November 19 2008

San Francisco New Developments Pricing Roundup

It’s been a dramatic past month for new developments in San Francisco.  Many have lowered prices publicly, others are trying novel methods such as quasi-auctions (bid dates, sealed bids, etc), and others are staying quite but aggressively negotiating.  For those in the market, a brief roundup of some of reductions:

The Potrero: sealed bids this weekend

The Potrero will begin accepting sealed bids Friday, November 21, 2008 with the bid process ending on Sunday, November 23, 2008 at 5 p.m. Homes in this final release include 1-bedroom and 2-bedroom homes in the South Courtyard building - some with views of the city skyline or the beautifully landscaped courtyard. Source: Potrero Sales Center

The Infinity: special financing, more negotiating flexibility

Tishman Speyer has responded to the credit crisis by initiating a program that provides a second 10 percent loan for qualified buyers who are struggling to come up with the 20 percent down that most lenders are requiring. The loan is five-year fixed at 7.5 percent. Source: SF Business Times

The Hayes: Price drops of over $100,000

Arterra: Price drops of over $100,000

Symphony Towers: Hosted “Closeout Weekend” Nov 14-16th (units still available)

Residence Old Price Style Description New Price Savings
T-803 $424,000 STUDIO VALUE LEADER $329,000 $95,000
T-903 $485,000 STUDIO Corner Penthouse w/Courtyard Views $399,000 $86,000
T-907 $515,000 STUDIO Penthouse Level with Views $419,000 $96,000
T-702 $575,000 1-BDR Courtyard Location $459,000 $116,000
T-904 $515,000 STUDIO Corner Penthouse w/City Hall Views $419,000 $96,000
T-902 $625,000 1-BDR Penthouse w/Courtyard Views $519,000 $106,000

Source: Symphony Towers Sales Center

170 Off Third: “Developer Close Out” Nov 8th and 9th (Sales center now open by appointment only)

We’ve thrown out the price sheets! Reasonable offers accepted November 8th and 9th, the developer will be on site accepting offers! Source: 170 Off Third Sales Center

For pricing sheets, floorplans or questions, please contact the editor (Michael LaPeter) at 415-830-7804.

October 21 2008

Latest Sales Pricing at The Hayes San Francisco

Some photos and the latest pricing for The Hayes, located at 55 Page St. in the Hayes Valley neighborhood of San Francisco. Starting with Unit #612 then Unit #326:

Unit #

Floor Plan

BR / BA

Sq. Ft.

Orig. Price

Current Price*

522

B

0 BR / 1 BA

404

$460,000

$379,000

627

G

1.5 BR / 1 BA

646

$630,000

$569,000

610

H

1.5 BR / 1 BA

738

$635,000

$554,000

711

G

1.5 BR / 1 BA

646

$650,000

$549,000

326

A2 (SIM)

2 BR / 2 BA

993

$929,000

$774,000

612

F

2.5 bd / 2 ba

1008

$875,000

$769,000
October 7 2008

Neighborhood Snapshot: South Beach

While numbers only tell part of the story, they can be useful for getting a quick snapshot of what’s happening in a given neighborhood. Today, we’ll take a look condos in South Beach, San Francisco:

Active Listings: 83
Average Days on Market: 59
Average List Price: $1,021, 823 ($899,000 Median)

Listings in Escrow: 8
Listings in Escrow (Firm): 8

Sept. Listings Sold: 10
Average List Price: $907,500
Average Sale Price: $869,650
Average Days on Market: 65
Average Price/ Square Foot: $907

October 2 2008

The Artani San Francisco, on the MLS

#806, a 2 bedroom/ 2 bath Penthouse, is currently available for $1,699,000.  Full description:

Redefined Living. The Artani is a brand new 52 unit condominium building consisting of one bdrm/1 ba units,one bdrm + den/2 ba units & two bdrm/2 ba units. This N/W corner, view penthouse with 10′ plus ceilings has black oak floors, Viking appliances, A/C, three private terraces and walnut cabinets. Amenities: Refined lobby with concierge-Amazing landscaped roof top terrace. Walk to the opera, symphony, ballet, library & museums - Deeded parking - Priced from $579,000 to over $1M

For additional photos or to schedule a showing, please contact Michael LaPeter at 415-830-7804 or michael@lapeter.com.

October 1 2008

11 Units left at 170 Off Third

170 Off Third is down to 11 two bedroom units, starting at $797,000 and offering a $30,000 “flex” incentive.  In my opinion, the best time to purchase at a development would be at the very early stage (when the seller’s  goal is to jump start sales and build momentum) or at the very end (when the carrying costs and desire to wrap things up are strongest). You can learn more about 170 Off Third at my resource site, www.sfcondosales.com

September 30 2008

Infinity San Francisco 1 Bedroom for $699,000

If you’re looking for something at a lower price point in the Infinity, there is currently a one bedroom on the 11th floor of the tower available for $699,000 with city lights views. In case you’re not familiar with the infinity:

“The Infinity in San Francisco consists of two clover shaped towers wrapped in green hued glass along with two podium buildings. With a team consisting of Heller Manus Architects, Arquitectonica and Tishman Speyer, Infinity was designed to highlight the connection to the the waterfront and San Francisco bay that the location offers. The courtyard features an elegant waterfall and is landscaped with Japanese Maple and Honey Locust trees, scuptural terrace seating and soft lighting.” Description from Infinity San Francisco Condo Sales

September 29 2008

Cubix Yerba Buena Review and Pricing

This Sunday I spent a fair amount of time at Cubix Yerba Buena (in San Francisco’s SOMA neighborhood).  While there’s no question the units are tiny (think 300 square feet), for the right individual I think they’re a great product.  My client found the building clean and stylish, and many of the studios had great light and their own small balcony which made a huge difference (the shared balcony was a unique, if kind of funky, concept). While I didn’t get official sales numbers from the sales office, quite a few doors had “pending” stickers already.

