As Quoted in Curbed SF: 1100 Sacramento in Nob Hill is San Francisco’s First $100M TIC – Game Changer – Curbed SF
San Francisco’s real estate boundaries are about to be shattered by the Park Lane building at 1100 Sacramento Street. The 33 units in the Nob Hill luxury tower are being converted from rentals into a tenancy-in-common project, and the projected sell out is a whopping $100M. The size of this building is nearly double that of the current largest TIC in The City: the Marina’s Francisco Palms, which has 17 units. What does a TIC of this size and prestige mean for San Francisco’s real estate market?
…“Owners need to have incentive to offer a better product to tenants, but locked-in rents tamp that incentive down,” Ho explains. “Imagine if we had market-hindering policies like rent control laws while San Francisco was being built in the 1800 and 1900s, most places probably would still have split bathrooms that use 6 gallons a flush with gas lamps for lights.”
Finally, We Have More Homes to See and Tour!
Hopefully this is the start of the thaw in San Francisco’s real estate market so we can have more people get into new homes! If there’s anything you want me to see for you, let me know!
Broker Tour for Feb 12 2013 (pdf version)
Go Niners (next week)! Go See Your Next House on Saturday or Early Sunday
GO NINERS! (Bet of the Week: Niners, by 6)
Hello! Happy Weekend!. Welcome to Kevin’s Open House Picks of the Week — although this week I’m picking our 49ers.
Just a year ago interest rates for 30-year fixed mortgages averaged 4.18% This year they are averaging 3.5% while the median price for San Francisco residential properties has shot up 39% since then. While that median price is a hard number to rely upon because inventory has changed — fewer foreclosures, lower inventory generally — one certainty is that interest rates will float down like a feather but will shoot up like a rocket and fast. And with the recovery starting nationally the risks of inflation will almost certainly lead to interest rate hikes. So while prices are higher, your overall cost and tradeoff between having more money today on hand versus money tomorrow or a decade from now can be measured by whether or not you get to make that assessment from your home.
Today’s market demands decisive action. Bidding $20,000 or $30,000 over an asking price — itself an inaccurate almost irrelevant value — is almost pointless and expected. In fact, we’ve started to see what they do in New York: the “suggested price.” Remember, market value only equals what someone (hopefully not someone else) is willing to pay for a property, which explains price flexibility especially if a property is not listed on the MLS. In fact, there is thinking that a third of property that will change hands in 2013 will be done off-market; all the more reason to have someone plugged in like me working for you.
Listing Sneak Peeks
(as overheard/shared by my colleagues)
I’ve been pounding the pavement, making calls and carefully listening to learn about new opportunities for you all before others do so you can get a head start.
- 24th and Dolores – Stunning renovation of two condominiums from a former single-family house. Won’t last long. Stunning views, high-end finishes, solid and quality construction. 1101 Dolores St. Lower unit 1.5 million upper at $1.995 million. Upper has four bedrooms, two and half-bath and 2300 ft.² (sold at +15% to an exclusive appointment client. Lower home has three bedrooms two baths with Cornerview at 1800 ft.² each comes with a parking space and it essentially new construction. Exclusive appointments only.
- 160A Linda Street @19th Street, 2-Bed/2 Bath 1 Bed/1Bath, TIC home in lottery, expected in January, February, pre-sale possible, middle unit, recently remodeled and sold (2010), expected list price range: $479k–$525k
- 486 Chestnut, Three new condos, 2 or 3 bedrooms with 1 to 2 parking spaces each, at least 1600 sq ft each expected, priced from $1.6M to $2.1M are coming on the market in January [construction delay]. It’s a rare to find something new in this area at all. See more: http://1456chestnut.com
- 2069 Green Street @ Webster, 3-Bed/3 Bath Pacific Heights Condo with parking and 3000+ sq ft., good light & garden access, expected list price range: $1.695M
- 1610 Sacramento at Polk, Nob Hill condos, eight recently renovated condos, each with independent parking spaces, 2 beds, 2 baths each either at 1150 sq ft or 1500 sq ft, prices range from $900k – $1.3M on within a week. [Staged this week, one already in contract].
