percent higher, with 45 percent of the single-family homes currently listed for under a million dollars.
The inventory of multi-unit buildings for sale in the city (108) has held relatively steady over the past two weeks but is currently running around 25 percent higher versus the same time last year.
Based simply on seasonality, listed inventory levels should continue to decline through August and then begin a sharp climb through October.
July 27, 2015
The overall inventory of properties currently listed for sale in San Francisco (471) slipped 3 percent over the past two weeks as was to be expected and is currently running 15 percent lower on a year-over-year basis, driven by a continued slowdown in new listings for previously-owned condos.
While the inventory of previously-owned condos listed for sale in the city (254) is 28 percent lower than at the same time last year, the number of listed single-family homes for sale in San Francisco (217) is running 7 percent higher, with 45 percent of the single-family homes currently listed for under a million dollars.
The inventory of multi-unit buildings for sale in the city (108) has held relatively steady over the past two weeks but is currently running around 25 percent higher versus the same time last year.
Based simply on seasonality, listed inventory levels should continue to decline through August and then begin a sharp climb through October.
Saturday, July 25, 2015
Pacific Union Quarterly Report: Q2 2015
July 21, 2015 by Pacific Union • Posted in Pacific Union Quarterly Reports
Inventory remained slim across the Bay Area in the second quarter, particularly in the East Bay and the Mid-Peninsula, where the months’ supply of inventory (MSI) was less than 1.0 in June. And in the final month of the second quarter, the median sales price reached a one-year high in our Contra Costa County/Tri-Valley and Sonoma County regions.
Pacific Union’s second-quarter 2015 report is packed with data and regional summaries that offer a complete look at real estate activity in the Bay Area and the Lake Tahoe/Truckee region.
Our Q2 Report also includes a comprehensive chart tracking 10 years of home sales throughout the Bay Area and Lake Tahoe/Truckee — 76 cities, towns, and neighborhoods in nine regions. A smaller version of that chart, showing regional totals, appears below. Click anywhere on the chart to see the full data set.
SAN FRANCISCO
San Francisco’s red-hot real estate market continued to sizzle during the second quarter of 2015. It was a fantastic market for sellers: Available single-family homes and condominiums were in short supply at all prices ranges, and a substantial majority of properties for sale received multiple offers. The result? Most sales prices topped asking prices, in some cases by wide margins. Typical of this was a San Francisco home offered at $850,000 that sold for $1.15 million.
Although San Francisco remains a challenging market for buyers, there still were deals to be found – particularly with the help of a savvy real estate professional. But buyers had to move fast, as it wasn’t uncommon to see attractive, fairly priced properties go under contract just days after appearing on the market. Sellers, meanwhile, faced a dilemma: Putting their homes on the market instantly placed them in the same position as buyers – scrambling to find their next home. The solution for many sellers was to negotiate a rent-back agreement with the buyer, giving them extra time to search for a new home.
Looking Forward: Sales typically ease up during the summer, but don’t mistake a less-frenetic pace for a sea change in the market. With a booming local economy and interest rates still near record lows, there will be no shortage of San Francisco buyers for the foreseeable future.
Articles and photos are sourced from www.socketsite.com
July 21, 2015 by Pacific Union • Posted in Pacific Union Quarterly Reports
Inventory remained slim across the Bay Area in the second quarter, particularly in the East Bay and the Mid-Peninsula, where the months’ supply of inventory (MSI) was less than 1.0 in June. And in the final month of the second quarter, the median sales price reached a one-year high in our Contra Costa County/Tri-Valley and Sonoma County regions.
Pacific Union’s second-quarter 2015 report is packed with data and regional summaries that offer a complete look at real estate activity in the Bay Area and the Lake Tahoe/Truckee region.
Our Q2 Report also includes a comprehensive chart tracking 10 years of home sales throughout the Bay Area and Lake Tahoe/Truckee — 76 cities, towns, and neighborhoods in nine regions. A smaller version of that chart, showing regional totals, appears below. Click anywhere on the chart to see the full data set.
SAN FRANCISCO
San Francisco’s red-hot real estate market continued to sizzle during the second quarter of 2015. It was a fantastic market for sellers: Available single-family homes and condominiums were in short supply at all prices ranges, and a substantial majority of properties for sale received multiple offers. The result? Most sales prices topped asking prices, in some cases by wide margins. Typical of this was a San Francisco home offered at $850,000 that sold for $1.15 million.
