• Residents in San Francisco’s Millennium Tower have been slapped with bills as high as $14,000 each following a project to stabilize the leaning building 
• One resident – who was not even living in the building when he received his bill due to sewage backup in his condo – received a bill for $14,000 over the summer
• Prior to the stabilization process, the tower leaned 29 inches 

Residents within the luxury Millennium Tower – dubbed the ‘leaning tower of San Francisco’ – are being slapped with bills up to $14,000 to fix the building’s issues which include raw sewage in their sinks and pipes.

Homeowners and renters have been shocked to receive the bills, which puts an estimated $6.8 million of the overall $20 million in overrun fixes on residents.

Mehrdad Mostafavi, who owns a condo on the third floor of the building, recently received a bill for $14,000, which amounts to $10 per square foot of the apartment.

‘It’s a luxurious building and famous building, but unfortunately it is not like this for me as an owner,’ Mostafavi told NBC Bay Area. ‘I am really suffering.’

To make matters worse, Mostafavi was not living in the building when he got the bill as he was dealing with a sewage backup purportedly caused by the tower’s tilt.

The Millennium Tower – designed by Gary Handel and Handel Architects – is still tilting at 29 inches but the sinking has stopped following a stabilization project.

Residents within the luxury Millennium Tower – dubbed the ‘leaning tower of San Francisco ‘ – are being slapped with bills up to $14,000 to fix the building’s issues Sewage overfill from the tilt Sewage overflow from the tilt inside the building

Mostafavi was just one of a number of residents to find a bill from the Tower owners’ association and asked to pay it by October 1.

He told the Bay Area outlet it may be the final nail in the coffin for him.

‘I don’t know what to do with this place, because it is costly – I cannot live in it,’ said Mostafavi.

The San Francisco resident had already moved out in June after a sewage backup in his kitchen sink, which some engineers had warned could happen due to the tilt.

At the time that he received the bill, he was already in the middle of trying to figure out who should pay to clean up the sewage mess in his place.

He also told NBC that he had already had to tap into his retirement savings to cover the costs of the kitchen issues.

‘I’m really having a hard time seeing how can I leave for the retirement – how to get out of this apartment and do my retirement’ Mostafavi said. It is very costly.’

‘They keep asking for more money and this is not acceptable for me,’ he said.

DailyMail.com reached out to management for comment but did not receive a response by the time of publication.

According to Harry Poulos, a tall building expert, efforts to stop the building from sinking were successful but the tilt has not been fixed.

‘Their objective of correcting that tilt to a significant extent – I fear that expectation has not been met,’ Poulos told NBC in September.

‘I don’t know what to do with this place, because it is costly ¿ I cannot live in it,’ said third floor condo owner Mehrdad Mostafavi in an interview with NBC Bay Area Workers repair crumbling walls that have been the result of leaking water in the garage of the Millennium Tower in San Francisco A stress gauge is seen on a wall with floor-to-ceiling cracks in the parking garage of the Millennium Tower

Overall, residents of the building have been saddled with $6.8 million of the roughly $20 million extra the project ended up costing over the original budget.

It had originally been calculated as costing some $100 million.

During construction, however, the tower experienced more sinking and leaning.

Along with the bills sent to homeowners, the Tower owners’ association included a letter that said residents are being compensated for lost property value.

In total, the association was allotted  $150 million to pay for securing the high-rise, pay for legal bills, restore reserves and pay for other expected costs.

It ended up costing more than that, the association said.

‘The delays and the city’s heightened requirements resulted in significant unforeseen project cost increases,’ the association’s letter to residents said.

The Millennium Tower was designed by Gary Handel and Handel Architects By 2016, the building (to the right of the tallest building) had sunk nearly a foot-and-a-half into the soft soil and landfill upon which it was built. Residents of the building subsequently sued the developer and designers

Earlier this year, lead engineer of the project, Ron Hamburger, told NBC data taken from rooftop measurements regarding the lean are prone to weather fluctuations.

He also said that and that data on the building’s foundation was more reliable.

That data indicated that the tilt was more significant than previously noted, only by about of a quarter of an inch, however.

Hamburger at the time claimed the number was ‘negligible.’

‘We are fully confident that following transfer of the remaining design load to the piles,’ said Hamburger, adding that ‘there will be no further … movement of the roof to the west,’ he said.

The luxury 58-story tower opened in 2009 and quickly sold out its 419 apartments, with buyers including former San Francisco 49er Joe Montana and former Giants outfielder Hunter Pence.

By 2016, the building had sunk nearly a foot-and-a-half into the soft soil and landfill upon which it was built in San Francisco’s financial district.

It was also leaning, creating a two-inch tilt at the base, and a 6-inch lean at the top. Residents of the building subsequently sued the developer and designers.