- 96 6th Ave at Lake, 1 Bed, 1 Bath, + den, 6 unit bldg, Edwardian, great period details. Leased parking $150/month, Fireplace, wood floor, $400/month HOAs, wood floors, west facing, off market as sellers will deliver at the end of the year. Expected price: $675,000.
- 1653 Golden Gate, tic converting into 3 Bed/ 1.50 bath, 1800 sq ft, restored and upgraded top-of-the line, 7 rooms south-facing garden view.; price TBD, prob $800k – $900k+ (on this weekend or next)
- 1880 Steiner, 2 Bed/2Bath, 1 pkg second floor, at Post, nice layout with nice light, comfortable, fireplace, wood floors, built in 2002, 39 units altogether, around 1000 sq ft expected 1st week of Feb. Anticipated list price: $779,000 on next week
- 601 Van Ness #1132 1bd condo, opera plaza, $439k
- 627 Castro, top-floor TIC unit, 3 Beds, 2 Bath (1 is en suite) 2 parking spaces (!) recently renovated Edwardian flat, with 1600 sq ft. approx.
- top-shelf remodel, 2 fireplace, open kitchen, speakers in ceiling, new overhead light fixtures, small patio, restoration hardware finishes, garage parking, great location. List price $1.25M. Open to the public shortly thereafter and who knows what it will sell for and how long it will last. Seller is willing to take an offer now.
- 355 Buena Vista Ave, #301, 1 bed, 1 bath, extra storage, TWO parking space, condo, 774 sq ft, HOA dues around $400/month, expected list price $599k
- 352 Richland at Andover, Bernal Heights single family home fixer with APPROVED, shovel-ready plans for a 2300 sq ft expansion/addition to an otherwise large 1 Bedroom, 1 Bath, deep lot with yard, listed at $795k. Listed this week generally on MLS.
- 86 Wool St, Single Family Home at Eugenia Ave — 3 bed, 2.5 bath, 2 car, 1800 sq ft, was on the market last summer as a fixer, now it’s just about complete with high-end finishes and remodel. Expected list price $1.5M
- Noe Valley, Single-family House on Jersey St, between Noe & Sanchez, 290 Jersey, with AMAZING finishes; Previously 2 unit-probate at Jersey and Sanchez – now a stunning single-family home – 4 bedrooms (3 on same level); 3.5 bathrooms; formal living & dining; gourmet kitchen with family room / eat-in area; media room with wet-bar and adjacent outdoor living space with fire pit, garden and parking. Suggested list price in the $2.8’s. Shown by appointment only this Sunday, seller would love for Vanguard to sell the property and willing to take advance offers before going to open market.
- 994 Corbett near Market/Portola, it’s improved (perhaps over-improved, which means more value for you). Single family with 4 levels, w/ elevator, 3000 sq ft, master suite level with deck overlooking the city, fire place, steam sauna, infinity tub with views, master walk-in with chandelier, then three other levels with another 2-4 bedrooms depending on how you configure each floor. Decks on each. Excellent finishes and remodel. Radiant heat. Wood floors throughout. The kitchen is, well, wow, viking, gas range, custom wine fridge in addition to full-length refrigerator and freezer, two dining rooms, two sitting rooms, family rooms, workout room. Each person gets their own level. There’s a place to plugin your electric vehicle, the views are stunning, Anyway, it’s off market for a while and the list price now is $2.9M. Sellers are willing to negotiate.