Although San Francisco remains a challenging market for buyers, there still were deals to be found – particularly with the help of a savvy real estate professional. But buyers had to move fast, as it wasn’t uncommon to see attractive, fairly priced properties go under contract just days after appearing on the market. Sellers, meanwhile, faced a dilemma: Putting their homes on the market instantly placed them in the same position as buyers – scrambling to find their next home. The solution for many sellers was to negotiate a rent-back agreement with the buyer, giving them extra time to search for a new home.Looking Forward: Sales typically ease up during the summer, but don’t mistake a less-frenetic pace for a sea change in the market. With a booming local economy and interest rates still near record lows, there will be no shortage of San Francisco buyers for the foreseeable future.
Articles and photos are sourced from www.socketsite.com
Friday, July 24, 2015
Eclectic Ashbury Heights Mansion On The Market For $4.5M
July 24, 2015
Built in 1908 and since seismically upgraded, the 4,500-square-foot Buena Vista Park home at 880 Ashbury was on the market for $2.75 million in early 2011 and sold for $2.46 million that June.
The four-level home is an eclectic mix of old and new, with ornate original woodwork and period details; an antique center island in the open kitchen which was ‘modernized’ in 1999; a half-floor master suite with multiple walk-in closets; and a top floor sitting room with deconstructed ceiling.
And with a newly added two-car garage, 880 Ashbury is now back on the market for $4,499,995.
Articles and photos sourced from www.socketsite.com
July 24, 2015
Built in 1908 and since seismically upgraded, the 4,500-square-foot Buena Vista Park home at 880 Ashbury was on the market for $2.75 million in early 2011 and sold for $2.46 million that June.
The four-level home is an eclectic mix of old and new, with ornate original woodwork and period details; an antique center island in the open kitchen which was ‘modernized’ in 1999; a half-floor master suite with multiple walk-in closets; and a top floor sitting room with deconstructed ceiling.
And with a newly added two-car garage, 880 Ashbury is now back on the market for $4,499,995.
Articles and photos sourced from www.socketsite.com
Thursday, July 23, 2015
Two-Bedroom Noe ‘Fixer’ Fetches $2.8 Million
July 23, 2015
Purchased for $25,000 in 1969, the ‘vintage’ two-bedroom Noe Valley home at 1072 Noe hit the market last month listed for $1,898,000 as a fixer, “ready for an incredible transformation,” with an undeveloped full-length attic and an underdeveloped two-car garage “with dig-out potential.”
Six bids were received, five of which were from developers. And today, the sale of 1072 Noe closed escrow with a reported contract price of $2.8 million (the lowest bid was $2.15 million).
Articles and photos sourced from www.socketsite.com
July 23, 2015
Six bids were received, five of which were from developers. And today, the sale of 1072 Noe closed escrow with a reported contract price of $2.8 million (the lowest bid was $2.15 million).
Articles and photos sourced from www.socketsite.com
Wednesday, July 22, 2015
Roosevelt Tamale Parlor Building On The Market In The Mission
July 22, 2015
When the Roosevelt Tamale Parlor building on 24th Street in the Mission quietly traded hands for $1.85 million five months ago, the two one-bedroom flats above the restaurant were rented for $2,200 a month and the Parlor was paying $4,500 per month with a long-term lease.
While the Tamale Parlor remains in place and is turning a profit at its current rent, the two flats have since been emptied of tenants and renovated.
And the entire building at 2817 24th Street, at the heart of Calle 24, is now back on the market with a $3.2 million price
Articles and photos sourced from www.socketsite.com
July 22, 2015
When the Roosevelt Tamale Parlor building on 24th Street in the Mission quietly traded hands for $1.85 million five months ago, the two one-bedroom flats above the restaurant were rented for $2,200 a month and the Parlor was paying $4,500 per month with a long-term lease.
While the Tamale Parlor remains in place and is turning a profit at its current rent, the two flats have since been emptied of tenants and renovated.
Articles and photos sourced from www.socketsite.com
Tuesday, July 21, 2015
‘Over Asking’ But $100K Less Than 5 Months Ago
July 20, 2015
The Park Hill penthouse unit #701W which was purchased for $1.1 million five months ago returned to the market listed for $995,000 in May.
This past Friday, the sale of the renovated one-bedroom quietly closed escrow with a reported contract price of $1 million, officially ‘over asking’ according to industry stats but $100,000 (9%) less than five months ago on an apples-to-apples basis.
Built as St. Joseph’s Hospital in 1926 and cast as the sanatorium in Alfred Hitchcock’s Vertigo, 355 Buena Vista Avenue East was converted to the Park Hill condominiums in 1986.
