Do-It-Yourself SoMa Penthouse Combo at 601 4th St

Two penthouses at 601 4th Street are currently on the market with the suggestion that someone purchase both for $2,313,000 and combine the units. (The small print also says that the listing agents can’t guarantee that you’ll be able to get approval for such a combo from the city or the HOA, but why sweat the details?)

You can buy them separately, of course, and 601 4th, also known as The Heublein Building, is one of the better loft properties in the neighborhood to consider. It was the first large loft development in the city.

Penthouse 2 (above) is being offered as a 1BR/1BA, 1184-square foot unit for $815,000. It was on the market for a bulk of last year at $949,000, and the current owner paid $815,000 in Sept 2000.

Penthouse 3 is a 2BR/2BA, 1792-square foot unit:
It’s listed at $1,498,000, and features sweeping views from a private patio, 11′ ceilings, a 110″ high-def projected video and screen, and two-car parking. The unit was last sold for $1.5M in Oct 2006, and before that, for $1,425,000 in Oct 2000, proving that SoMa appreciation levels are not what they once were. It’s being sold by Twitter co-founder Evan Williams, who recently purchased a home in Noe Valley on Duncan Street.

Yours Truly Quoted in the NYTimes on FHA Loans in Expensive Areas

I had the opportunity recently to speak with New York Times reporter David Streitfeld, who was working on a story about FHA loans in high-priced cities. The piece is running today: With FHA Help, Easy Loans in Expensive Areas. (And I’m quoted!)

The upshot of the story is that there’s growing concern that FHA loans—particularly if the loan limits increase—could end up causing the next housing crisis. Streitfeld profiles three San Francisco buyers who got an FHA loan to purchase a two-unit building in Hayes Valley.

Check it out, and let me know if you have any comments at ebermingham@pacunion.com

More Condo Lottery Craziness

Tickets for San Francisco’s annual condo lottery go on sale Monday. And there’s something you should know, as per my friends at Plan C: The City may be denying additional lottery tickets to buildings that qualify with the minimum qualifications. (Generally, this means one owner-occupied unit for each of the last three years in 2-4 unit buildings, and three owner-occupied units for each of the last three years in 5-6 unit buildings.)

Historically, lottery priority and the issuance of additional tickets have required that one of the qualifying owner-occupants have been owners (but not necessarily occupants) during each of the previous lottery losses.

The change for the last couple of years and for 2010 is that the Department of Public Works (DPW) appears to have a new interpretation of written law. To establish priority credit (additional tickets), DPW is requiring that each of the qualifying owner-occupants be the same original owner occupants that were unsuccessful in past lotteries.

Simply put, your building might qualify for the 2010 lottery and receive one ticket, but unlike in years past, may not be entitled to additional tickets based upon unsuccessful previous lottery participation.

Plan C is reaching out to see if there are other TIC groups where this situation is likely to have an impact. If you’re facing the same issue, or would face this issue if one of your fellow TIC co-owners were to sell their interest, let Plan C know and they’ll put you in contact with other similarly situated people. Send them an e-mail at info@plancsf.org.

Final Word on Federal Tax Credit

President Obama extended the $8,000 tax credit last week, allowing it to remain in effect through next spring. Based on several conversations and questions I’ve had and heard since then, there seems to be some confusion about the tax credit’s details.

The Wall Street Journal has a great primer by Laura Sanders on the subject. Here’s the upshot:

– First-time home buyers will continue to get a credit of 10% of the purchase price, or an $8,000 max;

– Those who do claim the credit have to stay in their home for at least three consecutive years (skip the flip);

– To be eligible for the credit, buyers have to be in contract no later than May 1, 2010 and close their sale no later than July 1, 2010;

– For purchases made after November 6, 2009, no credit is available for any home costing more than $800,000;

– There’s now a tax credit for repeat buyers, as well as first-time home buyers.

Again, check out the full article for more very helpful details.

Glen Park's Latest Luxury Home Lands on the Market

337cheneryThe latest property to hit the market on the heels of a slew of Chenery Street listings is 337 Chenery.

The owners have added horizontal and vertical additions to the existing two-story building, as well as remodeled the existing spaces throughout. So now you’ve got a main level with a living room, dining room, family room and half bath; an upper level with 2BRs/2BAs (that includes one master suite); and a lower level with 2BRs/1BA. It all adds up to a total of 3,000 square feet with a list price of $1,749,000.