A confidential settlement reached several years ago included $100 million to install 52 concrete, 140,000-pound piles to anchor the building to bedrock located 250 feet below ground, with the idea that the piles would provide foundational support to the leaning, sinking tower.

The post San Francisco luxurious apartment residents are hit with payments of as much as $14,000 to repair lean regardless of work destroying their properties with uncooked SEWAGE appeared first on DAILY SAN FRANCISCO BAY NEWS.

Real Estate

By Mary K. Jacob

December 13, 2022 | 1:59pm

Luxury condo prices in the heart of downtown San Francisco have plummeted as drug abuse and crime have spiraled out control — and as many techies continue to work remotely.

Data analyzed by Compass shows the Golden Gate city — once pegged as the hottest real estate market globally — has since fallen fast.

The median sale price of a two-bedroom condo, for example, has fallen 16.5% since 2021, while sale prices in surrounding areas have slipped only 7%, according to the market report.

“I knew that market segment had weakened, but I didn’t realize the degree to which things had changed,” Patrick Carlisle, the chief market analyst for Compass, noted. “It was a bit shocking.”

“San Francisco went from being the hottest office market in the world to just about the weakest,” Carlisle added.

Since December of last year, the condo median sales price dropped from $1.47 million to $1.23 million in the greater downtown and South of Market district.

San Francisco condo prices are declining due crime, low vacancy rates and homelessness.

Getty Images

Compass doesn’t beat around the bush in this report, citing “a triple whammy of economic, demographic and quality-of-life issues.”

The report highlighted that high-rise housing intended to accommodate hundreds of thousands of workers who inundated the city each morning. But with people now working from home, demand for it has dwindled.

Since the massive exodus of workers, the rapid decline in housing prices has since been attributed to the area’s high crime rate and growing homeless population, which Carlisle explains has affected the “quality of life ambiance” that the city once offered.

A woman walks past men passed out on the sidewalk in the Tenderloin area of San Francisco. REUTERS

“High tech workers were the ones who were most likely to say, ‘well if I can work from any place, I’ll move some place where housing costs 90 percent less.”‘

The report also comes months after it was revealed that San Francisco’s ultra-luxurious Four Seasons Residences sold just 13 of its 146 units in the two years since its opening.

Prospective buyers, who included Steph and Ayesha Curry, have snubbed the high-rise, where condos are priced up to $49 million.

San Francisco occupancy is just at 39% as of late September — one of the lowest in the nation. Comparatively, New York City reported a 46% occupancy — and Los Angeles, which had 45% occupancy around the same time.

Carlisle explained that for the downtown condo market to make any sort of comeback, offices would need to start filling up again.

In 2020, San Francisco was in the top three cities with the highest property crime, according to data from the SF Chronicle. More than 4,400 incidents of property crime per 100,000 residents were reported.

In July 2022, the Chronicle asked 1,653 San Francisco residents which problem in the city needed to be addressed most urgently. Crime and public safety were the second most common answers after homelessness.

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An 81-year-old San Francisco resident was told she had to leave her home.

As the San Francisco Chronicle first reported, a note was posted on the door of Rosemarie Benter’s Page Street condo on April 20, telling her she had three days to vacate the premises.

Benter said she bought her home decades ago, but a loan she took out to pay her property taxes created a chain of problems that led to her home being sold in a foreclosure sale. Benter told NBC Bay Area that she will not go out without a fight.

An 81-year-old San Francisco woman has been told she must vacate the home she has lived in for more than three decades. Kris Sanchez reports.

“Yes, I’m a tough old bird,” said Benter on Sunday.

Benter said she has lived in the Victorian home in San Francisco’s Upper Haight for more than three decades. She explained that she was able to initially own the house on a “joint lease” and then retain ownership when the unit was split into condominiums.

Benter said she took out a reverse mortgage on her property back in 2007.

Currently, Benter said, she’s dealing with a variety of health issues, including arthritis and the effects of a recent stroke. In July 2021, Benter said she sought help paying for her healthcare costs and property taxes. Benter said she was put in touch with a realtor who pressured her to sign papers to use her home to take out a loan.

Originally, Benter said she was told the loan would be $8,000, but the loan turned out to be more than $9,000 and then went up to over $13,000, including interest and fees.

“I was repeatedly told, ‘No, no, no, no one is going to kick you out for an eight thousand dollar bill,'” Benter said.

Then, in February 2023, Benter said, “There was a knock on my door, I think it was around 11 a.m., and the man said, ‘Hi, I’m here to repossess your house.'”

“And I said, ‘What do you mean?'” Benter recalled, “he said, ‘If you don’t have thirteen thousand dollars to pay this debt, it’s going to be sold in 29 minutes.'”

Benter said her home was sold at a foreclosure sale to the highest bidder.

