The following posts review a handful of buildings that (I think) offer some nice pied-a-terre opportunities. All of them are in larger buildings where you can lock your door and walk away for months at a time without worrying about security and maintenance.

I did a similar email on pieds-a-terre this time last year. (Search “pied a terre” in the box above to find it) It proved to be very popular, and it seems like time for an annual follow-up.

Two of these recommendations are new homes projects. Once again, I urge you to call me before going to visit any new home development. Once you cross the threshold and sign in without me, I cannot represent you. You deserve excellent representation. I strongly believe you are not as well served and may not get as good a price if you deal directly with the developer’s representatives.

Rent First?Some ‘test-drive’ the idea of a second home in San Francisco by renting first. This helps them establish how they would actually use a second home-if they find they’re only using the place as a crash pad for a night at a time, a small one bedroom or studio might suffice. If they wind up entertaining or inviting friends to stay over on weekends, then a two-bedroom or one-bedroom with extra space is the better option.

How do you Spend Your Time in San Francisco?What you do during the day while you’re in the City is also an important factor when deciding on the best location for your pied-a-terre. If it’s about the shopping, the SOMA Grand is close by Nordstrom’s and Union Square. If you’re in and out on business trips, The Palms is just two blocks from the 280 on-ramp.

The San Francisco Charm FactorThose seeking a quintessential San Francisco experience (think Maupin’s “Tales of the City” or Hitchcock’s “Vertigo”) should head for neighborhoods on the North side of town. Be prepared to pay a premium, however. Prices in neighborhoods like Telegraph Hill, Russian Hill or Pacific Heights generally start at $900/per square foot.

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The Palms - The Palms aims to offer a hotel quality experience with bells and whistles like a movie theater, business center, concierge and state-of-the art fitness center. All the units come with parking.

The Sales Center claims that 25% of the units sold at the Palms go to second home buyers. Single women are also choosing the Palms, perhaps because they are practical investors who recognize the good value for their money.

The challenge for the Palms is its South of Market location– set at the corner of 4th and Brannan, it’s on a solid safe block just a stone’s throw from Caltrain and some outstanding restaurants, but getting to anything else requires a minimum 10-minute walk through a landscape that still feels more light industrial than residential. The side of the building also faces a vast parking lot that has no immediate plans for development. I’m certain things will change over the next 10 years, but those living here now are going to feel like urban pioneers for awhile.

Just over a year old, the sales office at The Palms still has inventory among their 300+ units that they are anxious to move. Sample prices an1100 square foot two-bedroom “flat” listed for $845,000 and a variety of one-bedrooms listed between $569,000-685,000. I am fairly certain that there is room in these prices. Call for more details and I’ll fill you in.

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The Lambourne- Like The Odeon at Geary and Powell, The brand new Lambourne project is another pied-a-terre building designed for foodies, shopaholics and those who often visit and wish they could stick around awhile. Set three blocks from Union Square at 725 Pine between Stockton and Powell, it’s a stone’s throw from the City’s famous Nob Hill hotels and landmarks like Grace Cathedral, the Powell Street cable car line and Chinatown’s pagoda arch on Grant Avenue.

In its previous life, the Lambourne was a 20-room boutique hotel run by the Joie de Vivre chain. Now converted to 22 one-bedroom and studio units, this brand new project’s aim is to retain the feeling of a boutique Parisian inn, except that the rooms now feature itty-bitty kitchens and a European washer/dryer set.

Prices start in the mid-$300s and push up into the $500K range. A few of the units have little decks. Built in 1920, the building has good architectural bones. I have yet to see the interiors, but my impression is that they have are sleek and contemporary with modern Italian kitchens and Euro-style bathrooms. My suspicion is that none have parking (although it’s a good bet that rental parking by the night or month is available within a block).

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2200 Sacramento - Also known as Pacific Heights Towers, this 17-story Eichler-inspired building located at the corner of Laguna and Sacramento has occasional re-sales. Its best features are tremendous Bay Views from the upper floors and lovely outlooks to Lafayette Park on the building’s East side. The building’s architectural hallmarks are walls of windows with sliding doors that open onto long narrow decks.