July 20, 2015
The Park Hill penthouse unit #701W which was purchased for $1.1 million five months ago returned to the market listed for $995,000 in May.
Built as St. Joseph’s Hospital in 1926 and cast as the sanatorium in Alfred Hitchcock’s Vertigo, 355 Buena Vista Avenue East was converted to the Park Hill condominiums in 1986.
Articles and photos sourced from www.socketsite.com
Friday, July 17, 2015
Twice The Price After Two Years In Pac Heights (Again)
July 17, 2015
Foreclosed upon in 2009 with nearly $3 million owed at the time, the Pacific Heights home at 2523 Steiner returned to the market listed for $1,450,000 in March of 2011, was repainted three times in quick succession, and then sold for $1,260,000 that May.
A little over two years later in August 2013, the three-bedroom home with a rather challenging floor plan returned to the market listed for $2,450,000, was reduced to $2,195,000 and sold for $2,010,000 that November, nearly 60 percent more than the price which was paid in 2011.
And now, 2523 Steiner has just been listed anew for $3,995,000, a sale at which would be 99 percent more than was paid in August of 2013 and 217 percent more than in 2011.
July 17, 2015
Foreclosed upon in 2009 with nearly $3 million owed at the time, the Pacific Heights home at 2523 Steiner returned to the market listed for $1,450,000 in March of 2011, was repainted three times in quick succession, and then sold for $1,260,000 that May.
A little over two years later in August 2013, the three-bedroom home with a rather challenging floor plan returned to the market listed for $2,450,000, was reduced to $2,195,000 and sold for $2,010,000 that November, nearly 60 percent more than the price which was paid in 2011.
And now, 2523 Steiner has just been listed anew for $3,995,000, a sale at which would be 99 percent more than was paid in August of 2013 and 217 percent more than in 2011.
Articles and photos sourced from: www.socketsite.com
Thursday, July 16, 2015
Massive Potrero Hill Development Granted Key Exemption
July 14, 2015
Plans to move the mobile California Mini-Storage office at 790 Pennsylvania Avenue and build 48,000 square feet of production, distribution and repair (PDR) space on its parcel and 251 apartments, with 225 parking spaces, on the Potrero Hill slope behind have been granted a key Eastern Neighborhoods Plan-based exemption from having to complete a detailed environmental impact report.
In the works since 2011, the development team is aiming to secure final approvals and permits for the 790 Pennsylvania/1395 22nd Street project, and break ground, by the end of the year. If successful, the project, which is being designed by Leavitt Architecture, should be ready for occupancy by mid-2017.
The new residential building would [technically] front 22nd Street and would consists of two building volumes built over a shared podium, one four stories tall (consisting of approximately 58,620 gross square feet of space) and one eight stories tall (consisting of approximately 187,684 gross square feet of space).
The four‐story volume would be 40 feet tall and would be developed on the flat portion of the project site. The eight-story volume would also be 40 feet tall, but would step up along the sloped portion of the site and, therefore, would extend above the four‐story building (its height would be consistent with the height district as measured in accordance with the building height methodology contained in Section 102.12 of the Planning Code). The PDR building would front Pennsylvania Avenue and would be three stories in height.
The project would provide a basement and ground‐floor garage that would span both lots. Ingress and egress to the combined parking garage would be provided via an entrance from Texas Street and an entrance and exit driveway to Pennsylvania Avenue. Proposed open space would be provided within an interior courtyard, a rooftop terrace and private balconies and decks.
And as part of the project, 6,300 square feet of outdoor space along the north side of the site would be developed into a new public stairway from 22nd Street to Missouri/Texas Street, connecting Dogpatch and Potrero Hill.
July 14, 2015
In the works since 2011, the development team is aiming to secure final approvals and permits for the 790 Pennsylvania/1395 22nd Street project, and break ground, by the end of the year. If successful, the project, which is being designed by Leavitt Architecture, should be ready for occupancy by mid-2017.
The new residential building would [technically] front 22nd Street and would consists of two building volumes built over a shared podium, one four stories tall (consisting of approximately 58,620 gross square feet of space) and one eight stories tall (consisting of approximately 187,684 gross square feet of space).
The four‐story volume would be 40 feet tall and would be developed on the flat portion of the project site. The eight-story volume would also be 40 feet tall, but would step up along the sloped portion of the site and, therefore, would extend above the four‐story building (its height would be consistent with the height district as measured in accordance with the building height methodology contained in Section 102.12 of the Planning Code). The PDR building would front Pennsylvania Avenue and would be three stories in height.