An attorney for the buyer released a statement to NBC Bay Area on Monday.

“My client’s intention is to reside in this property, but if Ms. Benter wishes to buy it back, my client is willing to negotiate,” said attorney Joanna Kozubal.

Darren Orr, an attorney with the nonprofit Legal Aid for the Elderly of San Francisco, is now representing Benter. Orr explained that Benter contacted the nonprofit after the foreclosure sale and his team attempted to reverse the foreclosure, which they believe was based on a “completely unscrupulous and predatory loan.”

Benter said she was surprised to find the eviction notice on her door on Friday. She said whoever delivered the notification didn’t call her or ring her doorbell to let her know. Benter only found out about this from a reporter.

The statement states, “Eugene Gardner has acquired the property by escrow and title to the property has been duly completed.” The notice is signed by Kozubal.

Benter said when she saw the news, she panicked. “I was like, ‘This is it, Monday morning they’re going to show up with a sheriff and a truck and get me out of here.'”

But Orr explained that the scenario Benter envisioned was unlikely to materialize Monday, and that several other procedural steps would have to happen before Benter could be formally deported.

“Legally, we would expect that [Gardner] will seek eviction and unlawful detention to try to evict Ms. Benter as soon as possible. We will of course defend Ms. Benter in this lawsuit and we certainly hope to be successful in that,” Orr said.

On Monday, Orr said Benter will file a lawsuit against the broker and lender she worked with, as well as the new buyer. He said this lawsuit will prompt the court to find Benter as the rightful owner of the condo and seek damages for the damage caused to her.

Benter said she still hopes she can spend the rest of her life in her home.

If that’s not possible, she has no idea what she’s going to do.

“I can’t live on the streets and afford nothing,” she stressed.

The post New Purchaser of San Francisco Rental Tells 81-Yr-Previous Resident to Go away – NBC Bay Space appeared first on DAILY SAN FRANCISCO BAY NEWS.

On one of Nob Hill’s most desirable blocks, in a rare availability building, this chic condo sits across the street from Huntington Park, just steps from Grace Cathedral, with stunning views of the San Francisco skyline, the ocean and beyond .

Step through the Porte-Cochère and meet uniformed doormen in the lobby, which features marble floors, glittering chandeliers, and floor-to-ceiling windows. With its lavish nature, it makes the residence a hot ticket…if you can swing the $6 million prize.

The Nob Hill – 1170 Sacramento Street, 12D www.youtube.com

Built in 1963, the 1170 Sacramento began as a place of stature and has maintained its status with some of the city’s highest-priced residences sold. There are the unparalleled views of the Golden Gate Bridge, the Bay, Alcatraz, the Bay Bridge, the Richmond Bridge, the East Bay and downtown. Inside, this unit has one of the largest floorplans at 2,740 square feet, which allows for plenty of room to harbor and retreat.

Enjoy the sea view from two sides in the bright living room with a fireplace and a walk-in balcony behind glass doors. The formal dining room has a similar view and its own fireplace. The kitchen has a black and white palette with checkered floors, double ovens, stone counters, and a pantry.

All bedrooms are en-suite although the primary has two bathrooms of its own. The house is completed by an office room, laundry, storage room and parking for two cars.

Bedroom: 3rd

Bathroom: 4.5

Size: 2,780

Asking price: $6,000,000

// 1170 Sacramento St. Unit 12D (Nob Hill); Visit nobhill12d.com for more information.

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]]> https://dailysanfranciscobaynews.com/video-home-tour-nob-hill-rental-with-landmark-views-asks-6-million/feed/ 0 https://dailysanfranciscobaynews.com/uncommon-san-francisco-eichler-rental-simply-hit-the-marketplace-for-1m/ https://dailysanfranciscobaynews.com/uncommon-san-francisco-eichler-rental-simply-hit-the-marketplace-for-1m/#respond Wed, 12 Jan 2022 10:43:21 +0000 https://dailysanfranciscobaynews.com/?p=15158 If you know Joseph Eichler, you probably picture a Bay Area home with an airy atrium and light-filled rooms. What you’d probably never imagine is a concrete-shrouded condo — a towering hilltop eyesore on the Western Addition. But the famed real estate developer had some forays into multifamily construction when he shifted his focus from …

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If you know Joseph Eichler, you probably picture a Bay Area home with an airy atrium and light-filled rooms. What you’d probably never imagine is a concrete-shrouded condo — a towering hilltop eyesore on the Western Addition.

But the famed real estate developer had some forays into multifamily construction when he shifted his focus from single-family homes to helping build a collection of low-rise and high-rise buildings in San Francisco. One of these was 66 Cleary Court, an 18-story building that was part of the larger redevelopment of the Western Addition in the 1960s.

