Milestones
The Arterra sales center put their last unit into contract about two weeks ago, rendering the Mission Bay development sold out once the remaining ten or so units currently in escrow close. This represents a four year sell out for developer Intracorp's 269 unit property. Construction costs ran just south of $90M USD. Close on their heels, The Infinity is down to nine units in Tower II with list prices starting at $2.7M. Across town in the Mission, 555 Bartlett announced that half of their 58 homes are now in contract after just two weeks of sales. Ladies and Gentlemen, Spring has sprung.
Greed is Good
Crank up the Oingo Boingo and make liberal use of the styling mousse because 80's glamour is now for sale. 611 Washington Street is a mixed use tower built in 1984 with 33 residential units sitting atop class A commercial office space.
Unit 2402 is listed at $3.595M and boasts 2624 square feet and iconic Downtown views. Unfortunately for the 80's purists among you, the kitchens and baths were updated a few years ago and there isn't a hint of glass block or brass to be seen. HOA dues and parking for two DeLorean's runs $2,518 per month.
Voted "Most Flirtatious" Class of 2010
The developer at One Hawthorne is a tease. The first ten units were supposed to have been released already, but developer Jackson Pacific has decided to play it coy. Buyers will have to wait until construction is complete on all 165 units before being able to write a check. ETA is June and methinks there is a wee bit of strategy afoot with both new and resale inventory Downtown shrinking rapidly. Worth the wait? I can take you on a tour to see. Can beggars also be choosers? We'll have to wait until June to find out.
Showing posts with label Mission Bay. Show all posts
Showing posts with label Mission Bay. Show all posts
Monday, March 15, 2010
Monday, July 27, 2009
LEED, SCHMEED. Just turn the lights off when you leave the room!
It's official. San Francisco now has it's first 'green' residential high rise. Arterra in Mission Bay was awarded a LEED (Leadership in Energy & Environmental Design) Silver certification last week which means that the building achieved the required points on the scale that measures environmentally friendly practices and design. From their website:
Green Building Council members, representing every sector of the building industry, developed and continue to refine LEED. The rating system addresses six major areas:
Sustainable sites
Water efficiency
Energy and atmosphere
Materials and resources
Indoor environmental quality
LEED was created to accomplish the following:
Define "green building" by establishing a common standard of measurement
Promote integrated, whole-building design practices
Recognize environmental leadership in the building industry
Stimulate green competition
Raise consumer awareness of green building benefits
Transform the building market
That's a pretty wide-ranging mission they have there. Granted, environmentally sound building practices and materials were around long before LEED came up with their criteria and scorecard. We do have to start somewhere, though and there are now hundreds of LEED certified buildings across the country. The irony is that almost all of them are in cities. Urban environments are inherently "greener" than the suburbs because they use less space, energy and resources to support higher human density.
When I think about the relative efficiencies that a LEED certified building provides versus a non-LEED building compared to acres and acres of McMansions bleeding the grid dry, I wonder if the LEED emphasis on urban construction is misplaced.
In future, we will see more efficient building practices become the rule and not the exception and LEED certification is an important and viable first stage in this cycle. Just like hybrid vehicles are not the ultimate solution to our dependence on oil, but an important "bridge technology" that will get the auto industry to the next platform for efficient 4-wheel transport. Regardless, it's important to support new methods and technologies as they develop and LEED certification is one step in the right direction.
Turning the tap off while you brush your teeth is another !
Green Building Council members, representing every sector of the building industry, developed and continue to refine LEED. The rating system addresses six major areas:
Sustainable sites
Water efficiency
Energy and atmosphere
Materials and resources
Indoor environmental quality
LEED was created to accomplish the following:
Define "green building" by establishing a common standard of measurement
Promote integrated, whole-building design practices
Recognize environmental leadership in the building industry
Stimulate green competition
Raise consumer awareness of green building benefits
Transform the building market
That's a pretty wide-ranging mission they have there. Granted, environmentally sound building practices and materials were around long before LEED came up with their criteria and scorecard. We do have to start somewhere, though and there are now hundreds of LEED certified buildings across the country. The irony is that almost all of them are in cities. Urban environments are inherently "greener" than the suburbs because they use less space, energy and resources to support higher human density.
When I think about the relative efficiencies that a LEED certified building provides versus a non-LEED building compared to acres and acres of McMansions bleeding the grid dry, I wonder if the LEED emphasis on urban construction is misplaced.
In future, we will see more efficient building practices become the rule and not the exception and LEED certification is an important and viable first stage in this cycle. Just like hybrid vehicles are not the ultimate solution to our dependence on oil, but an important "bridge technology" that will get the auto industry to the next platform for efficient 4-wheel transport. Regardless, it's important to support new methods and technologies as they develop and LEED certification is one step in the right direction.
Turning the tap off while you brush your teeth is another !