Amenities at 2200 Sacramento are a doorman and half-floor penthouse clubroom with breathtaking views. Many have been lavishly remodeled over the years and some owners have modified floor plans by knocking out walls to increase living rooms or bedrooms. Others have extended the footprint of the unit by pushing the windowed walls out to the edge of the decks.

Most of the recent listings at 2200 Sacramento have been one-bedrooms and small two bedrooms (ranging from 825-950 square feet). The building’s larger units (running 1100-2000+ square feet) rarely come on the market. Recent listings are a small first floor 2br/2ba with a patio listed for $925,000 and a 6th floor 1br/1 ½ ba with some good Golden Gate views listed for $795,000. Both are pending sale. The last closed sale was a 947 square foot 2br/2ba with Southern views on the 4th floor. It sold for $925,000.

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You’ll find me this Sunday back at Opera Plaza holding open #41 from 2-4 –

a splendid 2br/2ba town home with a lush, landscaped patio and many lovely upgrades. Priced at $645,000, this is a sweet deal in a luxury building. It’s hard to find this much quality space for under $650,000 and Opera Plaza, at the corner of Van Ness and Golden Gate is an overlooked gem that lots of people pass up.

To find me, walk to the back of the plaza and take the elevator to the residence floor. I’ll be on the sofa across from the security console waiting to take you through.

I’ll also have a list of comparable open homes to look at that afternoon, so if you want to start out your tour in this nice central location, come on by. I also continue to love (love!) your referral business. It means a lot to me that you trust me with your friends and associates. I assure you they are all comfortably ensconced in wonderful homes or happily moving on with the next chapter in their lives after selling their San Francisco home or investment.

To learn about what they bought or sold in 2006, please visit the “featured listings” section of my website. Thanks for your support and friendship in 2006. I look forward to helping more of you in 2007!

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This posting offers an overview of Dow Place, a downtown high rise condo building that is probably off your radar but should go back on it. . .

This Sunday I will be holding open a loft near downtown at 77 Dow Place, unit #300. Dow Place is one of the City’s secret corners– an itty-bitty cul-de-sac (with an itty-bitty street sign) running East off 2nd between Folsom and Harrison. Completed in 2002, 77 Dow is a one-of-a-kind high rise loft building also known as “Hawthorne Place” It was designed and built by the same guys that did the Yerba Buena Lofts on Folsom.

A lot of people miss learning about 77 Dow Place because they or their Realtors have trouble finding it. The building also competes with a number of mega-condo buildings like The Metropolitan or the new construction at Rincon Towers or The Infinity. By comparison, 77 Dow Place is a small intimate building with just 83 units tucked into 12 stories.

I think 77 Dow Place offers a rare combination of cool and class. First off, it’s a pocket alley that’s close to lots of fun and play. South Park is just down the street as is the Ball Park. Second, they’re lofts, which you hardly ever find in a high rise building. Third, the finishings include raw concrete and pale plaster walls which proximate the feeling you get in a warehouse conversion (without the low ceilings and exposed plumbing). But that’s just the beginning. . .

77 Dow Place condos also offer some key opportunities for investors and pied a terre dwellers. Because of their proximity to the Financial District, they can rent quickly for a premium price. You also get a better return on your investment, since the building offers the lowest price per square foot (under $650) for any steel and concrete building South of Market.

A 21-story building full of luxury condos is going in right next door to 77 Dow. Once completed, it will renew interest in this corner of the City and more investors will recognize the benefits of the location. The area is also going back on the map with the opening of the Westfield Center just four blocks away. I think this location will enjoy better than average appreciation in the coming years.

There are three units available at 77 Dow Place right now. #300 is the lowest price and best value, at $695,000 for just under 1100 square feet. A corner unit with light on two sides, the loft is big enough to divide into a sleeping and den area, and a closet big enough for a clothes horse.

So please come by. I’ll be there Sunday afternoon from 2:00 to 4:00 and would love to see you. Even if you don’t come by, I still love your emails and good feed back. So don’t ever be afraid to call or write. As always, there’s no such thing as a stupid real estate question!

See you next week!

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OK, as promised in my weekly email Buzz (you really should subscribe if you haven’t already) here is some initial info on 310 Townsend, a brick warehouse covered in scaffolding near the Ball Park.