Today, the tall building feels almost tucked away, tucked away on a quiet street next to the much more imposing Cathedral of St Mary of the Assumption. It’s gray and bare, especially against the city’s often foggy skies, and most people wouldn’t guess it was commissioned by the famous developer.

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

Upon entering #305, which just went on the market for $1 million, the small condo is filled with light. Floor-to-ceiling windows and sliding glass doors line nearly every room, and an entire living room wall overlooks a long balcony.

There is another smaller balcony in front of the dining room that flows into the kitchen. Three bedrooms all have floor to ceiling windows, and the master bedroom has an en suite bathroom and walk-in closet.

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

While the emphasis on natural light seems to be the only part of Eichler that made it into the blueprints, when the units come out today, they’re often advertised as “Eichlers.” “When it mattered [Eichler] High-rise buildings, they were much more general,” said Matthew Gordon Lasner, associate professor of urban studies and planning at Hunter College. “When it comes to structural considerations, there is much less room for creativity. … They are well built and well designed … but I don’t think so [66 Cleary Court] is a particularly interesting building. They don’t have what makes Eichler houses special.”

Still, listing agent Rebecca White said turnover in the building is rare, and when people buy an apartment, they spend a large part of their lives there. Unit 305 was occupied for more than 20 years by the father of Aaron and Lisa Schulman, who are selling the property after renting it more than five years after their father’s death. The siblings said their father loved the layout of the corner unit and particularly appreciated how convenient it was to so many parts of San Francisco.

The Cathedral Hill neighborhood name is the most tossed-up by real estate agents these days, but Eichler’s mission back then was to create a denser, new “neighborhood” called Laguna Heights. While a high-rise was being built at 66 Cleary Court, he had plans for three on the surrounding blocks, envisioning the next phase of American housing. “Very savvy builders could see that the suburb’s perennial expansion was coming to an end,” Lasner said. “It was part of this regional effort to push the boundaries and test the density models. … As part of that experiment, this particular building was an opportunity for Eichler to test whether high-rise buildings could work for families.”

Instead of an apartment building full of one- and two-bedroom studios, a building with only three bedrooms that are spacious is somewhat revolutionary, Lasner said.

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

There were also some unique amenities that remain today. There is radiant heating in the floors and the building has 24 hour security and a common area with a playground, basketball court, picnic tables and a BBQ area.

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

While 66 Cleary was being built in 1963, Eichler also undertook other projects in the city, including townhouses in Diamond Heights, the Geneva Terraces and Geneva Towers (which were imploded in May 1998) in Visitacion Valley, and the Summit on Russian Hill. While none of these buildings were considered his most successful projects — some would even say they bankrupted Eichler Homes — they were a reexamination of urban density and affordable housing that remains a talking point to this day.

“It’s a hugely important project, but it’s not on the radar of American housing history,” Lasner said. “It is truly a project that uniquely demonstrates the feasibility of density decades before we flocked to cities again. Historically, it’s a really interesting project. It was decades ahead of its time in a way.”

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

This three bedroom, two bathroom condo built by Joseph Eichler is for sale for $1 million.

Courtesy of Rebecca White

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]]> https://dailysanfranciscobaynews.com/uncommon-san-francisco-eichler-rental-simply-hit-the-marketplace-for-1m/feed/ 0 https://dailysanfranciscobaynews.com/theres-nonetheless-a-window-of-alternative-for-san-francisco-rental-patrons/ https://dailysanfranciscobaynews.com/theres-nonetheless-a-window-of-alternative-for-san-francisco-rental-patrons/#respond Fri, 20 Aug 2021 12:12:19 +0000 https://dailysanfranciscobaynews.com/?p=10200 After the coronavirus pandemic temporarily halted years of glowing price momentum, San Francisco is now regaining its reputation as a figurehead for overheated real estate markets on the coast. But as the luxury market rebounds, a window of time remains for buyers of high-end condominiums – a segment that is appreciating more slowly than the …

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After the coronavirus pandemic temporarily halted years of glowing price momentum, San Francisco is now regaining its reputation as a figurehead for overheated real estate markets on the coast.

But as the luxury market rebounds, a window of time remains for buyers of high-end condominiums – a segment that is appreciating more slowly than the feverishly sought-after single-family home market – meaning now is the time for savvy investors to strike a deal.

“This is an opportunistic time for buyers in the San Francisco housing market,” said Krysen Heathwood, senior managing director of Compass Development Marketing Group, the broker’s new development arm.

“The value in this segment is great because prices have not yet risen as much as for single-family homes – not yet. With that in mind, condominium prices have almost returned to their 2019 and early 2020 prices, demonstrating the desire for this type of product, ”she said.

High-end condominium prices are rising more slowly

Overall, San Francisco luxury home prices rose 20% year over year in July to a median of $ 6.27 million, according to data provided by realtor.com to Mansion Global. (Mansion Global is owned by Dow Jones. Both Dow Jones and realtor.com are owned by News Corp.)

