When I shopped for my first condominium in San Francisco, one of my "must-haves" was private outdoor space. My terrace measured three by four feet and the door opened out, making most of the floor space unusable. Still, it was wonderful to have a tall clutch of potted bamboo and a perch from which to take in the view, breeze or the 30 minutes of madness after a ball game in Mission Bay.
When my neighbors started storing bicycles, boxes and indoor furniture on their terraces, my lovely new building started to look more like a vertical garbage shelving unit. My favorite item on view for 3 months ? A toilet.
Thankfully, the HOA began enforcing the CC&R's and the terraces were gradually cleaned up. This experience poses the question: What do you do with your small piece of the outdoors in the sky ?
Having successfully created three terrace designs of my own, I'm happy to recommend the following advice:
KISS
Keep it Simple, Silly. Chances are your space is limited. Trying to create an elaborate outdoor room is not in the cards functionally or aesthetically in a small area. Scale your plans accordingly.
The Rule of One
When choosing outdoor furniture and planters, select a single color and style for each. Too much color and variation will make the space appear kitschy when the look you want to achieve is more cohesive and subtle.
Customize
If stock outdoor furniture and planters don't come in sizes suited to the scale of your terrace, have them made.
Commissioning an artisan to design and build custom pieces is not as time consuming or expensive as you may think.
The Bay Area has a large community of talented craftspeople that can create something beautiful, functional and unique--
much better than a milk crate and a beer bottle ashtray.
I Never Promised You a Rose Garden
Lucky as we are to live in San Francisco, it tends to be a bit windy and chilly--not the ideal climate for hot-house orchids or delicately leafed specimens. Select just one or two hardy species such as boxwood or cedar and keep in mind how much sun they will receive. Choosing a plant that is green year-round will create a consistent look that can stand on its own or be enlivened with seasonal color. If your terrace is on a high floor where winds whip, select dense, lower growing plants and don't let them exceed the height of your railing, wind break or parapet wall.
Water Works
Plants need water. Depending on rainfall, temperature and exposure you will need to bring the watering can outside at least 3 days a week. If you plan on being away more than 5 days have someone come by and water. I figured this out when I left town for a week and there was a freak heat wave leaving my plants a healthy shade of brown upon my return. Live and learn.
When a terrace is done well it lends an inviting, finished look to the whole home. It's not that difficult or time consuming and if you are lucky enough to have your own slice of the outdoors in the city; you owe it to yourself to get out there and enjoy it !
Monday, May 4, 2009
Tuesday, April 28, 2009
"Thank you for calling Future Downtown Residential High Rises, please hold."
The last two weeks welcomed the first closings at both Millennium Tower and Infinity Tower II with BLU on schedule for May. As these lucky homeowners move in they are probably unaware that they are the first wave of the last batch of new residents we will see Downtown for what could be a decade. These buildings represent the last of the "boom" developments to be completed and open their doors. This however, was not always the case.
It was only a few years ago that developers had been planning three more large-scale condominium towers that would already have broken ground and have sales offices open at this time. All of these projects have been either shelved until further notice, put up for sale or both. The absence of these towers has made an undeniable impact; not only on the skyline but in the downtown residential inventory pipeline.
A brief rundown of the history and status of what could have been:
Turnberry announced last November that they had sold a 50% equity stake in their proposed 40 story tower at First & Harrison. Ground breaking had been scheduled for March of '09. With spring weeds rising on the empty lot instead of concrete and steel the joint ownership is shopping the entitled development to potential buyers.
Across the street at One Rincon Hill; the 50 story Tower Two remains on indefinite hold. The development team announced last week that they are still just 70% sold after nearly three years of marketing. The ghost of Tower Two is still very much part of the logo and marketing collateral for the development. With the first tower standing alone atop Rincon Hill it seems like one half of a broken heart pendant; waiting to be reunited with its lost love.
Traveling one block further east to Harrison and Fremont we encounter more weeds where The Californian should be rising. Developer Fifield's 393 units have been actively shopped for two and a half years with a suitor yet to be found.
One could interpret this as evidence of continued weakness in the San Francisco condominium market, but I disagree. These three developments would have added just over 1,000 units of new construction inventory Downtown. Without the competition and specter of over supply, Downtown developments are doing just fine (albeit with the implementation of significant price adjustments).
Don't cry for the towers that are still just a twinkle in their developers eye. One Hawthorne is proudly representing for them as it rises at the corner of Howard and Hawthorne. The timing for the 24 story165 unit development might be just right.
