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What is Going on In Mid Market Area of San Francisco

12/30/2013

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There is a lot going on Mid Market in San Francisco these days.  There are over 40 projects currently taking place between Van Ness and 4th St.

Below is a summary of the projects which if approved and completed we can expect to see in the next few years:

  • 55 5th Street - Hotel Zetta is a 116 room hotel.
  • 88 5th Street - The Old San Francisco Mint has been scheduled to be turned into a museum at some point.
  • 55 9th Street - AVA at 55 Ninth has 273 high end units and 5,000 sq. ft. of ground floor retail space.
  • 14 10th Street - NEMA, 754 units.
  • 168 Eddy - This former parking lot is scheduled to become a 14 story building of 153 affordable housing units and a 13,7560 sq ft grocery store.
  • 121 Golden Gate Ave - The St. Anthony's Dining Room was demolished for a 10 story building with an expanded dining room, 90 BMR units for seniors and state of the art kitchen.
  • 220 Golden Gate Ave - Kelly Cullen Community Center.  $95 million makeover that houses 172 formerly homeless people, an auditorium, gym, and Department of Health clinic. 
  • 277 Golden Gate Ave - Lofts @ 7, 88 loft and studio apartments with  studios of 276-450 sq. ft, junior one-bedrooms of 400-525 sq. ft. and lofts of up to 850 sq. ft.
  • 1 Jones Street - The Hibernia Bank is to be developed into an assembly space.
  • 901 Market Street - Is a 6 story 230,000 sq ft building undergoing renovation.
  • 935 Market Street - Market Street Place is to be 250,000 sq ft of retail space sometime in 2015.
  • 950 Market Street - 950 Center for Arts and Education is a mixed use facility with 200 residential units, arts and education facilities, and retail space.
  • 973 Market Street - The Wilson Building will be converted into a 65 unit rental building.
  • 988 Market Street - Warfield Office Condos where the current Warfield Building is undergoing renovations.  Spotify and Benchmark Capital will occupy the office areas, and the theatre will continue to run.
  • 995 Market Street - 16 story 93,000 sq foot office building.
  • 1019 Market Street - Eastern Outfitting Building is undergoing a massive remodel in hopes of attracting tech company leases.
  • 1023 Market Street - International Art Museum of America contains Eastern and European Art.
  • 1028 Market Street - Purchased by Scott Plank and War Horse LLC and is likely to be torn down and redeveloped.
  • 1095 Market Street -  The Grant Building.  94 room hostel/hotel.  42,000 sq ft.
  • 1125 Market Street - 150 units in a 12 story building with 16 parking spaces.
  • 1127 Market Street - The Strand, ACT will convert the building into a live performance space and restaurant.
  • 1275 Market Street - Dolby Laboratories headquarters taking up the full 354,000 sq. ft. of this 16 story building.
  • 1355 Market Street - Twitter's headquarters, Yammer and One King's Lane. There will also be a 22,000 sq ft food court.
  • 1390 Market St - Fox Plaza will add an 11-story addition and the new tower is to be constructed where the low-rise portion currently exists, creating up to 250 new residential units, with no new parking spaces.
  • 1455 Market Street - Square has leased 246,000 sq. ft. across four floors, with the option to add another 81,000.
  • 45 McAllister Street - The Renoir Hotel.  Undergoing $40 million renovation.  When completed it will have a roof top bar.
  • 901 Mission Street - 5M Project is to become 1.85 million sq feet of office space, 748 residential units and 34,000 sq ft of outdoor space..  This 4 acres site is approved to become 5 new buildings and rehabbing the Chronicle Building. 
  • 942 Mission Street - Hampton Inn.  15 floor hotel with 174 rooms mid-priced rooms.
  • 1188 Mission Street - Trinity Place, will consist of 1,900 units, 1,450 parking spaces and 60,000 sq. ft. of ground floor retail space.
  • 1321 Mission - 160 units in an 11 story building. 120 units would be designated as efficiency dwelling-units, and at least 80 units will be reserved for student housing. There is 3,359 sq. ft. of retail and 240 bicycle parking spaces.
  • 1400 Mission Street - 190 affordable units.
  • 1415 Mission Street - 165 units in a 14 story building with 2,800 sq. ft. of retail space, and 101 valet parking spaces.
  • 101 Polk Street - 162 units and 51 parking spaces in this 13-story building.
  • 1 Taylor Street - Wework Golden Gate Theatre has turned offices into a rent-a-desk full amenities space.
  • 55 Taylor Street - Center for New Music is a 4400 sq ft space for musicians to work rehearse and perform.
  • 85 Taylor Street - Phantom Coast Gastropub and Brewer will be a 5000 sq ft brewery at the former Club 65 site.
  • 1 Van Ness Avenue - Mixed-use project would contain around 250 dwelling units, 3 commercial units, and space for the Conservatory of Music.
  • 100 Van Ness Avenue - Conversion to 399 residential units and 112 parking spaces.