The project would provide a basement and ground‐floor garage that would span both lots. Ingress and egress to the combined parking garage would be provided via an entrance from Texas Street and an entrance and exit driveway to Pennsylvania Avenue. Proposed open space would be provided within an interior courtyard, a rooftop terrace and private balconies and decks.
And as part of the project, 6,300 square feet of outdoor space along the north side of the site would be developed into a new public stairway from 22nd Street to Missouri/Texas Street, connecting Dogpatch and Potrero Hill.
Articles and photos sourced from www.socketsite.com
Wednesday, July 15, 2015
Inventory Of Homes For Sale In San Francisco Holds Steady
July 13, 2015
Having dipped during the holiday week, the overall inventory of properties currently listed for sale in San Francisco (488) is relatively unchanged from two weeks ago (487) but is running 13 percent lower on a year-over-year basis, driven by a slowdown in new listings for previously-owned condos.
The number of listed single-family homes for sale in San Francisco (229) is currently running 5 percent higher versus the same time last year, with 44 percent of the single-family homes listed for under a million dollars (versus 46 percent of all listings).
The inventory of multi-unit buildings for sale in the city (104) has held relatively steady over the past two weeks and is currently running 13 percent higher versus the same time last year.
Based simply on historic seasonality, listed inventory levels should decline through August and then begin a sharp climb.
July 13, 2015
Having dipped during the holiday week, the overall inventory of properties currently listed for sale in San Francisco (488) is relatively unchanged from two weeks ago (487) but is running 13 percent lower on a year-over-year basis, driven by a slowdown in new listings for previously-owned condos.
The number of listed single-family homes for sale in San Francisco (229) is currently running 5 percent higher versus the same time last year, with 44 percent of the single-family homes listed for under a million dollars (versus 46 percent of all listings).
The inventory of multi-unit buildings for sale in the city (104) has held relatively steady over the past two weeks and is currently running 13 percent higher versus the same time last year.
Based simply on historic seasonality, listed inventory levels should decline through August and then begin a sharp climb.
Tuesday, July 14, 2015
Planning Commission Initiates Mission District Mini-Moratorium
July 10, 2015
San Francisco’s Planning Commission has voted to consider enacting “Interim Controls” for new market-rate housing, office and retail developments in the Mission.
The stated intent is to provide the City “time to finalize a cohesive strategy to provide more affordable housing and economic stability” and “to complete its analysis of affordable housing needs, including potential sites for housing production.”
As proposed, the controls would be in place for six months and effectively put a temporary halt to the permitting of new developments with five or more units which hadn’t already filed a planning or environmental application, or for a building permit, prior to December 31, 2014. Affordable housing and PDR developments would be exempt, but any project that would result in the loss of a single rent-controlled unit would be included, regardless of the project size.
The vast majority of proposed developments we’ve covered, including the so-called “Monster in the Mission” wouldn’t actually be affected by the controls.
In fact, of the nearly 1,400 units in the near-term development pipeline for the Mission, only 335 units would be impacted, which does include the proposed 117-unit development at 2675 Folsom and 54 units at 793 South Van Ness Avenue.
The Planning Commission could enact the proposed controls as soon as August 6, 2015.
Articles and photos sourced from www.socketsite.com
July 10, 2015
San Francisco’s Planning Commission has voted to consider enacting “Interim Controls” for new market-rate housing, office and retail developments in the Mission.
The stated intent is to provide the City “time to finalize a cohesive strategy to provide more affordable housing and economic stability” and “to complete its analysis of affordable housing needs, including potential sites for housing production.”
As proposed, the controls would be in place for six months and effectively put a temporary halt to the permitting of new developments with five or more units which hadn’t already filed a planning or environmental application, or for a building permit, prior to December 31, 2014. Affordable housing and PDR developments would be exempt, but any project that would result in the loss of a single rent-controlled unit would be included, regardless of the project size.
The vast majority of proposed developments we’ve covered, including the so-called “Monster in the Mission” wouldn’t actually be affected by the controls.
In fact, of the nearly 1,400 units in the near-term development pipeline for the Mission, only 335 units would be impacted, which does include the proposed 117-unit development at 2675 Folsom and 54 units at 793 South Van Ness Avenue.
The Planning Commission could enact the proposed controls as soon as August 6, 2015.