Unit Pricing:

#208, $259,000: Developer Special - Est facing studio with private outdoor space

#202, $279,000: North corner studio with large shared patio

#205, $310,000: Courtyard unit with private patio overlooking courtyard

#302, $289,000: North corner studio with large shared patio

#410, $314,000: Model home with north views from private patio

#704, $326,000: South view studio with views of AT&T Park

#802, $359,000: North view studio with 15′ ceilings and large picture windows

September 25 2008

2 Unit Building Sales Statistics

While not exactly pertaining to San Francisco Condos, it’s always good to see additional data points,  and it’s certainly pertinent to those of you considering or in the process of condo conversion in San Francisco.

September 22 2008

San Francisco Chronicle: Mortgage rates fall for fifth consecutive week

While it’s obviously important to watch housing stats such as inventory, median prices, etc., interest rates are often overlooked by buyers, but play just as critical a role. According to the San Francisco Chronicle, some rates are the lowest they’ve been in seven months:

Freddie Mac reported that its nationwide survey found 30-year fixed-rate mortgages declined to 5.78 percent last week, down from 5.93 percent the previous week.

It was the fifth consecutive weekly decline and pushed the 30-year mortgage to the lowest level since it stood at 5.72 percent the week of Feb. 14. The decreases have accelerated over the past two weeks since the government announced Sept. 7 that it was taking control of Fannie Mae and Freddie Mac because of huge losses due to soaring defaults on mortgage loans.

Article: Mortgage rates fall for fifth straight week
September 19 2008

Single Family Home Sales August 07 vs August 08

Courtesy of Elaine LaMastra, Old Republic Title Co:

SAN FRANCISCO SINGLE FAMILY HOME SALES
AUGUST 2008 VS. AUGUST 2007
AUGUST 2008 AUGUST 2007
District 1: Number of Sales: 8 16
Median Selling Price: $1,278,750 $1,233,944
Average DOM: 22 27
District 2: Number of Sales: 39 45
Median Selling Price: $808,000 $900,000
Average DOM: 29 26
District 3: Number of Sales: 17 20
Median Selling Price: $650,000 $731,000
Average DOM: 59 37
District 4: Number of Sales: 22 26
Median Selling Price: $922,500 $1,015,000
Average DOM: 49 25
District 5: Number of Sales: 35 34
Median Selling Price: $1,290,000 $1,239,000
Average DOM: 31 25
District 6: Number of Sales: 3 4
Median Selling Price: $1,985,000 $1,284,500
Average DOM: 74 12
District 7: Number of Sales: 10 3
Median Selling Price: $3,375,000 $3,700,000
Average DOM: 31 26
District 8: Number of Sales: 3 1
Median Selling Price: $4,600,000 $1,375,000
Average DOM: 252 14
District 9: Number of Sales: 18 22
Median Selling Price: $775,750 $1,017,500
Average DOM: 45 15
District 10: Number of Sales: 37 38
Median Selling Price: $530,000 $691,000
Average DOM: 57 50
District 1: Outer Richmond, Inner Richmond, Lake, Sea Cliff, Inner Richmond, Jordan Park/Laurel Heights, Lone Mountain, District 2: Outer Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Central Sunset, Golden Gate Heights, District 3: Lake Shore, Merced Manor, Lakeside, Stonestown, Merced Heights, Ingleside Heights, Ingleside, Oceanview, Pine Lake Park, District 4: Forest Knolls, Forest Hill, Midtown Terrace, Forest Hill Extension, Diamond Heights, West Portal, Sherwood Forest, St. Francis Wood, Balboa Terrace, Ingleside Terrace, Westwood Park, Monterey Heights, Sunnyside, Westwood Highlands, District 5: Glen Park, Noe Valley, Twin Peaks, Clarendon Heights, Panassus/Ashbury Heights, Haight Ashbury, Buena Vista Park, Corona Heights, Duboce Triangle, Mission Dolores, Eureka Valley/Dolores Heights, District 6: Hayes Valley, North Panhandle, Alamo Square, Anza Vista, Western Addition, Lower Pacific Heights, District 7: Marina, Cow Hollow, Pacific Heights, Presidio Heights, District 8: North Waterfront, Russian Hill, North Beach, Telegraph Hill, Nob Hill, Financial District, Downtown, Van Ness/Civic Center, Tenderloin, District 9: South Beach, South of Market, Inner Mission, Bernal Heights, Potrero Hill, Central Waterfront, Mission Bay, District 10: Outer Mission, Crocker Amazon, Mission Terrace, Excelsior, Portola, Visitacion Valley, Bayview Heights, Bayview, Hunters Point, Silver Terrace–SFAR