This is a link that contains descriptions and more details of many of these projects.  http://sf.curbed.com/archives/2013/09/09/midmarket_map_update_40_projects_revitalizing_the_area.php
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Inventory Is Tight in San Francisco

2/13/2013

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San Francisco is experiencing one of the shortest levels of inventory of property listings I have ever experienced.  There just are not as many properties being put up for sale as we have had in previous years.  There definitely was a change that happened over last year. 

A healthy market typically has about 3 months worth of properties available on the market in any given month.  San Francisco in November of 2012 had just 1.4 months worth of active housing units up for sale.  This is causing a spike in pricing as there are less properties available and more buyers looking to purchase who now enter into bidding wars.  Just this past week I saw 17 disclosures go out on one property and 16 disclosure packets go out on another.  Also one of the houses 162 22nd Ave in the Lake District went $122,000 over asking price in January and sold for $1.31M.

If you are a buyer, be prepared to pay above asking if you want to get a good property in a nice neighborhood.
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According to the Wall Street Journal Bay Area Home Prices up Q4 2012

1/31/2013

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The Bay Area had home prices climb across the region in 2012.  This increase in prices was driven by tech growth and a recovering national economy.

Median prices for single-family detached homes were up in all but 8 of 107 communities in the Bay Area for the fourth quarter, according to the real estate data firm DataQuick.

Prices in San Francisco rose 21.2 percent.

Prices in Oakland were up 35 percent.

To see full article in the Wall Street Journal click here.
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New Home Construction is Up

10/30/2012

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The housing market in the Bay Area is undergoing an amazing turn-around since January.  The US Census Bureau projects 8,762 new building permits in the SF-Oakland-Fremont metro areas for the year 2012.   Last year there was about 5,800 new building permits, thus we are looking at a projected 51% increase over 2011.  With low interest rates, job growth, and pent up housing demand, we can expect to see more building in the greater Bay Area.
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5 Things to Note When Buying A Condo in San Francisco

8/24/2011

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I have been in the real estate business for many years and just thought I would write something that buyers should pay close attention to when purchasing a condominium that many realtors and buyers often overlook.

1. The Condo Plan or Tract Map
The Condo Plan and Tract Map will show you exactly what you own versus what is a common area. This should clarify what parts of the property you are personally liable for and what you have to pay in dues to your Home Owner Association (HOA) to maintain.

2. Covenants, Conditions and Restrictions (CC&Rs)
Make sure you have read through the CC&Rs and are comfortable with accepting all their terms before you close escrow. Once you have closed escrow you are legally assumed to have accepted each CC&R term.

3. Articles of Incorporation of the HOA
The Articles of Incorporation will give you an idea of what the HOA is authorized to do.

4. By-Laws and Operating Rules
The By-Laws and Operating Rules are important to you as they determine how the HOA members are elected and what your rights up front when dealing with your HOA.

5. Reserves
HOA Reserves are something you should pay special attention. Given the current economic environment, some HOAs are not receiving all their dues.  This is causing a short fall in revenues. Those that are not well funded are increasing their HOA dues or charging owners assessments. Also, many banks are no longer lending to potential buyers in buildings where there are significant HOA delinquencies or large assessments.

I hope these tips help you and if ever I can be of any assistance just contact me, Greg Bryan, your San Francisco Real Estate Solution Specialist.

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LA v SF Condos, Who has the better resale market

5/19/2011

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I recently was asked a question regarding the resale Condo market of SF v LA.