- 537 Natoma @ Russ, 13 new construction condos, 9 2Bd/2Ba, 4 1Bd/1Ba, 850 sq ft–1100 sq ft, elevator building, all with parking, ready soon with exclusive for Vanguard agents and their clients. Expected price range $525k–$799k
- Oak & Baker, 5-unit building, with one renovated owner’s unit with 3-4 units some delivered vacant, excellent redevelopment opportunity, expected $1.8M–$2.0M
- Bryant & 1st Street, 3 Bed, 3 Bath, penthouse suite that combined two units into a space with more than 2500 sq ft with 2 parking spaces, 2 fireplaces decks, bridge and water views, expected list price: $2.7M
- 25th St & Castro, 2002-built 2 level, 3 bedroom, 3.5 Baths, upper unit that’s big and spacious with decks, sauna in a luxe building, tenant-occupied until Aug 1, expected list price $2M.
- 14th and Valencia, 411 Valencia, 1 bedroom, 4th floor, new construction condo, no parking, expected at $550,000.
In addition to my Picks of the Week, Advances and Exclusives, I thought you’d be interested to see how things ended up with previously listed properties. So without further ado:
Stories of the Week:
- 310 Townsend, a big one bedroom loft in that historic restoration building next to CalTrain, that was listed at $799,000 went in to the $800,000s — for a one bedroom!
- 2776 Golden Gate, a 2 unit building with one unit being tenant-occupied was listed at $999,000, received 6 offers and will close nearly 20% over the asking price.
- 1015 Florida, the single family home in need of some TLC in the hot Inner Mission area, listed at $665,000, received at least 14 offers and entered escrow at a “substantial” amount over the asking price.
- 1610 Sacramento, 3 bedroom Nob Hill condos with more than 1200 sq ft, which was exclusively previewed last weekend to Vanguard agents and their clients, already has the top-floor unit in contract at more than $1,000 a sq ft.
- 411 Valencia, the last 2-bedroom condo available went into contract over its asking price of $759,000 with multiple offers.
Extras: Access various reference resources — including my exclusive 60-page User Guide on how to navigate real estate successfully in San Francisco for buyers and sellers at www.kevinho.org Ask me for reference materials via Dropbox. And see pictures of many the homes I preview for you at Photobucket or on iCloud or YouTube.
This week there seems to be a lot of single-family homes and larger condos at the $2M price point. I’ve always said that the $2.3M – $2.9M price point is the perfect price in SF as you’ll get the most ideal home, or amenity-filled condo in areas like Pac Heights/Marina, South Beach (condo), Noe Valley/Eureka Valley, Haight (single family homes) Also we’re seeing more fixers pop on to the market too. So, take a look here and also be sure to go to www.kevinho.org to see the upcoming broker tour sheet for Tuesday.
My business comes from you and yours, so please feel free to pass this along to your friends, colleagues, pet walkers, etc. Thanks! Kevin Ho
Picks of the Week
TAKE NOTE: Many of the open houses this weekend are on Saturday or are EARLIER on SUNDAY.
(a .pdf version will appear when clicked)
ADVANCE FOR SALE: Sunny Dolores Condo on the 400 block of Dolores, $1.098 million
Mission Dolores Condominium with 2 bedrooms, + den, contemporary oasis inside an Edwardian 3-unit building with garden, side-street covered garage parking, steps from Dolores Park across Mission Dolores
Listed by Kevin K. Ho, Esq. – PRIVATE APPOINTMENT ONLY
I am pleased to present a hidden and elegant architecturally remodeled space behind an Edwardian facade with original gingerbread molding that is exclusively available pre-MLS.
The 1st floor condo was redesigned and updated for a contemporary living style with just the right amount of 1907 craftsmanship retained. There is turn of the century charm in the refurbished home with built-in dining room cabinetry, detail wood moldings, wainscoting and beautiful oak inlaid flooring. Recent kitchen and bath remodels include custom cherry wood cabinets, limestone counters, stainless appliances, European faucet fixtures, glass tiles, and flamed granite floors. Creative and custom lighting fixtures accent hallway cable sliding doors, built-in shelving a curved-bay windowed sitting room. There are 2 or 3 bedrooms (i.e, a side office or third bedroom) and 1.75 bathrooms.