310 Townsend

I urge you once again to contact me instead of the sales office or developer. You deserve quality representation on the purchase of new construction and the benefit of a Realtor working in your best interests. If you want references on the good job I do representing buyers of new construction just ask– I’ll give you the names of some new owners who will sing my praises.

310 Townsend is a 1908 brick warehouse that is being converted to forty-five condominiums. Technically they’re apartment, but have a loft-style feel, with extra-high ceilings, exposed brick and timber posts and beams. and post. Like a loft, the extra high ceilings also make the units feel bigger than they actually are.

Prices range from $470,000 (don’t get excited, it’s small and dark) to $1.85M for a 1500 square foot 2br/2ba with skyline views. Most of the units are in the $700-900K range and run 860-940 square feet.

Please keep in mind that while this seems like a high price per square foot you are buying a brick and timber conversion building. There are only 9 other condominium buildings like it in San Francisco. The brick feature walls are wonderful and the units facing the street will get the benefit of wonderful arched windows.

Parking is an additional $20,000 (I know this boosts the psf, but I still think the units are a fair value). Only 28 parking spaces are available. They will be sold with the most expensive units, unless someone doesn’t want one, in which case it will be sold to the next highest unit without parking.

Finishings include tile in bathroom, w/w carpet in living area and hardwood in kitchen. They will be offering an upgrades package.

The developer has quietly sold roughly 15 of the units already. That leaves 30 left. There’s a good assortment of sizes and price ranges still available. . .

Showings are by appointment only. Be aware that the building is still under construction and you need lots (lots!) of vision to see what these places will look like once completed. I think they will be beautiful. The high ceilings makes the units seem so much bigger than they are, and the brick and timber is wonderful. It’s also a smaller building with a more intimate feel than its neighbors like 170 Off Third or The Beacon.

Wanna see it? Just call me– 415-577-0809. I hope to hear from you!

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Hello My Favorite People:
In honor of Bloomingdale’s grand opening, this ‘Buzz’ reviews two new home developments within striking distance of Union Square—The Odeon at 181 O’Farrell and The Ritz Carlton at the corner of Market and Kearny.

Nota Bene: I cannot completely verify the accuracy of all this information. I visited both these properties, but my retention is only as good as the notes I took. . . Also, please (please!) call me before going to these buildings. One you cross the threshold and sign in without me, I cannot represent you. You deserve excellent representation. I strongly believe you are not as well served and may not get as good a price if you deal directly with the developer’s representatives.

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Almost all of the 29 units are lofts. The smallest is about 1,000 square feet. The biggest is a 2,000+ square foot penthouse. Most are in the 1300-1500 square foot range. The lobby is a tiny teaspoon of a space, which means most of the building’s foot print is taken up by the units and huge, wide hallways.

Street-facing units look onto the back of Macy’s (which isn’t as bad as it sounds — Macy’s is a nice, vintage building) or across Powell Street. Units facing the interior of the building have decks or patios looking out over a courtyard with a sculptural collage and fountain.

The last time I was there I saw a loft facing Powell Street that made me feel like a hipster in SoHo– its view cleared Lori’s Diner across the street and took in a variegated landscape of brick buildings— very urban, very cool. 1,000 square feet, listed for $780,000.

Another unit I previewed felt much more peaceful—it faced the courtyard and was an ample 1400-1500 square feet with a closet big enough for a rock star. Price on this one is $935,000. Both these prices are indicative of the building’s general cost per square foot.

I like the finishings. Bamboo floors are standard and the bath tubs are extra deep. The concrete on the stairs stays exposed unless a buyer wants to change it out. The windows are another special feature. Because of the historic façade, they are tall and wide and the higher floors have wonderful Palladian arches.

Union Square’s atmosphere is almost carnival-like and the pedestrian/auto traffic is relentless. You have to be a true city-dweller to embrace living here. You should also lose your car, because the building doesn’t have a stitch of parking. To compensate, the developer is throwing in two years of rental parking next door, but after that, you’re on your own.

Sales have been fairly brisk. As of this week 1/3 of the units have reservations (the corner units went first). The Odeon buyer profile is diverse. There are second home buyers, first home buyers and several investors.