However, a closer look at the composition of this jump reveals a discrepancy in the real estate segment.

While list prices for single-family homes rose a dramatic 30% year over year to a typical $ 10.65 million in July, condo prices fell 2.4% to $ 3.86 million over the same period.

“Given the current prices, this is a very good opportunity,” said Selma Hepp, Deputy Chief Economist at CoreLogic.

Like many of the world’s most populous cities, the high-end condominium market in San Francisco has been hit hard by the coronavirus pandemic. Uneasiness about sharing spaces, limited square footage, and a lack of green spaces quickly put apartment living out of favor.

But “even before Covid, the market for luxury apartments in San Francisco was volatile,” said Ms. Hepp. “It really depended on what was happening internationally, it depended on the stock market. So it’s not really about the pandemic – of course it plays a big role – but it’s not just about the pandemic. “

The general slump in condominium demand that the pandemic brought about; fewer international buyers; a shortage of empty nests that will be scaled down to the city during the pandemic; and slower IPO activity over the past year, which resulted in fewer newly minted buyers, all contribute to the comparatively sluggish rise in condominium prices, Ms. Hepp said.

And while there is less competition than usual in the city’s housing market, “it’s definitely picking up pace from where we were last summer,” she added.

Although prices can be sluggish, the demand is there

As buyers return to the cities, fueled by strong housing market fundamentals and the introduction of the coronavirus vaccine, high-end property sales this year have grown significantly year over year.

“People just didn’t want to be in big buildings,” said Robert Callan of Sotheby’s International Realty – San Francisco Brokerage. “They wanted more space, a lot of people just moved into bigger houses.”

But “people keep coming back,” he said. “If you’re a city dweller, somehow come back here,” he said.

Overall, San Francisco saw 2,543 luxury home sales – defined as those in the top 5% of the market – from April to May, up 154% year over year, according to realtor.com data.

Spacious condominiums made up the largest proportion of these deals. There were 1,333 luxury condominium sales from April through May, up 162% from 2020, the data showed.

“The entire market is now recovering,” said Mr. Callan. “I’ve seen a lot of second home buyers buying condos, buying pied-à-terres in San Francisco, and simply moving from a smaller apartment to a larger one – especially if they want the service.”

“We have people moving from the suburbs to the city and into a luxury building,” he added. “You want to be among people.”

The renewed popularity of city life – a fluctuating metric due to ongoing decisions about returning to the office – has, according to Ms. Hepp. has already begun to drive up rental prices, especially for luxury apartments

“It is encouraging to see rental prices recover,” she said, and those gains will quickly be reflected in condominium prices.

“A general look at economic fundamentals suggests that it is still a very optimistic place for homebuyers,” added Ms. Hepp, noting that Corelogic had projected California house prices to drop at 7am by June 2022. 5% will rise, far exceeding their national forecast. of 3.2%.

“California is still where inventories are so low, and the presence of venture capital activities and startups – it’s still the epicenter in the US,” she said. “You may not see the growth rates we’ve seen in previous years, but you will get your money back.”

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]]> https://dailysanfranciscobaynews.com/theres-nonetheless-a-window-of-alternative-for-san-francisco-rental-patrons/feed/ 0 https://dailysanfranciscobaynews.com/housing-market-splits-san-francisco-home-costs-do-holy-moly-spike-rental-costs-flat-for-three-years/ https://dailysanfranciscobaynews.com/housing-market-splits-san-francisco-home-costs-do-holy-moly-spike-rental-costs-flat-for-three-years/#respond Sun, 11 Jul 2021 04:26:43 +0000 https://dailysanfranciscobaynews.com/?p=8433 Amid a record spike in luxury home sales. By Wolf Richter for WOLF STREET. The San Francisco market is dominated by condominiums. In the past few decades, almost all of the residential construction for apartment buildings – apartments and condominiums – and almost no single-family homes has been built, which makes sense for a city …

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Amid a record spike in luxury home sales.

By Wolf Richter for WOLF STREET.

The San Francisco market is dominated by condominiums. In the past few decades, almost all of the residential construction for apartment buildings – apartments and condominiums – and almost no single-family homes has been built, which makes sense for a city enclosed on three sides by the water.

For condominiums, sales have been around 450 units per month for the past four months, excluding new condominium sales that are handled directly by the developers’ sales offices and not reported to the MLS. Home sales were in the range of 300 units per month. So that’s the size of the market, with condominium sales generally being higher than home sales. And this market has totally split in two.

For the past four months, which peaked in June, there has been a historic surge in luxury home sales in San Francisco. Luxury in San Francisco starts at $ 3 million. In June, Compass closed 70 luxury home sales, nearly double the previous highs.