Tuesday, July 14, 2009
Just like Champagne & Caviar (or Beer & Pizza): Coveted Neighborhoods & Parks Go Together.
London has Regents Park. Paris, The Tuileries. New York has Central Park and even Los Angeles has Griffith Park. What about San Francisco ?
Sure, we have Golden Gate Park, The National Seashore and even The Presidio. But what do you do if you live Downtown and want to go for a run, bathe in the sun or just have some outdoor fun ?
Depending on where you live Downtown, there is a wealth of options for public space. Most of these parks have their own unique flavor and style, making them true San Francisco gems.
Here's a rundown of Downtown San Francisco park options. Don't forget sunblock:
South Park
Bounded by Second and Third Streets and Bryant and Brannan Streets, South Park was laid out in the 1850's and was modeled on the oval shaped urban residential parks that began showing up in England and the US in the mid-1700's. Designed to be the last word in plush residential developments, South Park quickly lost favor with the rich as it's proximity to the working waterfront never made for peaceful coexistence. Fast forward to the 21st century and you see a neighborhood park that retains its original shape and scale but is now surrounded by design firms, tech start-ups, cutting-edge condominiums and a wide array of dining options. The plantings and hardscape could use some freshening but it's still a great space to grab lunch or read under a tree.
Mission Creek Park
The newest park Downtown, Mission Creek Park is located on both sides of the channel or 'creek' and has Berry Street as it's Northern border and Channel Street to the south. Developed in 2000 by ProLogis Corporation, the park is beautifully designed and landscaped. It provides a wealth of recreational options including a fenced-in dog run, basketball courts, tennis courts and a public kayak launch. Mission Creek Park offers residents and visitors alike a pristine respite from the noise and traffic of the city. As the south side of Mission Bay continues to develop, this park will link to other parks forming a network of green spaces that will snake through the neighborhood and along the waterfront. Some may criticize Mission Bay as being generic, but the parks running through it will create the greenest neighborhood in San Francisco.
The Embarcadero
Spanish for 'wharf' or 'pier', The Embarcadero is undoubtedly Downtown's most spectacular public space. Stretching from Pier 37 all the way around to AT&T Park, The Embarcadero is famous for it's views and the sheer scale of it's unbroken waterfront access. Perfect for cyclists, runners and baby strollers alike, one doesn't have to worry about the stop and start of crossing streets but still needs to be aware of tourist groups shuffling along and the occasional sea lion. A thorough upgrade started over ten years ago has been completed featuring public art and street furniture by Stanley Saitowitz and other local notables. The Embarcadero hosts The Ferry Building, a fire boat station, visiting ocean liners and one of the worlds best farmers markets. Given the cinematic scenery, it's no wonder that The Embarcadero appears in TV commercials consistently. Simply stated, it's one of the worlds most spectacular urban parks.
Now that you know where to go, get out there and enjoy! SPF 15 or higher.
Sure, we have Golden Gate Park, The National Seashore and even The Presidio. But what do you do if you live Downtown and want to go for a run, bathe in the sun or just have some outdoor fun ?
Depending on where you live Downtown, there is a wealth of options for public space. Most of these parks have their own unique flavor and style, making them true San Francisco gems.
Here's a rundown of Downtown San Francisco park options. Don't forget sunblock:
South Park
Bounded by Second and Third Streets and Bryant and Brannan Streets, South Park was laid out in the 1850's and was modeled on the oval shaped urban residential parks that began showing up in England and the US in the mid-1700's. Designed to be the last word in plush residential developments, South Park quickly lost favor with the rich as it's proximity to the working waterfront never made for peaceful coexistence. Fast forward to the 21st century and you see a neighborhood park that retains its original shape and scale but is now surrounded by design firms, tech start-ups, cutting-edge condominiums and a wide array of dining options. The plantings and hardscape could use some freshening but it's still a great space to grab lunch or read under a tree.
Mission Creek Park
The newest park Downtown, Mission Creek Park is located on both sides of the channel or 'creek' and has Berry Street as it's Northern border and Channel Street to the south. Developed in 2000 by ProLogis Corporation, the park is beautifully designed and landscaped. It provides a wealth of recreational options including a fenced-in dog run, basketball courts, tennis courts and a public kayak launch. Mission Creek Park offers residents and visitors alike a pristine respite from the noise and traffic of the city. As the south side of Mission Bay continues to develop, this park will link to other parks forming a network of green spaces that will snake through the neighborhood and along the waterfront. Some may criticize Mission Bay as being generic, but the parks running through it will create the greenest neighborhood in San Francisco.