Articles and photos sourced from www.socketsite.com
Monday, July 13, 2015
San Francisco’s Downtown Plan And Monitoring Report
July 10, 2015
A core tenet of San Francisco’s Downtown Plan states, “without sufficient and appropriate housing to serve new commercial development, local housing costs [will] increase, thereby compromising the vitality of downtown.”
Or from the lead paragraph from the latest monitoring report for the Plan with respect to Housing:
“The Downtown Plan recognizes the effects that adding thousands of new jobs and millions of square feet of commercial space has on the demand for housing in the city. In addition to discouraging the loss of existing residential units in neighborhoods surrounding downtown to encroaching commercial uses, the Plan calls for increased housing production in and around downtown San Francisco, and suggests measures for new commercial development to cover some of the costs associated with producing new affordable housing.”
There are currently 5,366 units of housing in the pipeline for San Francisco’s downtown, which is roughly 10 percent of the 50,000 units in San Francisco’s housing pipeline overall.
At the same time, the number of households demanding housing in downtown San Francisco is projected to increase by 32,000, or 31 percent, over the next 25 years, including an additional 4,700 households in the Transbay District alone. And they won’t be residing on Transbay Block 5.
Articles and photos sourced from www.socketsite.com
July 10, 2015
A core tenet of San Francisco’s Downtown Plan states, “without sufficient and appropriate housing to serve new commercial development, local housing costs [will] increase, thereby compromising the vitality of downtown.”
Or from the lead paragraph from the latest monitoring report for the Plan with respect to Housing:
“The Downtown Plan recognizes the effects that adding thousands of new jobs and millions of square feet of commercial space has on the demand for housing in the city. In addition to discouraging the loss of existing residential units in neighborhoods surrounding downtown to encroaching commercial uses, the Plan calls for increased housing production in and around downtown San Francisco, and suggests measures for new commercial development to cover some of the costs associated with producing new affordable housing.”
There are currently 5,366 units of housing in the pipeline for San Francisco’s downtown, which is roughly 10 percent of the 50,000 units in San Francisco’s housing pipeline overall.
At the same time, the number of households demanding housing in downtown San Francisco is projected to increase by 32,000, or 31 percent, over the next 25 years, including an additional 4,700 households in the Transbay District alone. And they won’t be residing on Transbay Block 5.
Articles and photos sourced from www.socketsite.com
Saturday, July 11, 2015
Noe Valley Modern Fetches $3.3M And Appreciation Might Surprise
July 8, 2015
Taken down to the studs and remodeled in 2005 with Architect Jonathan Feldman leading the way, the modern Noe Valley home at 2 Kronquist Court sold for $2,185,000 in early 2006 and returned to the market last month listed for $2,750,000.
Yesterday, the sale of the three-bedroom, three-bath home closed escrow with a reported contract price of $3.3 million ($1,517 per square foot). That’s total appreciation of 51 percent on an apples-to-apples basis over the past nine years or roughly 4.6 percent per year.
Back in 2006, just before the market turned, the long-term average annual appreciation for homes in “bubble-proof” San Francisco measured 4.2 percent.
Articles and photos sourced from www.socketsite.com
July 8, 2015
Taken down to the studs and remodeled in 2005 with Architect Jonathan Feldman leading the way, the modern Noe Valley home at 2 Kronquist Court sold for $2,185,000 in early 2006 and returned to the market last month listed for $2,750,000.
Yesterday, the sale of the three-bedroom, three-bath home closed escrow with a reported contract price of $3.3 million ($1,517 per square foot). That’s total appreciation of 51 percent on an apples-to-apples basis over the past nine years or roughly 4.6 percent per year.
Back in 2006, just before the market turned, the long-term average annual appreciation for homes in “bubble-proof” San Francisco measured 4.2 percent.
Articles and photos sourced from www.socketsite.com
Friday, July 10, 2015
City To Pay Luxury Price For Affordable Mission District Development
July 8, 2015
The City of San Francisco has agreed to pay $18.5 million for the former “Quality Tune-Up” site at 490 South Van Ness Avenue and 16th Street in the Mission, a site which was purchased by a developer for $2.65 million in 2009 and successfully entitled for the building of 72 units of housing last year.
Assuming the purchase is approved by San Francisco’s Board of Supervisors on July 28, the Mayor’s Office of Housing and Community Development will then issue a request for proposals from developers to build out the site as permanently affordable rental housing for families, serving three-person households earning up to $55,000 and four-person households earning up to $61,150.
At at negotiated price of $18.5 million, that’s $256,944 per entitled unit, not including the cost of construction.