A good part of this surge in luxury home sales has to do with the fact that the wealthy bought luxury homes in this pandemic thanks to the Fed’s asset price inflation strategy – for the infamous “wealth effect” – and some of them.

Median prices are sensitive to changes in the mix. And that record number of luxury home sales, completed in the past four months, changed the mix of total home sales and skewed the median price upward (a sharp drop in the number of luxury home sales in the coming months would cushion some of that price hike).

According to MLS data from Thomas Stone, a retired real estate agent in Sonoma County, the average price for single-family homes rose to $ 2.1 million in June, after having tripled since 2012, for a lovely WTF moment:

But condos are different.

While the median price of condos has been volatile and like the median prices fluctuated up and down, it hasn’t gone anywhere in over three years.

In June, the average condominium price was $ 1.28 million, roughly what it was in March 2018. While the average home price has tripled since 2012, the average condominium price has only doubled since then. OK, that sounds kind of weird, something that “only doubled” in nine years, I mean, what kind of rinky dink market is San Francisco?

Condos had their share of insane price hikes, but before March 2018. Since then, the median price has bounced up and down but has essentially gone nowhere. And there have been a variety of condos on the market for years, with new ones arriving all the time.

During the real estate crisis, the average house price and the average house price were not that far apart; but since 2015 the spread has started to widen, and now the average home price is $ 900,000 above the average condo price:

“All markets are fear-driven and none of them are rational,” said Thomas Stone, the retired real estate agent, of the situation (he is happy to send readers an MLS report on housing trends for all of the Northern California counties, free of charge; Mail can be found here).

Similar situation in the wider Bay Area.

Similar trends are playing out in the Bay Area, which has five counties covered by the Case-Shiller Home Price Index – San Francisco, San Mateo, Alameda, Contra Costa, and Marin. But the Case-Shiller methodology avoids the problem of a change in the mix that skews the median price because it does not use the median price; It uses the “Sales Pairs” method, which compares the selling price of a house in the current month to the selling price of the same house when it was previously sold. That’s a big advantage.

The downside is that it is about four months behind the time the actual deals were closed compared to the median price index, which is about a month behind the actual deals.

This graphic shows the house price indices by price level and the condominium price index (red) in the Bay Area with five counties. San Francisco is the most expensive housing market among the five counties, but it also has the largest proportion of condominiums.

Property prices in all price ranges began to rise last year, while condominium prices continued to go nowhere. The last reading of the price index for condominiums (“April”) was the first status in mid-2018:

The San Francisco Bay Area entered the pandemic with a flat housing market. According to the Case-Shiller indices, house prices were down or up slightly year-on-year for all of 2019, depending on the month. The median prices showed similar trends. The prices for condominiums fell slightly in 2019 compared to the previous year.

What changed everything in terms of house prices was the pandemic – the wealth effect – and house prices suddenly exploded. But the pandemic hasn’t significantly changed condominium prices.

Stuff for empty thoughts: Condominium prices also flattened in the years before the housing crisis in the San Francisco Bay Area, according to the Case-Shiller chart above.

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Great information on installing a metal roof on an existing building.

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The post Housing Market Splits: San Francisco Home Costs do Holy-Moly Spike, Rental Costs Flat for three Years appeared first on DAILY SAN FRANCISCO BAY NEWS.

]]> https://dailysanfranciscobaynews.com/housing-market-splits-san-francisco-home-costs-do-holy-moly-spike-rental-costs-flat-for-three-years/feed/ 0 https://dailysanfranciscobaynews.com/vice-president-kamala-harris-sells-her-san-francisco-apartment-for-a-massive-revenue/ https://dailysanfranciscobaynews.com/vice-president-kamala-harris-sells-her-san-francisco-apartment-for-a-massive-revenue/#respond Sun, 04 Jul 2021 01:27:52 +0000 https://dailysanfranciscobaynews.com/?p=8080 The new vice president of the nation is unloading her apartment in San Francisco – and the fact that she had a buyer in a matter of days suggests she got something on the order of a full-price offer, if not better. Vice President Kamala Harris has reached an agreement to sell the 1,069-square-foot loft, …

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The new vice president of the nation is unloading her apartment in San Francisco – and the fact that she had a buyer in a matter of days suggests she got something on the order of a full-price offer, if not better.

Vice President Kamala Harris has reached an agreement to sell the 1,069-square-foot loft, which, according to the Wall Street Journal, was listed for $ 799,000, about 63% more than she paid for it in 2004. The one bedroom, 1½ bath property is located in a boutique condominium in San Francisco’s hot South of Market neighborhood. It was on the market a little over a week before it went under contract.

Harris bought the duplex unit almost 17 years ago for $ 489,000. That was when Harris became California’s first black district attorney.

