Big Price Chop for St. Francis Wood Mediterranean

It was September 2009 when 315 Santa Clara came on the market in the coveted enclave known as St. Francis Wood. The 4BR/5.5BA, 5700-square foot Spanish Mediterranean manse occupies a double lot, has an indoor pool, courtyards and terraces and was listed at $4,795,000.

The home’s price has just been reduced to $4,349,000—substantial, but consider that the property was last sold only three years ago for $2,650,000. Another case of 2010 optimism? That is one hefty chunk of appreciation. Granted, the master suite and another bedroom were remodeled by the current owners. But even at its reduced price, 315 Santa Clara would be the most expensive house sold since January 2009.

Here’s a parting shot of the pool:

New Dogpatch Development Digs for Buyers (Finally)

It’s been about five years since construction started on what is now 638 19th Street. The Dogpatch community has been discussing the site at 19th and Third Streets for years now.

I toured the project last night at a special showing, and checked out the mix of 18 two- and three-bedroom flats/townhomes. The building is essentially shaped like an L, with one row of units along Third Street, and the other fronting 19th Street. They also look out upon the interior courtyard, which offers airy, urban outlooks (and which won’t typically feature white-clothed tables with servers who were dispensing vodka-based drinks and wine, as pictured below):

Prices range from $699,000 for a 3BR/2BA courtyard-view condo with 1,567 square feet, to $849,000 for a 2BR/2.5BA, two-level unit with 1,468 square feet. Overall square footage ranges from 1309-1615. A majority of the condos are priced between $749,000-$779,000.

I liked the floorplans and finishes—not too high end, but with granite counters and stainless-steel appliances:

Unit 9 (3/2.5, $779,000) is a top-floor, two-level unit with water views and a private patio. It gets nice city views from the balcony, too:

My favorite was the top-floor, two-level Unit 11 (3/2.5, $759,000), with its water views:

The outlooks up and down Third Street aren’t bad, either, but you have to keep in mind that the T rail line will be noisy when it runs past your large master bedroom:

HOA dues range from $403-$417, and units include washer/dryer hookups, one-car parking and elevator service. The location is great for downtown or Peninsula commuters, as well as those who work in the Mission Bay campuses nearby. The building is also in close proximity to a ton of restaurants, bars and cafes (see the Amenities map under “Location” on the Web site).

So what’s the bottom line on 638 19th Street? Putting the long-standing construction issues aside, I think the units are spacious and have good floorplans (particularly the top-floor, two-level ones). One drawback to some of the floorplans is that the living areas are small, yet the master bedrooms are huge. People tend to spend more time in the living areas than bedrooms.

Pricing stacks up against the comparable sales in Dogpatch. Average two bedrooms in the neighborhood are selling for $668,909 (most have less square footage than the 19th Street condos), and average three bedrooms are selling for $1,040,000. I’d also consider Potrero comps, too, but this at least gives you the general Dogpatch values. It’s not easy finding three bedrooms in the mid $700,000 range, and 19th Street definitely fills a need there.

Two of the 18 are in contract, always nice for the developer to announce at the start of the sales cycle.

Buyers Flock to District 4 for Single-Family Homes

There seem to be many buyers hunting for San Francisco single-family homes in District 4. In Realtors’ terms, District 4 is the area that encompasses Sunnyside; Miraloma Park; Westwood Park/Highlands; Mount Davidson Manor; Balboa/Ingleside Terraces; Monterey Heights; Sherwood Forest; Diamond Heights; Forest Hill/Extension; West Portal; Midtown Terrace; Forest Knolls and St. Francis Wood.

Many of these neighborhoods have homes that are worth less than $1M, and for single-family home buyers, that’s the sweet spot. I’m seeing a significant uptick in homes sales in the area, as evidenced by the number of properties that have gone into contract or are pending (in contract, with sale conditions removed).

No less than 37 single-family homes are on their way to closing sales, with an average list price of $1,001,451. Most were listed in the $700,000-$900,000 range. And many reportedly saw more than one offer. A total of 37 homes have closed escrow in the area since the beginning of the year, with eleven homes selling for above their asking prices (244 Santa Paula in Forest Hill was listed at $1,395,000 and sold for $1,520,000). But most sold for less than asking (most dramatically, 69 Amber in Diamond Heights listed at $1,250,000 and selling for $905,000, and Sunnyside’s 266-68 Monterey listed at $1,049,000 and selling for $700,000.)

There are 64 active listings in District 4, some of which have had significant and attractive price reductions. If you’ve been sitting on the fence for the past year but long to have a single-family home in the city, District 4′s neighborhoods will likely have something for you.

Lower Pac Heights Condo Charms on Cute Street


It might only have one bedroom, but 29 Orben Place makes up for it by being located on a cool block in Lower Pacific Heights.

The upper-level flat in this four-unit building is listed at $835,000. It features French-modern design and a lovely shared garden. Check out the kitchen:

There’s no parking, but 29 Orben has a 98 Walk Score and Zip Car access at California and Steiner (about four blocks away). Most of the one-bedroom sales since September 2009 have been in the mid $600,000 range, so 29 Orben may have some pricing adjustments in its future. But if you’re interested in this neighborhood, the location alone should score some points with you.