In a nutshell as of April 2011 Condo prices in San Francisco were only down 14.5% from the peak of the market in 2007 as opposed to Los Angeles' whose overall market has fallen 38.6% as of February 2011 from its peak in September 2006.  Note though each neighborhood and community is different so it is better if you were to actually compare on a neighborhood by neighborhood basis as some neighborhoods have actually seen an appreciation in condo prices recently while others continue to decline.

To get a good idea for what is currently happening in San Francisco with regard to Condo and SFR (Single Family Residences)  pricing go to our Marketing Reports page.

To see the article itself on Trulia about who has the best condo resale value San Francisco or Los Angeles click here.
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Home Markets Dropping Across Country Says Wall Street Journal

5/9/2011

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According to the Wall Street Journal "Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom."

During the first quarter according to data from Zillow, home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the prior month.  The primary reasons for this were the oversupply of inventory and the large amount of foreclosed properties. Fannie Mae and Freddie Mac during the first quarter sold more than 94,000 foreclosed homes during the first quarter.  This represents a 23% increase over the previous quarter.

There had been appreciation of property values here in San Francisco, Los Angeles, and San Diego, but recently they have declined again resulting in a double dip. 
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Factors that Make the San Francisco Market a Good Place to Invest

5/4/2011

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I recently attended a lecture from Carole Rodoni, who  is a highly regarded speaker author and advisor in the Bay Area Real Estate Industry.  She always has some great points and I always learn something new from her presentations.  One of the major points she emphasized was that the San Francisco housing market has a lot going for it:

1) Silicon Valley is Booming again and there has been a lot of job growth in companies such as Zynga, Facebook, and Google
2) There is a large number of people looking to live in the Bay Area and there is only a limited amount of land available
3) There are a lot of great universities such as Stanford and UC Berkeley where academics, researches, and alumni launch start up companies
4) Napa Valley and the wine region
5) Geography with bay views, hiking and outdoor activities which people like
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Condo Prices Falling

4/18/2011

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Condo prices have been falling throughout the Bay Area.  It is true that things are neighborhood specific in San Francisco, but this chart below is from the April 10th, 2011 Chronicle with fractions rounded and source being DataQuick Information Services. It definitely shows that as of the end of last year across the Bay Area prices are down 42.9% overall since their 2007 Peak.  Note San Francisco has had the least drop but is still 14.5% lower than our 2007 peak.

County                    2006            2007            2008          2009         2010           Peak            2010 v. Peak
Alameda                $462.5K      $460K         $320K        $250K       $248.3K    $462.5K      -46.3%
Contra Costa        $420K         $429K         $280K        $185K       $180K        $429K         -58.0%
Marin                      $548.8K      $570K         $402K        $317.5K    $350K        $570K        -38.6%
Napa                      $462K         $440K         $400K        $242K        $236.5K    $462K         -48.8%
Santa Clara          $499K         $520K          $417.5K    $300K        $328.8K    $520K         -36.8%
San Francisco     $715K         $760K          $749K        $640K        $650K       $760K         -14.5%
San Mateo            $535K         $550K          $450K        $393K        $375K       $550K         -31.8%
Solano                  $300K         $294K          $125K        $75K           $78K         $300K         -74.0%
Sonoma               $380K         $359.5K       $220K        $174.5K     $175K       $380K         -53.9%

BAY AREA            $490K        $508K            $375K       $275K        $290K        $508K         -42.9%

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Housing Prices are Falling

2/22/2011

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I was reading Standard and Poors and from the S&P/Case-Shiller Home Price Indices of 20 cities, where there are 18 with their rates showing a home-price decline from the last quarter of 2009 to the last quarter of 2010:
  • Detroit, down 9.1%
  • Phoenix, down 8.3%
  • Atlanta, down 8%.
  • Portland, down 7.8%
  • Chicago, down 7.4%
  • Tampa, down 6.2%
  • Seattle, down 6%
  • Minneapolis, down 5.3%
  • Las Vegas, down 4.7%
  • Charlotte, down 4.4%
  • Cleveland, down 4%
  • Miami, down 3.7%
  • Dallas, down 3.6%
  • Denver, down 2.4%
  • New York, 2.3%
  • Boston, down 0.8%
  • San Francisco, down 0.4%
  • Los Angeles, down 0.2%
  • San Diego, up 1.7%
  • Washington, D.C., up 4.1%
Luckily San Francisco only has had a .4% drop.
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    Greg Bryan is a realtor and an attorney in San Francisco

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