We were in Telegraph Hill today watching them put up the scaffolding for the new Voight Tower, and toured a pocket listing at Vallejo and Kearny (450-454 Vallejo). The building consists of 2 and 3 bedroom luxury units, decked out with modern kitchens, baths, and chocolate colored hardwood floors throughout. Views, roof-deck potential, and situated on a quiet, dead-end street, this building has a lot going for it. We love the location… just steps from Caffe Trieste and all the North Beach action.
The layouts were not mindblowing, but certainly functional. Here are the pics. They can describe the place much better than our words can:
No, this isn’t your $6 million Noe Mansion or your $70 million St. Regis billionaire pad. This is an average, run-of-the-mill condo with character in Eureka Valley.
368-A Sanchez came on the market on October 8th and had a ratified contract just 6 days later. The owner and listing agent had to peruse through 7 different offers before picking the winner, an offer for $822,000 ($27K over asking) with a $5,000 credit. For all intents and purposes, this place sold for $827,000, or $32,000 over asking. The last time it sold you ask? 1999. The owner purchased it for 107% of its asking price at the time, $525,000 (oh my gosh… they sooo overpaid)! Furthermore, the condo is right across from a school. Oh my!
On a serious note, this just goes back to what we’ve been saying about intelligently choosing your property and holding it for an appropriate amount of time. Real appreciation can and will happen if you’re smart.
Russian Hill is one of our favorite parts of the City. With its proximity to North Beach, the Polk Gulch, Chinatown, the Marina, the Financial District, and the Bay, it’s a fantastic spot to live. Magnificent views of the Bay Area are in just about every direction. Cable cars go up and down beautiful, tree-lined Hyde Street, splitting the neighborhood in two. There’s no question that Russian Hill has that quintessential San Francisco feel.
Young DINKS* and well-to-doers mix with the monocle-clad in SF's Russian Hill
We were wondering about condo prices in the nabe. We’ve heard that the neighborhood has been extremely resilient, but let’s have a look at those numbers shall we?
Welcome to “Lo-Mid-Hi”… another fun periodical post on Inside SF Real Estate. We’ll be showing you what your money buys at all three levels on a neighborhood by neighborhood basis.
We’ll kick it off in Noe Valley. Why Noe? Because out of all the analytical articles we’ve published in our short (but awesome!) life as a blog, we’ve received the most hits on our Noe Valley post. So in the spirit of giving the people what they want, here we go.
As I write this, Noe Valley has had 102 single family home sales thus far in 2008 (per MLS). Let’s start with the low sale. Any guesses? It was $850,000, and there were actually three homes that sold for this exact amount.
2104 Castro sold in June after 6 days on market. Trust sale, sold as-was.
So that’s a look at the least expensive homes in the ‘hood this year so far. What about the mid and high? What can your money get you in Noe at those price points?
We definitely take time to stop and smell the roses, or in this case, the cool Bay breeze. From time to time we’ll offer up a photo gallery like this one, showing our appreciation for the City we love. All of these were taken within the past couple of weeks, just around town. Some things never get old.
This post is to anyone out there who was counting on the $729,750 loan limit lasting until December 31, 2008. While it’s true that the official cut-off date is the end of the year, many lenders are already making the transition to the new $625,500 limit now. They are requiring folks to go ahead and lock in. How do you lock in? The short answer is: you have to be in contract on a place. If you are one of the people that could be affected by this, you may want to call your lender as soon as possible to see if you’re going to be able to squeeze under the $729,750 cap before it expires. We’ve heard some lenders are sunsetting $729,750 as early as this Friday, and most by next Friday! Ouch baby, very ouch.
What the heck is a pocket listing? A pocket listing is a home that is not being advertised to the general public through the MLS or a listing that will come on the market in the future but right now is still a secret. Many homes in San Francisco sell while off the open market, so pocket listing culture is a big deal. Every week, we’ll be sharing info about pocket listings that we know about. Information on pocket listings is sparse and secretive, so pardon us if we seem short on details for the purposes of our blog. If you are interested in learning more, you can click HERE to contact us. Without further adieu, here are this week’s pocket listings:
We stopped by One Ecker Place today on the Broker’s Tour and must say, were quite impressed with a few of the units there. Out of the 51 residences, 6 are now under contract. Our favorite unit is still available, unit 403. It’s a top floor, corner unit with views of surrounding skyscrapers. The city lights must be amazing at night. We’ve put together a little photo gallery so you can have a peek inside.
The quality of construction seemed good on our walk-through. The finishes are tasteful and neutral. The best parts about the property are the exposed brick and steel, the scalloped windows, the very high ceilings, the natural light (in the choice units), and the location (if living in the financial district is your thing). I personally dig the financial district. My wife, not so much. The downside? No parking and some of the units get little natural light. Also, if you’re a private person, you should know that some of the units will be high on the fish-bowl factor. All in all, we thought it was worth a visit and will keep tabs on how they’re selling.
Per the price sheet:
Junior one bedrooms, 400-600 square feet, from the $400′s
One bedroom homes, 670-981 square feet, from $579,000
Two bedroom homes, 947-1247 square feet, from $829,880
Tri-Level loft plans (on level 1 only), 670-1137 square feet, from $749,000
Unit 403 - Our fave in the building - Click to enlarge
Unit 403 - Our fave in the building - Click to enlarge
What is “The Shallot”? It is our version of “The Onion“… smaller but just as stinky. To keep things fun we’ll be posting a Shallot entry here and there.