And at $256,944 per unit, that’s a premium of at least 30 percent above the average price which market-rate developers have been paying for sites around the city and “more than most luxury developers have been spending,” according to a plugged-in local developer.
Articles and photos sourced from www.socketsite.com
July 8, 2015
The City of San Francisco has agreed to pay $18.5 million for the former “Quality Tune-Up” site at 490 South Van Ness Avenue and 16th Street in the Mission, a site which was purchased by a developer for $2.65 million in 2009 and successfully entitled for the building of 72 units of housing last year.
At at negotiated price of $18.5 million, that’s $256,944 per entitled unit, not including the cost of construction.
And at $256,944 per unit, that’s a premium of at least 30 percent above the average price which market-rate developers have been paying for sites around the city and “more than most luxury developers have been spending,” according to a plugged-in local developer.
Articles and photos sourced from www.socketsite.com
Thursday, July 9, 2015
Median S.F. Home Price Hits A Record $1.15M And Sales Slip (Again)
June 30, 2015
Recorded sales activity for single-family homes and condos in San Francisco slipped 1.4 percent in May and is currently running 6.1 percent lower on a year-over-year basis, versus 5.6 percent lower last month. Sales activity in San Francisco typically increase around 10 percent from April to May.
As sales volume slipped, the median sale price for a home in San Francisco ticked up 4.5 percent to a record $1.15 million, which is 21.4 percent higher versus the same time last year according to data from CoreLogic.
While movements in the median sale price are a great measure of what’s in demand and selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix.
Articles and photos sourced from www.socketsite.com
June 30, 2015
Recorded sales activity for single-family homes and condos in San Francisco slipped 1.4 percent in May and is currently running 6.1 percent lower on a year-over-year basis, versus 5.6 percent lower last month. Sales activity in San Francisco typically increase around 10 percent from April to May.
As sales volume slipped, the median sale price for a home in San Francisco ticked up 4.5 percent to a record $1.15 million, which is 21.4 percent higher versus the same time last year according to data from CoreLogic.
While movements in the median sale price are a great measure of what’s in demand and selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix.
Articles and photos sourced from www.socketsite.com
Wednesday, July 8, 2015
Modern Mission District Condo Fetches $2.85M, $1,300 Per Foot
July 6, 2015
Listed for $2.95 million in January, the sale of the modern Mission District condo at 145 Albion Street has closed escrow with a reported contract price of $2.85 million or roughly $1,300 per (unlisted) square foot.
The adjacent Albion Hall, which was once the home of Tom Waddel, the late founder of the Gay Games, remains on the market and listed for $6.5 million.
UPDATE: Albion Hall is now in contract.
Articles and photos sourced from : www.socketsite.com
Saturday, June 20, 2015
Central SoMa Rising: 13-Stories Across From The Bay Club
June 16, 2015
The exploratory plans to raze the two-story office building at 552 Brannan Street and construct a 13-story building with 77 residential units over ground floor retail on the Central SoMa site have been submitted to San Francisco’s Planning Department for review.
While currently only zoned for commercial development up to 55-feet in height, the site is slated to be rezoned with the adoption of the City’s Central SoMa Plan which could allow for a 130-foot residential building to rise across from the Bay Club’s SF Tennis site (which is ripe for development as well).
As proposed, the 552 Brannan Street project would include a mix of 32 two-bedrooms and 45 one-bedroom units, with parking for 34 cars and 80 bikes below.
And as reported by the Business Times, the development is “likely four or five years away” from being completed (at the earliest), and that’s assuming everything goes smoothly with the adoption of the neighborhood plan and height limits, and approvals for the project as proposed.
Articles and photos sourced from: www.socketsite.com
June 16, 2015
The exploratory plans to raze the two-story office building at 552 Brannan Street and construct a 13-story building with 77 residential units over ground floor retail on the Central SoMa site have been submitted to San Francisco’s Planning Department for review.
While currently only zoned for commercial development up to 55-feet in height, the site is slated to be rezoned with the adoption of the City’s Central SoMa Plan which could allow for a 130-foot residential building to rise across from the Bay Club’s SF Tennis site (which is ripe for development as well).
As proposed, the 552 Brannan Street project would include a mix of 32 two-bedrooms and 45 one-bedroom units, with parking for 34 cars and 80 bikes below.
And as reported by the Business Times, the development is “likely four or five years away” from being completed (at the earliest), and that’s assuming everything goes smoothly with the adoption of the neighborhood plan and height limits, and approvals for the project as proposed.
Articles and photos sourced from: www.socketsite.com
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