And while the private, stone terrace off the master bedroom makes me expect to see Leonardo & Kate perched on the edge…
terrace_chenery

…I’m digging the kitchen and its wall of windows. Happy to wash a dish there any day:
kitchen_chenery

And were this home in Noe Valley, you’d probably be looking at a list price closer to $2M. We’ll see how the current list price flies; it’s somewhere in between 223 Laidley’s $2.3M June sale, and August’s 165 Randall sale of $1,675,000.

Recovery Act Hits the Streets

Nancy Pelosi’s office has mapped out the areas and businesses that will benefit from the American Recovery and Reinvestment Act that President Obama signed into law on February 17th, 2009.

Among the beneficiaries are:
– a long list of housing complexes, schools, medical concerns
– many arts organizations
– $3.2M for repairs along Divisadero (yay!) from Waller to Geary
– more than $200,000 for an emergency food and shelter program
– substantial amounts for small businesses. (Hey, even Paxti’s Pizza got $450,000!)

Check out the list and map for more details.

Yes, SF Home Prices are Improving–Thanks, Forbes!

It’s Forbes’ opinion that San Francisco home values are on track to increase 14.3% by 2011. On the flip side, they’re predicting an 8.3% drop in prices by next June. Apparently, we have to work through all our foreclosures before things start heading up.

But is this foreclosure wave really ever going to arrive—to the extent that all the buyers who’ve been waiting for “deals” on their centrally located dream houses in San Francisco are finally satisfied?

There might be steady foreclosure or short sale offerings in the more affluent areas (see The Chronicle’s article on the subject). But for one thing, there aren’t many people out there buying properties for above $1M. Additionally, those who are buying properties in the below-$1M range all seem to be competing for the same homes. What would those be? The 2BR condos or single-family homes in walkable neighborhoods that don’t get too much fog and are near public transportation or freeways.

And there never seems to be enough inventory to meet these demands.

What You Get For: $650,000

The market is definitely busy for those buyers who are working with conforming loans (up to $729,000). I thought I’d check out three very different offerings listed at $650,000. Today, we take a look at a condo in Lower Pacific Heights, a big loft in SoMa, and a cottage in Eureka Valley.

Let’s kick things off with 1309 Baker, a 2BR/1BA condo located on the outskirts of Lower Pacific Heights, at Post Street:
baker
This 1400-square foot flat has 12-foot ceilings, one-car tandem parking, and a recently added rear sunroom. There are also two huge, deeded storage rooms. HOA dues are $200/mo. The property is in close proximity to Kaiser Permanente and some housing projects, so it’s not exactly prime Lower Pac Heights. Last sold in March 2006 for $710,000, the unit initially hit the market in April at $775,000, and the sellers have been trying to find that selling sweet spot ever since.

638minna 638 Minna #8 is in the “transitional” part of SoMa that may or may not ever dramatically improve. However, this 2BR/2.5BA, tri-level loft has 1622 square feet, two fireplaces, a shared roof deck, parking and storage. The HOA also recently settled an issue with the developer, so maintenance work is being completed and will be out of the way. HOA dues are a bit on the high side at $550/mo.

#8 went on the market in May at $715,000, briefly went into contract in July, and is now at a much more palatable $649,000 list price.

yukonThe very charming 169 Yukon recently came on the market in the Upper Market/Eureka Valley area. It is an adorable 1BR/1BA property with a paved driveway and garden. There’s a formal dining room, and the house does need some work. But for the money, this is a great condo alternative.

540 Delancey Penthouse Units Hit the Market–Again

del_exteriorThe latest offering at the historic Cape Horn Loft building concerns the penthouse units at 540 Delancey #402 & #403, now on the market for $3,295,000. The property was last sold in October 2008 for $3.1M.

In case you missed it last Fall, the two-bedroom, four-bath units have a 1200-square foot, walk-out deck, “reclaimed gymnasium floors” (perfect for in-home basketball practice), and a stone dining table for 12+ guests. There’s also air conditioning, walls of Soji-style screens, exposed wood beams, and two-car parking. The previous owner purchased both units in 2004 for $2M and completely overhauled the property.