Checking in On 25 Hotaling in Jackson Square


It was back in September when I first visited 25 Hotaling, the nine-unit boutique building in Jackson Square. The project is a mix of eight one bedrooms and one two bedroom, with three commercial spaces as part of the HOA.

For a building with somewhat small units and no deeded parking, 25 Hotaling is doing decidedly well. It’s at the halfway point for completing its sales; two units have closed, and two will be selling shortly. What remains are four 1BR units ranging in price from $629,000-$689,000, and the two bedroom listed at $889,000. (I’m told an offer is actually on the way on one of the remaining 1BRs.) Prices have been coming in 3% lower than asking, which tells you how buyers are using that credit.

The seller is offering a 3% credit toward HOA dues, parking or closing costs—or you can just knock 3% off the list price. Leased parking is available nearby at $300/mo, which isn’t bad for downtown. Buyers seem to be professional couples looking for second homes in San Francisco, says listing agent Ken Eggers at Zephyr Real Estate, as well as primary home buyers who work in the Financial District.

Contact me if you’d like to check out the remaining inventory. I really like the location of Hotaling and they’ve done a nice job with the property.

Hayes Penthouse Hits Market With 2010 Optimism Intact

First sold in April 2009 by the sales office for all cash at $949,400, unit 816 at The Hayes is back on the market looking for its second owner at a refreshed price of $1,079,000.

The 2BR/2BA, 1530-square foot corner penthouse unit has western and northern views, and was the developer’s penthouse suite. HOA dues are $530, and include parking (leased by transferable).

Of the two-bedroom units sold at The Hayes that were reported on the MLS, #816 would be one of the two most expensive. The other is #820, which sold for $1,250,000 in April 2008.

Has the market improved that much since April 2009? I will say that the San Francisco real estate market seems to be in a very different and improved place since this time last year. But whether a buyer will pay $130,000 less than a year later is up for grabs.

Luxury Market Heats Up in Clarendon Heights

The usually quiet enclave of Clarendon Heights—the area northwest of Twin Peaks—is a hotbed of activity this week thanks to six current luxury listings. (To put things in perspective, only six homes sold in the neighborhood in all of 2009.) Two of the current listings are on coveted Palo Alto Avenue. Both have great decks with massive views. But only one has a tree stump inside.

206 Palo Alto is the latest addition to the Clarendon Heights view home inventory. Owned by a designer, the 4,340 square foot, 4BR/3.5BA home listed at $4.2M was renovated over the past few years (including a two-story rear yard addition). It’s got the expected bridge-to-bridge views, from this deck—pictured on a day when the typical fog and wind in the area weren’t hanging around:

There are three levels that include a media room, library and accessible outdoor living areas on every level. They’ve even brought the outdoors inside, giving a tree stump its own room as an homage to nature:

206 Palo Alto was last sold in a less jacked-up form in 2003, for $1.3M.

Over at 20 Palo Alto, things are a bit more toned down:

The interior isn’t quite as stylish, but you still get a nice deck with stunning views (and a substantially lower, $2,850,000 list price):
The 5BR/5.5BA home has floor-to-ceiling windows, and a good floorplan:

The property is located on a cul-de-sac, which is nice and private, and there are also three levels of living space.

The sold inventory in Clarendon Heights has been at a significantly lower price point over the past few months (average of $1,525,155 since October). But the average cost of one of the current homes is $3,187,500. So clearly, there will be some waiting around for the current homeowners, as buyers in this price category decide where to spend their money.

And there’s more to come: Look for 30 Palo Alto for $3.5M, and 28 Clarendon at $3.5M in the near future.

The Latest List of FHA-Approved Condo Buildings in San Francisco

The list of FHA-approved condo buildings isn’t a long one. So if you’re looking for a condo and are planning to use an FHA loan with a small down payment, you’ll be limited to a small selection. Many buildings’ FHA approval expired last Fall, so condo properties have to renew their approval on a regular basis now. And keep in mind that certain restrictions apply; some lenders won’t lend if there is already an owner with an FHA loan in the building, for example. Or a minimum number of units have to be owner occupied. It’s best to run the building details past your lender before you submit an offer, to make sure a purchase is possible for you. It’s also important to note the amount of the homeowners association (HOA) dues, which are very high in some of these properties (BLU, Soma Grand).

Another caveat—many of the buildings with current approval are sold out or close to it. So future purchases in the buildings will depend on resales and whether lenders will allow FHA loans given current restrictions. Easiest course of action is to have your agent do a survey of the buildings in which you’re interested to see if there’s a unit that would work for you.

Here’s the most current list of buildings that have FHA approval:

1151 Sutter

555 Bartlett

631 Folsom (BLU)

766 Harrison (Cubix)

901 Bush

942 Market

Arterra

Candlestick Cove (South SF)

McAllister Mews

Mosaica (601 Alabama)

Museum Plaza (300 Third St)

Sutter Heights

Symphony Towers (750 Van Ness)

The Artani (818 Van Ness)

Esprit Park (900 Minnesota)

The Montgomery (74 New Montgomery)

Soma Grand

Union