Kamala Harris is under contract to sell her San Francisco condo.

realtor.com

The house is on the top floor of the building. It features a high ceiling that accentuates the floor-to-ceiling windows, an alcove that could be used as a study, and a walk-in closet. Additional details from the listing include a kitchen area with a gas range, fireplace, and full size washer and dryer. It also has what appears to be a private terrace.

Other advantages include garage parking spaces with additional storage space.

The building is a block and a half from a Whole Foods location.

The one-bedroom San Francisco property that Harris is selling is set up as a loft.

realtor.com

Harris now lives across from the White House in Blair House, the President’s official guest house. This brick and stucco home has 14 bedrooms, 35 bathrooms, three formal dining rooms, an exercise room, and even a beauty salon.

She is expected to move into the typical Vice President’s residence on the US Naval Observatory grounds after repairs are complete.

The vice president also owns a two-bedroom apartment in Washington, DC and a 3,500-square-foot home with a pool in the upscale Brentwood neighborhood of Los Angeles.

According to the Journal, she allegedly paid $ 1,775,000 for the 1,700-square-foot condominium in DC’s West End neighborhood in 2017. The complex offers a 24-hour concierge at the front desk, a dog washing station and a heated rooftop pool with a sun terrace.

The four-bedroom, five-bathroom home in Los Angeles was purchased by her husband, entertainment attorney Doug Emhoff, for $ 2.7 million in 2012. The couple married in 2014.

This story was originally published on realtor.com.

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]]> https://dailysanfranciscobaynews.com/vice-president-kamala-harris-sells-her-san-francisco-apartment-for-a-massive-revenue/feed/ 0 https://dailysanfranciscobaynews.com/time-is-brief-in-seek-for-survivors-of-florida-apartment-collapse-cbs-san-francisco/ https://dailysanfranciscobaynews.com/time-is-brief-in-seek-for-survivors-of-florida-apartment-collapse-cbs-san-francisco/#respond Fri, 25 Jun 2021 06:46:45 +0000 https://dailysanfranciscobaynews.com/?p=7586 SAN FRANCISCO (KPIX) – Rescuers in Surfside, Florida worked all night to find dozens of people who were still missing without warning after a residential complex collapsed early Thursday morning. “As the sun sets on the most tragic day this community can remember, we’re working around the clock to find and rescue people in this …

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SAN FRANCISCO (KPIX) – Rescuers in Surfside, Florida worked all night to find dozens of people who were still missing without warning after a residential complex collapsed early Thursday morning.

“As the sun sets on the most tragic day this community can remember, we’re working around the clock to find and rescue people in this rubble,” said Miami Dade Mayor Daniella Levine-Cava.

Rescuers fought the clock to find survivors of the 12-story beachfront apartment that collapsed around 1:30 a.m.

Former Miami-Dade Fire Department chief Dave Downey said first responders used dogs, cameras that fit small rooms, and listening devices to help with their search.

At least 99 people were missing by Thursday evening. One person was reported dead and at least 11 were injured.

Harold Schapelhouman, chief of the Menlo Park fire protection district, knows the rescuers in Florida all too well. He is the chief of operations for a California search and rescue team and was involved in the search for victims of the Loma Prieta earthquake and the Oklahoma City terrorist attack.

“(In) the first 24 hours you have a 90 percent chance of recovering, those who can be saved, who will survive,” explained Schapelhouman. “On the second day, based on what happens to the human body after it has been pinned in a certain area for a period of time, you see 36 percent. Day three: 30 percent. Day four: 18 percent. Day five: nine (percent). “

He said there was a balance between working quickly and safely.

“You have to be very careful with a building, of which you know that two thirds have already collapsed, one third is still standing,” said Schapelhouman. “But you know, is it about to collapse?”

“We’re shoring up the structure inside as we move forward to locate more survivors,” said Ray Jadallah, Miami-Dad Rescue chief fire officer.

It is not known why the 40-year-old building collapsed, but researchers at Florida International University found that it had fallen at a rate of two millimeters per year for the past three decades. It was built on reclaimed wetlands.

“That’s pretty small, but it was noticeable because the rest of the area was pretty stable,” said Shimon Wdowinski, who was involved in the study. “It’s not clear whether the land or the building was moved.”

The building was in the process of receiving its 40 year electrical and structural safety recertification.