The current owner is relocating for a job change, according to the listing agent. The units are not legally combined, though a wall between the units was removed with a permit (though there are still two parcel numbers in city records).

I leave you with some impressive photos of the kitchen with its glorious communal table, living area, and one of the bathrooms:
delancey_kitchen

del_lroom

del_bath

SF 311: Catch-All for Your Problems

I recently used the newish SF 311 service that the city established to help residents resolve whatever issues are on their plates. The service cuts to the chase so you don’t have to spend time figuring out which department or agency will be able to help you.

I’ve contacted 311 twice in the past couple of weeks. First, I wanted to make a request for someone to pick up the stupid, full-size boxspring that someone left outside my house. I decided to contact 311 via Twitter. I sent a message to 311 on a Sunday, and got a response informing me that the city would respond to the request within three calendar days.

The boxspring was still sitting outside by 5PM on Wednesday. I sent a followup message via Twitter on Wednesday evening, and was informed that the Dept. of Public Works (DPW) had closed out the ticket and that the boxpring had been picked up. The Twitter rep offered to resubmit the request. But at this point, I didn’t feel like waiting another three days. So on Thursday morning, I called 311 and explained the situation. The boxspring was gone by the afternoon.

I also called 311 to find out the process for obtaining a parking permit for a moving truck. My client had closed escrow, and was going to need to block off parking spaces for the moving truck. 311 got me the contact information for the appropriate police precinct, and from there, I got the very complicated set of directions for the moving process.

Check out the various areas in which 311 can help. I’d recommend simply dialing 311 vs. submitting online requests. (When I tried to track my request for the boxspring pickup via my PC and iPhone, I got error messages. It’s probably best to just deal with a live customer service rep. In any event, keep 311 in mind for whatever random question or issue that might arise.

Another Noe Valley Flip Hits the Market

sanchez_dining
I’ve been watching the 1381 Sanchez renovation in Noe Valley between 27th St. & Cesar Chavez along my dog-walking route since the house changed hands as a fixer back in May 2008 for $1,005,000.

The price paid back then seemed reasonable for a future owner occupier to pay for the location, architectural style, and lot size.

But all along, the intention was apparently to do a flip. The property has now been expanded to 2200 square feet. It’s been outfitted with two front bedrooms and great room that combines a “farmhouse-style” kitchen, dining/living area, and bathroom on the main level, and a master suite plus additional bedroom and bathroom on the garden level. The rear patio is largely concrete encircled with trees & plants that I saw being trucked in recently.

There’s also an offer date of November 18th, which means that someone is very confident that a buyer will pay at least the $1,795,000 list price in another week or so. And they could be right: Given that the average price paid this year for a three- to four-bedroom Noe home in the $1.5M+ price range has been $1,998,148, maybe they’re not far off base. There are a few examples of homes that sold for similar prices that also relied on garage-level master bedrooms (vs. being located on a more desirable third level upstairs).

But let’s not forget my favorite recent flip attempt at 141 27th Street. This is about three blocks away between Guerrero and Dolores. Those owners also paid around $1M and did a down-to-the-studs renovation. But its floor plan had a few issues that didn’t warrant the $1,595,000 price tag. And the location is clearly less desirable. (The home has since been pulled off the market and put on a long-term lease.)

I’ll be keeping my eye on 1381 Sanchez. In the meantime, here are a few more pics of the master bedroom, yard and exterior:
sanchez_master

sanchez_yard

sanchez_exterior

A Sunny Day in Sherwood Forest

When it’s a sunny day citywide on broker tour Tuesdays, I make sure to check out some houses in the usually fog-ridden western part of the city. In Realtor terms, that means District 4.

So I headed over to crystal clear Sherwood Forest earlier this week. This is a neighborhood located just west of Mt. Davidson, and adjacent to West Portal, St. Francis Wood and Westwood Highlands. There’s admittedly not a lot going on in Sherwood Forest—just streets lined with single-family houses and owners who enjoy being in a quiet, low-key area.

I saw two homes worth talking about:
lansdale

550 Lansdale is a 1500-sq foot, 3BR/2BA home with a contemporary feel and a good use of space. It’s got a spiral staircase (not my favorite feature) leading downstairs to a media room that leads out to a concrete yard.

