About San Francisco's South Beach

Ah, the agonies of aging. Or, for those of you not feeling so charitable, the agonies of what some would describe asquick-and-questionable construction. Either way, as I was driving by 88 King St - The Towers at Embarcadero South yesterday I noticed that there was a lot activity on the exterior of the building, more cranes, pulleys, and workers than you would expect for a simple window wash!

(click on any photo below for a larger image)

88 King St., also known as The Towers at Embarcadero South, is a condominium project with 233 condominiums in South Beach that was completed in 2000 with John Britton AIA as the architect of record. The condos offer some great water views and the insides are finished out with wood floors and carpeting in the bedrooms. Kitchens feature stainless steel appliances and maple or cherry cabinetry with granite counters throughout the kitchen and bathrooms. HOA ammenities include a business center with computer, printer, scanner, fax, and copier; a presentation room with a flat-screen TV, and owner’s lounge with flat-screen TV, DVD, and CD player. There is also a fitness center and outdoor heated pool. If you are a SF giants fan, you’d be hard pressed to find shorter commute to the ballpark!

While I have heard rumors and talk of a major replacement/repair project, it seems that things are definitely under way. From a bit of research on the web, it appears that the HOA for 88 King St. engaged The Albert Group as their construction management company, which describes the $15 million project as:

Provided budget development and scheduling services during construction defect litigation for 233 unit condominium project. After successful resolution of claims, retained by home owners association to implement construction remediation project including replacement of over 1,000 windows, repair of EIFS façade, and waterproofing of building exterior to be completed while units occupied by residents.

So after many years of arguing, it appears that HOA and owner concerns at 88 King St. have finally come to a successful conclusion, as evidenced by the industrious workers seen in the pictures above busily replacing windows, waterproofing, and repairing the building façade. And almost as importantly: what exactly is that sculpture across the street?

The World Series trophy won by the San Francisco Giants will be on display at AT&T Park throughout the 2011 season. But if you're a season ticket holder (or chummy with a season ticket holder), you might get to canoodle with the trophy in advance- and even get photographed doing it!

Invitations to these Trophy tete-a-tetes at AT&T Park went out on November 28 to all season ticket holders. Each email had a 'click to RSVP' link which allowed the invitee to reserve a time slot to pose for a single photo, which they can take home with them that day. They can also bring along up to four guests to pose with them.

The invitation makes it pretty clear that crashing this season ticket holder party is not cool. The email invitations are designated specifically for their recipients and are non-transferable. I haven't been able to check out the RSVP link, though, so I don't know how much wiggle-room there is on this point.

If you know a season ticket holder who accidentally deleted the email before you got to them with your dying wish to touch the Trophy, you can ask your thoughtless friend to call the Premium Seating Services Hotline at 415-972-2424, who may be able to resend the email or handle a reservation offline.

If that doesn't work, you'll still have a second chance to nuzzle your bit of sports history in February, when additional sessions will be scheduled.

The Beacon Beckoned-- and last month I closed on a two-bedroom condo at The Beacon condominiums in South Beach. With 1197 square feet, this home had a corner orientation to the Southeast big windows and hardwood floors. The selling price was $580,000.

Here are some reasons to love The Beacon, and why my clients, a young couple bought there:

1. Convenient Location. Safeway is right downstairs. So is Starbucks. Pizza is across the street. And the location has a 98 WalkScore.

2. Transit Friendly Location. My buyers wanted a building that was walking distance to the CalTrain so she could take public transit to work down the Peninsula. There is also light rail right outside and quick access to the 280 Freeway heading down the Peninsula.

3. Sexy Location. The building is right across the street from AT&T Park and steps to the Embarcadero and the Bay.

4. Safe Location. He spends a good part of time out-of-town and wanted to know she was living in a safe neighborhood where she could walk the dog at night without concern. With nearly 600 units, the complex also has round-the-clock security and front desk staff.

5. Value. The average price per square foot for units at the Beacon for the past six months is $502.

6. Value. When my clients first started looking, they had a large downpayment, but insisted on a price point that allowed them no more than a $2500/month housing cost, including HOAs and property taxes. At first the Beacon was out-of-reach because of its high HOA dues. Since then the prices have dropped considerably, making the monthly payments more than affordable.

7. Value. This building is full of short sales-- a scary proposition for some but those with patience, fortitude, and a belief that our nations toxic loan pool will eventually flush its way out of our economic system can drive exceptional deals.

8. Lots to choose from. Right now there are fourteen homes for sale at The Beacon, from a 618 square foot studio listed for $318,000 to an 1197 square foot two-bedroom listed for $1,025,000 (dream on, my friend).

9. Slick amenities. Big bells and whistles here, including a sleek clubhouse, green belts, lush landscaping, swimming pool, and dog run(!).

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Okay, I'd love to say these Giants pix are from one of the playoff games. Or even the one against the Padres that clinched the National League West. Unfortunately they're from the day before, October 2, when we lost against the Padres, 4-2. Still, it was a beautiful day, and it made me wish I'd made it to more games this season.

We were behind 4-0 until the bottom of the 7th when Uribe homered to left and it was time to pull out the rally towels. . .

. . .

And in the bottom of the 9th, the crowd went wild when Burrell reached home and Uribe advanced to third on a single by Sandoval.

Then Guillen grounded into a double play. The crowd fell silent and all went home.

San Francisco Distressed Home Market

From Cece Blase and the SFRealEstateBuzz

A client recently contacted me about shopping for a foreclosure in South Beach-- she has targeted that specific neighborhood and The Brannan in particular. She wondered if a better deal could be driven on a bank-owned home. My response was that the best deals in South Beach weren't on the bank-owned homes, but on the short sales.

Short sales tend to be better deals because many buyers don't have the patience and fortitude to wait out the negotiations with the lender, which can take many, many months. Some buyers bail out during the process or even right as the short sale is finally concluding negotiations, leaving the seller (and the bank) hanging out to dry. Often the second or third buyer winds up getting an even better deal because the property has been sitting for so long that the rest of the market is ignoring it.

When targeting a single building, however, the better deal on the short sale may not be available. The Brannan is a highly sought after address and demand may well drive the price up to market levels because there is more than one patient buyer willing to hang in there until the final close.

From February 15 to August 15 this year, 19% of the 1232 HOUSE sales recorded in the San Francisco Multiple Listing Service were either bank-owned or known short sales.

71% of these 229 distress house sales took place in the less affluent, southern band of neighborhoods running from Bayview to Oceanview.

For CONDOS, 14% of the 1117 sales through MLS were bank-owned or known short sales. 62% of these 160 distressed condo sales took place in either the eastern neighborhoods with lots of big newer developments (SOMA, South Beach) or the southern border neighborhoods.