The Embarcadero
Spanish for 'wharf' or 'pier', The Embarcadero is undoubtedly Downtown's most spectacular public space. Stretching from Pier 37 all the way around to AT&T Park, The Embarcadero is famous for it's views and the sheer scale of it's unbroken waterfront access. Perfect for cyclists, runners and baby strollers alike, one doesn't have to worry about the stop and start of crossing streets but still needs to be aware of tourist groups shuffling along and the occasional sea lion. A thorough upgrade started over ten years ago has been completed featuring public art and street furniture by Stanley Saitowitz and other local notables. The Embarcadero hosts The Ferry Building, a fire boat station, visiting ocean liners and one of the worlds best farmers markets. Given the cinematic scenery, it's no wonder that The Embarcadero appears in TV commercials consistently. Simply stated, it's one of the worlds most spectacular urban parks.
Now that you know where to go, get out there and enjoy! SPF 15 or higher.
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.
Tuesday, December 9, 2008
Don't fear the Reaper... November turns out to be a strong month for San Francisco's new development sales offices.
A few weeks back I wrote about developers finally waking up to the realities of the current market in our fair city by pricing select chunks of their inventory at very attractive (reduced) prices. Attractive enough I thought, to spur some buying activity in what might be more politely termed a "freaked out" consumer environment. Well gentle readers, I'm happy to report that it seems to have worked. At developments across the city buyers have shunned the negative and accented the positive by putting roughly 10 units into contract at each of a handful of communities from Mission Bay to South Beach and back to the Van Ness corridor.
It is heartening to know that even during a period where federal bailouts are racking up scary hash marks on the billions spent spread sheet; buyers are confident enough in San Francisco's market to put their hard-earned money toward a downtown condo. Maybe it's a contrarian view that is driving these people toward a purchase that a lot of folks might run from right now but one thing is certain: these intrepid individuals are getting some great deals on prime property.
This happy occasion reminds of something that I've heard often in the real estate industry when things get challenging: People will always need to buy or sell, no matter what. This is essentially an elaboration on "Life goes on." People get transferred, lose jobs, get new ones, get married, have babies, etc. This continues to happen regardless of what the stock market does, who the president is, or if Britney Spears releases a new single.
So if you are delaying making a decision about whether to buy or sell property and its starting to have an impact on your quality of life, I recommend speaking with a professional. My contact information is on the banner at the top this page.
It is heartening to know that even during a period where federal bailouts are racking up scary hash marks on the billions spent spread sheet; buyers are confident enough in San Francisco's market to put their hard-earned money toward a downtown condo. Maybe it's a contrarian view that is driving these people toward a purchase that a lot of folks might run from right now but one thing is certain: these intrepid individuals are getting some great deals on prime property.
This happy occasion reminds of something that I've heard often in the real estate industry when things get challenging: People will always need to buy or sell, no matter what. This is essentially an elaboration on "Life goes on." People get transferred, lose jobs, get new ones, get married, have babies, etc. This continues to happen regardless of what the stock market does, who the president is, or if Britney Spears releases a new single.
So if you are delaying making a decision about whether to buy or sell property and its starting to have an impact on your quality of life, I recommend speaking with a professional. My contact information is on the banner at the top this page.
Tuesday, December 2, 2008
Healthcare is about the only bright spot in the American economy... So what does that mean for San Francisco?
There is something extraordinary happening in our city. If it were occurring in any other US burg you would certainly have read about in the newspaper or seen something about it on TV. The Mayor would be talking about it endlessly and civic and community leaders would be promoting it at every turn. Maybe it's because the only equivalent situation is in Houston, Texas and San Franciscans would be loathe to be compared to that lovely yet very different city.
Maybe. But a better answer is that they just don't think its a big deal.
It all sounds like exciting stuff, future stuff. But it's happening right now. If you want to see what the 21st century holds for San Francisco, take a drive or hop on the T line and head over to Mission Bay.
It might not look like much on the south side of Mission Creek right now aside from the great view, but people said the same thing about a little town called Yerba Buena in 1848.
Maybe. But a better answer is that they just don't think its a big deal.
Mission Bay and the new UCSF biomedical campus are a very big deal. Although the second phase of Radiance at Mission Bay and 2 commercial buildings have been put on hold (the latter even had tenants signed up), new residential, research, university and biotechnology buildings continue to rise despite fiscal uncertainty and the general economic slow down.
You may ask, why ? Because this is where the future is being created.
The next big breakthroughs in medicine--be they genetics, robotics, protein science or something we can't even fathom yet-- are being researched in Mission Bay and will be discovered or evolve here. That very large building on the UCSF biomedical campus isn't named Genentech Hall for nothing. In less than 15 years there will be three new hospitals here treating women, children and cancer.
It is generally understood that our new president is going to repeal federal legislation that currently hinders stem cell research. This coupled with the synergy of biotechnology, research and health care will drive investment and innovation, bringing people to San Francisco from all over the world. In the future when someone needs a new heart, hand or head, they will most likely be booking tickets to SFO.