It was only a few years ago that developers had been planning three more large-scale condominium towers that would already have broken ground and have sales offices open at this time. All of these projects have been either shelved until further notice, put up for sale or both. The absence of these towers has made an undeniable impact; not only on the skyline but in the downtown residential inventory pipeline.
A brief rundown of the history and status of what could have been:
Turnberry announced last November that they had sold a 50% equity stake in their proposed 40 story tower at First & Harrison. Ground breaking had been scheduled for March of '09. With spring weeds rising on the empty lot instead of concrete and steel the joint ownership is shopping the entitled development to potential buyers.
Across the street at One Rincon Hill; the 50 story Tower Two remains on indefinite hold. The development team announced last week that they are still just 70% sold after nearly three years of marketing. The ghost of Tower Two is still very much part of the logo and marketing collateral for the development. With the first tower standing alone atop Rincon Hill it seems like one half of a broken heart pendant; waiting to be reunited with its lost love.
Traveling one block further east to Harrison and Fremont we encounter more weeds where The Californian should be rising. Developer Fifield's 393 units have been actively shopped for two and a half years with a suitor yet to be found.
One could interpret this as evidence of continued weakness in the San Francisco condominium market, but I disagree. These three developments would have added just over 1,000 units of new construction inventory Downtown. Without the competition and specter of over supply, Downtown developments are doing just fine (albeit with the implementation of significant price adjustments).
Don't cry for the towers that are still just a twinkle in their developers eye. One Hawthorne is proudly representing for them as it rises at the corner of Howard and Hawthorne. The timing for the 24 story165 unit development might be just right.
Monday, April 20, 2009
Hot Enough for Ya ? Downtown Sales Activity, Temperatures, on Upswing.
Today was a linen shirt type of day. Hot and dry. There was a slight breeze but it was still too warm and stagnant for comfort. Those in the know headed for cooler climates be they the shade of a tree or an air conditioned hide-away.
You could say that the Downtown real estate market has been like a linen shirt to a lot of buyers the past few months. After being stored in a closet since last September it now looks a lot more appealing and appropriate given current circumstances.
We seem to have entered a phase of moderate stability in the markets (yesterday's Dow notwithstanding). Both resale and new construction sellers have adjusted their prices and expectations while at the same time rates are historically low and lenders have loosened the purse strings. 50 sales at The Infinity since the beginning of 2009 does mean something and it's not due to them having air conditioning (lucky!) although that helps.
Bull market ? Not so much. Bottom of the market ? Consult your crystal ball.
If you are a buyer or seller in San Francisco, one thing to remember about real estate markets is that like politics, they are local. What's happening in Manhattan, Los Angeles and Miami may have some relevance to the national market on a macro-level but a good real estate agent will be able to separate the headlines and cocktail chatter from reality.
Who would be more plugged in to what's happening Downtown than someone that lives and breathes it ? That's me.
I'm always happy to answer your questions and accept your referrals !
Stay cool, my friends.
You could say that the Downtown real estate market has been like a linen shirt to a lot of buyers the past few months. After being stored in a closet since last September it now looks a lot more appealing and appropriate given current circumstances.
We seem to have entered a phase of moderate stability in the markets (yesterday's Dow notwithstanding). Both resale and new construction sellers have adjusted their prices and expectations while at the same time rates are historically low and lenders have loosened the purse strings. 50 sales at The Infinity since the beginning of 2009 does mean something and it's not due to them having air conditioning (lucky!) although that helps.
Bull market ? Not so much. Bottom of the market ? Consult your crystal ball.
If you are a buyer or seller in San Francisco, one thing to remember about real estate markets is that like politics, they are local. What's happening in Manhattan, Los Angeles and Miami may have some relevance to the national market on a macro-level but a good real estate agent will be able to separate the headlines and cocktail chatter from reality.
Who would be more plugged in to what's happening Downtown than someone that lives and breathes it ? That's me.
I'm always happy to answer your questions and accept your referrals !
Stay cool, my friends.
Tuesday, April 14, 2009
Timely Tax Tricks Tease the Tempted to Take Action: Housing Stimulus for 2009.
I was between appointments today at one of my favorite Downtown developments and I started thinking about one of the more tangible pieces of legislation from Washington since the new administration took over. The Housing Stimulus laws for 2009 offer home buyers unprecedented incentives to make purchases this year. One piece of the legislation benefits first time buyers exclusively; the other pertains to all California home buyers.