…………
November 11, 2008
In a shocking turn of events, San Francisco voters in favor of Prop VT (the permanent changing of Coit Tower to Voight Tower), were granted their wish as a bundle of uncounted votes from a precinct in District 5 pushed the proposition into winning status.
An Artist’s Rendering of the Approved “Voight Tower” – Click to Enlarge
“We’re positively outraged!”, exclaimed a member of the Telegraph Hill Neighbor’s Association. “It’s an absolute disgrace! Only in America could we replace a monument dedicated to firefighters with some pop television Hollywood movie star guy. I’m, I’m just speechless.”
Hollywood had a different take on the whole situation. “I’m positively elated!”, stated sitcom star George Costanza, who coincidentally owns John Voight’s car. Read the rest of this entry ?
South Beach. It’s like the San Diego of San Francisco. Everything’s new, chain stores line the pristine sidewalks, the weather’s great, and nary a pot-hole in the streets (well, except for 3rd Street, which is being torn to hell right now). The area was once a run-down industrial part of town, but thanks to the baseball stadium and San Franciscans’ newfound love for the Embarcadero, the neighborhood has taken off big time.
Of course with any neighborhood in as much flux as South Beach, challenges can occur. Developers can get overly greedy and outpace demand for homes, putting existing homeowners in a pinch. We’ve seen this happen in a lot of other markets, of which Miami is the poster child. Thankfully, for existing homeowners, San Francisco’s Board of Supervisors is very stringent on new development. It has to take place in the right places at the right times and in the right numbers.
The SF Board of Supervisors poses for a portrait
Because of these forces at play, we were curious how current condo and loft owners are faring in the area. Read the rest of this entry ?
Imagine the future. Airborne cars, holographic TVs, consumer level virtual reality video games, and animated city skylines. Think we’re kidding? Well think again.
We came across a site that shows animated building façades in development. Imagine admiring a futuristic city skyline from afar… buildings ebbing, flowing, waving, sparkling, and rippling. It just could be the cityscape of the future. And although San Francisco will probably prefer to keep its conservative concrete monsters front and center, cities like LA, Hong Kong, Toronto, Chicago, Dubai, Shanghai, New York, Tokyo, and Shenzhen will probably push the envelope and incorporate the more risqué look. What do you think about the fluid façades of the future?
What’s with all the dust around 2121/2123 Leavenworth in Russian Hill? We recently found out. Here’s the scoop:
There are two buildings side by side, each building will have 3 condos (a bottom, middle and top unit) for a total of six in the whole project.
There will be a shared common area on the back of the property.
Each building will have 5 parking spaces, for a total of 10 between the two. The parking garage will incorporate a parking lift.
The upper and mid floor units will have 2-car parking, the rest will have 1-car parking.
The two buildings are going to be nearly identical.
The first floor of both buildings will have a 1BR/1BA unit.
The second floor of both buildings will have a 2BR/2.5BA unit.
The third floor of both buildings will have a 3BR/3.5 bath unit which is on two levels and will feature a large front patio with views from Mt. Tam to the city skyline.
Pricing to be determined. Project to be finished in late ’08 to early ’09.
2121 / 2123 Leavenworth Street – Exterior – Click Photo to Enlarge
2121 / 2123 Leavenworth Street – Map – Click to Enlarge
The high speed rail is something we’re following closely, not just because of its impact on California real estate, but because a rail system of this speed and magnitude has never been built in the US. We’re excited about how the rail could change the way Californians get around the state and lessen our dependency on the automobile.
According to this article from SF Gate, the high speed rail will:
Haul 50 million people by 2030
Generate a $1.1 billion annual surplus by 2030
Be an 800 mile statewide system
Have its SF/LA line completed by 2020
Create $150.5 billion in benefits in its first 40 years
Cost ~$33 billion to build the SF/LA line with annual operating costs estimated at $1.2 to $1.3 billion. Annual revenues from that line are estimated at $2.4-$2.6 billion.
Create approximately 160,000 jobs to construct the rail and ~320,000 permanent jobs based around the rail.
Have approximately 9.1 million passengers boarding at San Francisco’s Transbay Terminal by 2030.
Travel at speeds up to 125 mph.
Watch all kinds of videos and see more images HERE. The video renderings are pretty amazing and show the train in all kinds of scenarios, including blowing the doors off a CalTrain as it passes by. We imagine CalTrain passengers in a state of absolute panic, spilling coffee and ruffling newspapers, as the bullet train flies by at 125mph.
Watch the video “San Francisco Bay” to see CalTrain get its doors blown off
Don’t forget, these are just screenshots. Click HERE to watch the videos.
Watch the “Visual Tour” video for a great overview of the whole system
An email from the marketing team Polaris Group alerted us to the opening of One Ecker Place, an old brick icehouse building which has been converted into 51 residences near 1st and Market. We’re suckers for old meets new, and have been looking forward to seeing this project in person since we heard about it long ago. You can visit the website for general information by clicking HERE.
One Ecker Place - Interior - Click to Enlarge
One Ecker Place - Interior - Scalloped Windows and Exposed Brick
One Ecker Place - The spot
To share this post, click “Read the rest of this entry” –>
When you’re out looking at properties, be on the lookout for curable versus incurable characteristics. What are these?
Jaw-dropping views from the back yard!
Both refer to types of depreciation homes can go through. However, there is a big difference. Curable refers to conditions that are financially feasible to fix. This means that if you were to spend $1 on curing this type of depreciation, you would get back $1 or more of your investment. Some examples include repainting, putting in a new kitchen, or updating an old bathroom.
By contrast, incurable depreciation is where one would invest that same $1 and get back less than the full $1 in return. Examples range from Read the rest of this entry ?