You may ask, why ? Because this is where the future is being created.
The next big breakthroughs in medicine--be they genetics, robotics, protein science or something we can't even fathom yet-- are being researched in Mission Bay and will be discovered or evolve here. That very large building on the UCSF biomedical campus isn't named Genentech Hall for nothing. In less than 15 years there will be three new hospitals here treating women, children and cancer.
It is generally understood that our new president is going to repeal federal legislation that currently hinders stem cell research. This coupled with the synergy of biotechnology, research and health care will drive investment and innovation, bringing people to San Francisco from all over the world. In the future when someone needs a new heart, hand or head, they will most likely be booking tickets to SFO.
This all started about 10 years ago when the master plan for Mission Bay was approved by The City. The linchpin of this plan is The Beacon (initially known as Mission Place). Completed in 2004, it is home to condominiums, Safeway, Borders and a Burger Joint. It is also home to The California Center for Regenerative Medicine (CERM). A state ballot initiative created and funds the organization that has 3 billion dollars at its disposal and a mission to invest in biotechnology. It would be hard to duplicate the conditions that are driving this investment and development anywhere else. Put it all together and its pretty compelling: This new neighborhood is poised to be the global center for the next generation of biomedical and health care professionals.
It might not look like much on the south side of Mission Creek right now aside from the great view, but people said the same thing about a little town called Yerba Buena in 1848.
Wednesday, November 19, 2008
Elections & Downtown non-erections: Developers bearish on short-term outlook while agents hope post-election relief will get buyers back in the swing
originally published 11/4/08
Some examples: The Hayes has a fifth floor studio with balcony listed in the mid 300's and a tower-level 1-bedroom at Arterra in Mission Bay was re-priced in the low 500's. Over on Van Ness Avenue, Symphony Towers has a 1-bedroom on offer in the mid-400's. These prices represent reductions of at least $100,000 from their previous highs and what's more compelling is they seem to work. Erin over at Symphony told me they sold 6 units last week after the price drop.
Reductions in inventory and markdowns on stock indicate that developers are retooling strategy for what they see as a prolonged slowing of demand and it seems like if the price is right one can still sell a condominium even in these uncertain times.
The return of confidence to the country and San Francisco will go a long way in allowing home buyers to feel good about getting back in the market. With the impending change in leadership and recent condominium price adjustments this may be a historic moment in more ways than one.
Downtown inventory absorbing at a slow yet steady pace. Developers hustle to move product with the outlook uncertain.
Originally published 10/7/08
Monday brought a new client and a new mandate: a 1-bedroom condominium with a view that's also within walking distance of the CalTrans station on 4th. As I put our tour together for the morning I realized that something I didn't anticipate had happened in Mission Bay. Inventory that was piling up until about a month ago was, for the most part, gone. The Beacon had only 14 listings, about 2.5% of the building's units, were active on the MLS. Six months ago, that number was almost double. The Beacon sold out in 2006 as a condominium conversion. After checking in with the sales team at 170 Off Third, I was told that they are sold out of studio and 1-beds and have but a handful of 2-beds left. Jessica at the Potrero had a similar story: Just two 1-bedrooms available out of only 11 left overall.
A little far from the train station but under consideration was The Metropolitan. It is great place to find value and competition among sellers for nicely finished units with views. Bonus points for the building since it still looks fresh and appealing 4 years after completion. There I found only one 1-bedroom; a high floor with a nice view. One 1-bedroom available out of 342 units. Hm. Given the above there was only one place to go for new product that shows well and is reasonably priced: Arterra.
My client and I looked at a handful of 1-bedroom's and the sales team seemed open to writing creative deals. With a reported 40% of the building yet to be sold, we had a wide selection of homes and developer incentives to consider. A perfect storm for today's selective and value-conscious buyer.
It will be interesting to see where these numbers move in light of all the drama we've endured in the past few weeks. There are many challenges in the business of real estate in late 2008 yet there are still people making deals, getting loans and closing escrow in San Francisco.
A little far from the train station but under consideration was The Metropolitan. It is great place to find value and competition among sellers for nicely finished units with views. Bonus points for the building since it still looks fresh and appealing 4 years after completion. There I found only one 1-bedroom; a high floor with a nice view. One 1-bedroom available out of 342 units. Hm. Given the above there was only one place to go for new product that shows well and is reasonably priced: Arterra.
My client and I looked at a handful of 1-bedroom's and the sales team seemed open to writing creative deals. With a reported 40% of the building yet to be sold, we had a wide selection of homes and developer incentives to consider. A perfect storm for today's selective and value-conscious buyer.
It will be interesting to see where these numbers move in light of all the drama we've endured in the past few weeks. There are many challenges in the business of real estate in late 2008 yet there are still people making deals, getting loans and closing escrow in San Francisco.
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