The First Time Home Buyer Tax Credit offers people who have never owned a home or those who have not done so for 3 years an $8,000 credit. The credit is described as "...a dollar-for-dollar reduction in taxes owed...". In other words, if you owe Federal taxes for 2009 and you bought a primary residence, knock $8,000 off your tax bill. If you don't owe any taxes? Uncle Sam writes you a check for $8,000.
The New Home Tax Credit is the second piece of this tasty, cash-filled pie. California residents who purchase a newly constructed primary residence will receive a $10,000 state income tax credit. This credit applies only to new, never lived-in property. Wow.
To receive a pdf of the entire document provided by The California Association of Realtors, email me and I'll be happy to pass it along.
These combined tax incentives along with the mortgage interest deduction, historically low interest rates and the most affordable prices we have seen in years have done the trick, or so it would seem. So far this Spring sales offices are humming, mortgage applications are rising and people are buying.
Which reminds me, I've got an appointment to catch.
The First Time Home Buyer Tax Credit offers people who have never owned a home or those who have not done so for 3 years an $8,000 credit. The credit is described as "...a dollar-for-dollar reduction in taxes owed...". In other words, if you owe Federal taxes for 2009 and you bought a primary residence, knock $8,000 off your tax bill. If you don't owe any taxes? Uncle Sam writes you a check for $8,000.
The New Home Tax Credit is the second piece of this tasty, cash-filled pie. California residents who purchase a newly constructed primary residence will receive a $10,000 state income tax credit. This credit applies only to new, never lived-in property. Wow.
To receive a pdf of the entire document provided by The California Association of Realtors, email me and I'll be happy to pass it along.
These combined tax incentives along with the mortgage interest deduction, historically low interest rates and the most affordable prices we have seen in years have done the trick, or so it would seem. So far this Spring sales offices are humming, mortgage applications are rising and people are buying.
Which reminds me, I've got an appointment to catch.
Tuesday, April 7, 2009
The Curious Case of The Downtown Real Estate Market
Okay people, I've got some numbers for you this week. They don't have anything to do with reverse aging. My apologies about the headline.
I was conducting searches on the MLS (Multiple Listing Service) and thought I'd run a little test since the market has seemed much more active in the past few weeks both for me and my colleagues. I searched Mission Bay, Potrero, SOMA and South Beach only. The following numbers track activity from March 1, 2009 through April 6, 200
Closed Sales: 21
Pending/contingent Sales: 48
Remaining Available Listings: 176
During this 37 day period, 69 property owners found themselves with buyers. Not all of these transactions have consummated but that's still healthy activity. What these numbers don't include are most new construction transactions. I would estimate that would add another 50 sales. Those deals would be spread among The Infinity, One Rincon Hill, BLU, and Arterra.
Given these numbers, reports about the death of the Downtown San Francisco real estate market are exaggerated. Prices are down. People are out there buying condominiums.
Spring fever? Crazy contrarians? Pent-up demand? Have we hit the bottom?
I'm just happy to be getting my clients the best possible terms on Downtown condominiums. Let me help you, your friends and colleagues do the same.
I was conducting searches on the MLS (Multiple Listing Service) and thought I'd run a little test since the market has seemed much more active in the past few weeks both for me and my colleagues. I searched Mission Bay, Potrero, SOMA and South Beach only. The following numbers track activity from March 1, 2009 through April 6, 200
Closed Sales:
Pending/contingent Sales: 48
Remaining Available Listings: 176
During this 37 day period, 69 property owners found themselves with buyers. Not all of these transactions have consummated but that's still healthy activity. What these numbers don't include are most new construction transactions. I would estimate that would add another 50 sales. Those deals would be spread among The Infinity, One Rincon Hill, BLU, and Arterra.
Given these numbers, reports about the death of the Downtown San Francisco real estate market are exaggerated. Prices are down. People are out there buying condominiums.
Spring fever? Crazy contrarians? Pent-up demand? Have we hit the bottom?
I'm just happy to be getting my clients the best possible terms on Downtown condominiums. Let me help you, your friends and colleagues do the same.
Monday, March 30, 2009
It's Not Perfect, But It Ain't The Bronx. Urban Planning, San Francisco Style.
The New York Times published an interesting article yesterday titled "Reinventing America's Cities: The Time Is Now." by Nicolai Ourous, off. The writer talks about the history of 20th century urban planning, touching on the importance of The Works Progress Administration (WPA) during the depression. The WPA created a huge body of work on a national scale and was the last large, federally-funded public infrastructure project with the exception of the interstate highway system. In San Francisco we have The Rincon Annex Post Office, The Bay Bridge and SFO thanks to FDR's innovative 'make work' program.