You’re kind of at the end of Lansdale here, and opposite a bus stop and a trail leading up Mt Davidson:
lansdale_bus

This bus route will be changing and the listing agent says it’ll take you to Glen Park BART. Not bad if you really need public transportation. List price for 550 Lansdale: $845,000. The house was last sold for $930,000 in May 2007.

Next up is the high-falutin’ 101 Robinhood, which somehow manages to incorporate a pool into its floor plan:
pool_robinhood

And fortunately for the owners, it’s an indoor pool. Because the days in the Forest are not typically warm. This 3BR/3BA home has a “huge, lobby-like foyer,” and a reverse floor plan. So there are bedrooms on the main level, the pool downstairs, and the third level involves the living space. The whole thing does come off feeling like a house that was previously a two-unit building, but I could see a large family getting into it. List price: $1,395,000. Robinhood was on the market last year for around $1.6M and then $1,525,000, and it’s been on the market for the past month.

These houses don’t seem outrageously priced. Unremodeled, smaller houses sold this year in the area in the $700,000s, and one 1900-sq foot 3BR/2BA with original kitchen & baths sold for $979,000. I think the obstacle is the lack of walkability (i.e., you have to go to other neighborhoods to get to anything). But if you’re looking for good space and a private location, I’d give Sherwood Forest a shot.

Walk Score Winners: $700,000-$800,000

Here’s another trio of properties that have high Walk Scores. Today, we check out Noe Valley, Lower Pacific Heights, and the Mission.

23rd
3884 23rd Street
Condo
Noe Valley
List Price: $775,000
2BR/1.25BA
1042 sq ft
HOAs: $240.98
1-car pkg
Walk Score: 88
This top-floor condo on 23rd at Sanchez was on the market in October at $825,000, but the sellers just changed agents and reduced the price to $775,000. You’re a block from the 24th Street retail area, and only a short walk to Dolores Park and the Valencia corridor.

steiner
1880 Steiner, # 210
Condo
Lower Pacific Heights
List Price: $775,000
2BR/2BA
983 sq ft
HOAs: $454.75
1-car pkg
Walk Score: 98
They’ve managed to pack two bedrooms and two bathrooms into less than 1,000 square feet. But you’ve got a small balcony, parking, and a phenomenal walking location a block from the Fillmore retail corridor. The building was constructed in 1999, so you don’t get a ton of charm, but the floorplan works and there’s also a gas-burning fireplace—and a gas range.

25bartlett
25 Bartlett #2
Condo
The Mission
List Price: $749,000
2BR/2BA
1266 sq ft
HOAs: $275
1-car parking
Walk Score: 98
If you want to be in the heart of the Mission and all its restaurants, bars, shops and public transportation, you can’t get much closer than over at 25 Bartlett.The floorplan works, and the unit is in good condition. The current owners paid $813,500 in September 2005 for the property, so there’s a bit of compromise in the current asking price. There are only three units in the building, and the HOA dues are very reasonable.

Checking in on the Church

doloreschurchIt’s been on the market for 273 days, but 601 Dolores is still waiting for that angel of a buyer to come along and drop $9,950,000 on what’s being billed as the “castle on the park.”

Last sold in 2007 as a straight out church for $2,210,000 (with an order of abatement, lawsuit, and a slab of unreinforced masonry), the property was completely renovated and transformed into the current 3BR/2.5BA configuration. It’s legally zoned as a single-family house now.

It sort of looks like a church with a few bedrooms and baths added into the mix, so that might be what’s holding back those buyers with $10M purchasing power. The listing agents are encouraging “artists, musicians, and creative biz tycoons” to step up to the plate.

Best Trick or Treat ‘Hoods in SF

I came across Zillow’s Trick or Treat housing index yesterday, and found its picks for Best Trick or Treat Neighborhoods to be very amusing.

You can’t argue with the winners: Presidio Heights, Noe Valley, Richmond, Haight, and Sunset. But I’ll also nominate Cole Valley (have you ever seen Belvedere Street in action on Halloween?!) and Potrero Hill.

So readers, what neighborhoods do you nominate for the best Halloween spirit? Comments, please! And have a fun and safe Halloween, everyone!