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]]> https://dailysanfranciscobaynews.com/time-is-brief-in-seek-for-survivors-of-florida-apartment-collapse-cbs-san-francisco/feed/ 0 https://dailysanfranciscobaynews.com/in-housing-market-gone-nuts-condominium-costs-sag-in-san-francisco-bay-space-hover-in-3-12-months-vary-in-new-york-rise-at-half-velocity-in-los-angeles/ https://dailysanfranciscobaynews.com/in-housing-market-gone-nuts-condominium-costs-sag-in-san-francisco-bay-space-hover-in-3-12-months-vary-in-new-york-rise-at-half-velocity-in-los-angeles/#respond Wed, 31 Mar 2021 06:45:29 +0000 https://dailysanfranciscobaynews.com/?p=2438 But the low prices for single-family homes on the vast New York City subway are skyrocketing 15%, fueled by fleeing Manhattanites? By Wolf Richter for WOLF STREET. The headlines are everywhere: the real estate market has gone crazy with ridiculous bidding wars and ridiculous price increases. Record low interest rates last year and $ 3 …

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But the low prices for single-family homes on the vast New York City subway are skyrocketing 15%, fueled by fleeing Manhattanites?

By Wolf Richter for WOLF STREET.

The headlines are everywhere: the real estate market has gone crazy with ridiculous bidding wars and ridiculous price increases. Record low interest rates last year and $ 3 trillion from the Fed’s miracle moolah sparked this phenomenon, along with people leaving some large, expensive cities for the suburbs, outskirts and distant places whose prices rose under the influx while many Graduates Didn’t Still, they put their vacant old houses on the market in hopes of spurring price hikes and thereby reducing inventory for sale. But not all things are created equal, as we’ll see in condos and houses by price tier in the San Francisco Bay Area, Los Angeles, and the New York Subway, based on today’s S&P CoreLogic Case-Shiller Price Index for Homes.

Condominium prices in the San Francisco Bay Area are falling.

Condo prices in the five-county San Francisco Bay Area fell 1.2% in January versus December, the eighth straight month of monthly declines. The index is down 1.5% from January last year, 5.1% from its high in May 2020, and roughly back to February 2018:

The Case-Shiller Index for “San Francisco” includes the counties of San Francisco, San Mateo (northern part of Silicon Valley), Alameda and Contra Costa (East Bay), and Marin (North Bay). It does not include the southern part of Silicon Valley, including San Jose, and most of North Bay (wine country counties Sonoma and Napa) and Solano Counties.

In San Francisco County, condominiums make up the majority of the market. In the other counties, houses are the majority.

Quite a few people have moved from San Francisco to the outskirts of the Bay Area. The move to Marin County is canceled because it is in the index. But people have also moved to other counties not on the index, such as Sonoma County, whose real estate market is hot in part due to the influx of people from San Francisco.

The prices of all single-family homes in the five-county San Francisco Bay Area increased 0.2% in January versus December and increased 9.5% year over year. According to price levels:

• Low prices (black line) fell 0.4% in January from December, the first month-to-month decline since 2019, after rising the most in 2020. The decline in January reduced the year-on-year gain to 10.8% (from 11.4% in December)
• The high prices remained unchanged in Decemberand increased by 7.9% compared to the previous year.
• Average prices rose 0.4% in January from December and increased by 10.8% over the previous year.

Los Angeles condo prices left behind by real estate prices.

Single-family home prices on the Los Angeles subway rose 1.0% from December in January and 10.8% from January 2020. Different developments can be seen according to price levels:

Low house prices show by far the biggest rises during the booms and by far the biggest slumps during the busts, having collapsed 56% from the top of Housing Bubble 1 to the bottom of Housing Bust. Since then, they have skyrocketed 163% and have nearly quadrupled since January 2000. In January, low prices rose 1.4% compared to December and 10.4% year-on-year.

Senior real estate prices are the least volatile. They have “not even tripled” since January 2000 (that sounds crazy). During the real estate bankruptcy they only fell by “33%” and have increased by “only” 84% since then. In January they rose by 0.9% compared to December and by 8.7% compared to the previous year.

The prices for condominiums rose compared to the previous month by 0.6% and compared to the previous year by 5.2%, which corresponds to about half of the price increases for medium- and low-level houses compared to the previous year.

New York subway condominium prices are still tied to bandwidth.

The Case-Shiller Index for New York City includes New York City and numerous counties in the states of New York, New Jersey, and Connecticut. This is a huge and diverse market.

Condominium prices in the area rose 0.5% in January versus December and rose 1.7% year over year. They’ve stayed in the same narrow area since January 2018, speckled with some major up and down movements:

Low-ranking house prices on the New York subway rose 1.4% in January versus December and 14.9% year over year. This includes homes in lower-priced areas of the market that Manhattan graduates have rushed to, causing prices to rise.

Average house prices rose 11.2% year-on-year. Senior home prices rose 11.3%; In the past few months, high prices have started to top Housing Bubble 1’s high. But condos didn’t participate in the price hikes that homes reveled in.

The map is on the same scale as the corresponding Los Angeles and San Francisco maps to show how much faster prices have risen on the two California subways over the years than the New York subway. But since 2020 real estate prices have been burning across the board in the New York subway, but condominiums are not:

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