With President Obama dedicating billions toward public infrastructure projects, will we see our City change as dramatically as it did in the 1930's?
One project already underway is The Transbay Terminal, although that may be overstating things. The temporary terminal site has been cleared and is being readied for construction that will ultimately lead to the demolition of the old 1937 bus station to make way for the much ballyhooed terminal and tower. Signs of construction may soon materialize on Transbay Block 8. This parcel bordered by First, Folsom, Fremont and Tenny Streets has received three development proposals. These proposals are currently being reviewed but the specifics call for a 550 foot tower with a mid-rise section and retail along Folsom Street. The project will contain 600 rental units and has a 25% affordable component.
This development will be an encouraging sign of life Downtown and will ultimately add to the density and vitality of the neighborhood. At 50+ stories, it should also be a dramatic addition to the skyline.
So raise a glass to Transbay Block 8 and toast to shovels in the dirt. Steel and concrete reaching for the sky--there is no better vote of confidence in the future of Downtown San Francisco! Thanks for reading; see you next Tuesday. Please remind your friends and colleagues that I work for them, not the developer. Do not enter a sales office without my expertise.
With President Obama dedicating billions toward public infrastructure projects, will we see our City change as dramatically as it did in the 1930's?
One project already underway is The Transbay Terminal, although that may be overstating things. The temporary terminal site has been cleared and is being readied for construction that will ultimately lead to the demolition of the old 1937 bus station to make way for the much ballyhooed terminal and tower. Signs of construction may soon materialize on Transbay Block 8. This parcel bordered by First, Folsom, Fremont and Tenny Streets has received three development proposals. These proposals are currently being reviewed but the specifics call for a 550 foot tower with a mid-rise section and retail along Folsom Street. The project will contain 600 rental units and has a 25% affordable component.
This development will be an encouraging sign of life Downtown and will ultimately add to the density and vitality of the neighborhood. At 50+ stories, it should also be a dramatic addition to the skyline.
So raise a glass to Transbay Block 8 and toast to shovels in the dirt. Steel and concrete reaching for the sky--there is no better vote of confidence in the future of Downtown San Francisco! Thanks for reading; see you next Tuesday. Please remind your friends and colleagues that I work for them, not the developer. Do not enter a sales office without my expertise.
Monday, March 23, 2009
Get outta town ! Resort homes offer value and a respite from The City amid recession.
Growing up middle-class in Connecticut, I never thought it unusual that my maternal grandparents had a second home on a lake in New Hampshire (what we Yankees call a 'camp') and my paternal grandparents had a ski house in Vermont. Most weekends year round were spent in one these modest homes boating, swimming, skiing or visiting the beaver lodges that my grandfather was constantly threatening to blow up with dynamite lest they cause the river to flood the road and homes nearby. It wasn't until I was much older that I discovered that everyone wasn't as lucky as I was.
Although they did well for themselves, I would never describe my grandparents as wealthy. So how did they end up with these terrific second homes that offered a respite from the daily grind and an opportunity for kids like me and my cousins to spend countless days exploring the woods, lakes, mountains and rivers without the distraction of television or the risk of getting hit by a car?
My maternal grandparents grew up in rural settings. Although they were raising my mother and her sisters in the suburbs, they still wanted their family to experience the peace and beauty of the country. So in the late 1950's they bought a rustic, unheated cabin on a bucolic New Hampshire lake. Although it was a lot of money at the time, they paid about $16,000 for the camp and the adjacent lot. Real estate prices had been depressed that year due to a recession in 1957, so Grandpa Tibbetts took a risk. Over the years they made many improvements and they still summer at the camp. I happily visit almost every year. After 51 years it has more than paid for itself and the memories for my entire family are priceless.
My paternal grandparents took advantage of another economic downturn when they acquired land to build a ski house. The 1969 recession hit the country hard, but my Pop Pop had a good year in the auto business. He took some of that money and bought a wooded lot uphill from a river in southern Vermont and built a ski house. His son would soon be a father (mine!) and Pop Pop pictured his growing clan gathered around the fire, drinks in hand, apres-ski. The house that he built with the help of my father, his brother-in-law and his friends became the locus for our family in winter and I cherish the countless memories I have.
In the past, during times of uncertainty, people with moderate incomes felt confident enough in the future to purchase a second home when they saw a good opportunity. Here in San Francisco we live in close proximity to Sonoma and Napa--counties that currently offer incredible value in a globally desirable second home market. Herth Real Estate has a wine country office that specializes in these properties and I'd be happy to help you find your retreat.
Subscribe to:
Comments (Atom)
Posts