Home also has an in-unit laundry room with convenient built-in storage shelves and cabinets. Heavyd-duty secure Marvin sliding doors lead directly to a shared yard with lemon tree and back entrance to a sturdy detached garage with side by side deeded parking space and storage cabinet. Easy in and out parking entrance from cul-de-sac side street means no noisy garage door under the home! Seller is considering corporate rental so this is an extremely limited window of opportunity.
Call for a showing today!
Reflections on the week From Kevin and Open Homes Picks.
As we enter the first week of August traditionally inventory goes down as people take their vacation. Just look around the city and you’ll hear languages of all kinds of people descend on San Francisco.
But can you state the case is different. People have heard that inventory is still shockingly low – and it is – and are now making best efforts to put their homes on the market.
Last weekend, I helped one client win a NoPa condo that was on the market for less than 48 hours because we used a WiFi Hotspot I had along and skyped with her so that her first walk-through of the property was live and virtual!
Great Traffic on Duboce:
Pink is In!
II had a great response for the advance opportunity for my latest exclusive listing for the pink shotgun Victorian located at 473 Duboce Avenue. Even bicycling icon Gary Fisher stopped by to see if this home could be his next pad. His verdict: “Cool Pad!” See more here.
Storrie-Ord Garden Party 8/18/12, 1:00 p.m.
And here is one event invitation that you should consider:
Showing off the best of the San Francisco can-do spirit, the neighbors in upper Eureka Valley got together to reclaim a small parcel in their neighborhood that had become blighted. Instead of accepting the status quo, a group of neighbors near Ford and story streets got together and coupon city resources along with their own blood, sweat and tears to turn the area into the beautiful community garden it is today.
So come celebrate the Grand Opening of the Storrie-Ord Garden with us and Superviser Scott Wiener and neighborhood folks on Saturday, August 18, 2012 at 1:00 p.m. at the park, which is located at 18th and Storrie Streets. Event sponsored by Kevin Ho, Vanguard Properties.
Notable Open Houses (pdf here, click more for html)
Detached, Massive and Stately Fixer Next to Music School on the Market
Over by the Community Music Center on Capp Street where yours truly attempted to relearn violin is this giant Victorian screaming to be the next it house where tons of money is poured in and an amazing home worth 2-3x the purchase price comes out the other end (see 111 Liberty for example). The 3250+ sq ft detached home dates from “1900″ (code for: building records burned in the 1907 earthquake) and has soaring ceilings, choppy layout and phased period ‘remodels’ and a $40,000+ pest bill. According to the listing agent, parking can be installed for a modest $120,000, modest when compared to the nearly $200,000 estimate to replace the brick foundation. Good thing is that the parking permit would be over the counter according to the listing agent. Those amounts are just the start, of course, and don’t factor in the major renovation you’d have to do inside, which would probably set you back another $200,000 give or take $50,000. But there’s a back cottage and a tree house to boot.
This would be all yours but only if the music school next door doesn’t buy it first, which would be a natural expansion of the school’s current facilities. According to the listing agent the Community Center is interested but is moving as fast as an entity with a board and foundation can. The seller has owned 552 Capp since the 1970s, raised a family there and then rented it out. Only recently did she use the Ellis Act to evict the tenants, but is in no hurry to sell even though the listing agent disclosed her desire to sell the property as part of a capital gains tax-deferred 1031 arrangement. At the current ask of more than $1.3 million it’s steep barrier to entry combined with the $500,000+ needed to bring it into this century. A high-priced fixer yes, but my thought is that once completed, it’d be that house on the block worth at least $2.1 million on up. Roll over Beethoven indeed.
Pictures and Open House Times Follow
Open House times are below. (Listed with Eva Stoyanov, Paragon)
07/27/12 4:00 pm – 6:00 pm Friday Open House
07/29/12 2:00 pm – 4:00 pm Sunday Open House
07/31/12 2:30 pm – 4:00 pm Tuesday Open House