There are no rental restrictions and no mandatory holding period. For those willing to be a labor-intensive landlord, there could be a sweet market for furnished rentals at this location.

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I googled the term and am inclined to believe them. These Club Residences are part of the Ritz Carlton new homes development which also includes 52 luxury condominiums (which are nearly all sold).

Similar to a TIC purchase, you have the same tax benefits for a Club Residence as you would for any other real estate purchase. You can convey or bequeath your interest with no restrictions and resell it at any time. They can also be a profitable investment—the values at the Ritz Club Residence development in Aspen have tripled in the last 3-4 years.

It’s sort of like joining an affluent urban country club. You get reciprocal time at all present and future Club Residences (in St. Thomas, Florida, Colorado, Hawaii and Tahoe) and a per diem room rate of $170-180 any other Ritz Carlton in the world. You also get the pampering that comes with a luxury hotel stay, like a round-the-clock concierge, private spa and health club, and sumptuous 12th floor lounge.The minimum percentage of ownership is 1/12th of a 1,275 square foot one bedroom apatrtment. The minimum purchase price is $204,000. For that investment, you get 21 days booked and confirmed up to two years in advance. Anyone you designate can use your days and you can also donate them to a non-profit. You will not always be sleeping in the unit you invested in. This is where a condotel replicates a timeshare. You do get a locker for clothing and space in the ‘wine library’ for your Napa Valley purchases.

The sales office at the Ritz makes a persuasive argument for this kind of ownership, especially if you’re a pied-a-terre shopper but don’t plan on using your residence more than a few weeks each year. It’s a lot cheaper (and nicer) to own a $250,000 fractional ownership interest at the Ritz Carlton than it is to own a $900,000 pied-a-terre down the street in a building like 246 2nd Street or 199 New Montgomery—and you’re closer to the fun part of downtown with great shopping, theater and dining just steps away.

They choose to buy at The Ritz Carlton because it’s an easier, less expensive alternative than a pied-a-terre, but still offers the sense of ‘coming home’ to the same place each time they visit San Francisco.

The last of their 52 new condominiums is still available—a 3400 square foot view penthouse with bay windows galore listed for $5.42M. . . would we if we could??See you next week!

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This posting covers the topic of San Francisco pied-a-terres and talks about a handful of buildings that I think offer good pied-a-terre options.

Are pied-a-terres good Investments??

Between 2000 and 2004, the annual number of second homes purchased in the United States doubled. Vacation homes and pied-a-terres now represent 14% of the total housing market. Second homes have also enjoyed an average 55% appreciation over that same period.

There are some fine tax advantages to second home ownership. Provided you spend enough time there each year, the mortgage interest is tax deductible. The property can also become your principle residence and qualify for your $250,000 ($500,000 for married couples) capital gain exclusion when it comes time to sell. And second homes can diversify your portfolio if you need to round it out with more real estate.

I’m not a tax expert, but I can send you some links to a few great articles about the tax benefits of second home ownership. One article, “Playing the Gain Exclusion Game” is a fun read, if you want to fantasize about owning several second homes and then selling them off at a handsome, nearly tax-free profit.

What about a pied-a-terre in San Francisco?

In San Francisco the demand for pied a terres has grown significantly over the past few years. Small condos in premium neighborhoods used to be the ideal first home. Now these units are more often sold to empty nesters or professionals who are in and out of the City for business. It’s an interesting market transition to watch as people sell the place they call home over to Buyers who plan to live there only part-time.

For those of you interested in San Francisco pied-a-terres, here is a handful of building that offer good values and an ease of living. These options represents just a fraction of buildings that serve the pied a terre market. If you’re in the market for something special, let me know and I ‘ll tell you what else is available.

This list only includes full service buildings with 60+ units. My experience with pied a terre buyers is that they generally want something “turnkey” that they don’t have to worry about when they’re out of town. The links will take you to information about actual units available in the buildings now.

Please note: When I emailed this information to my Buzz subscribers, they got direct links to online presentations of these properties. If you want more in-depth info it’s always better to sign up for The Buzz.Some pied-a-terre options in San Francisco

The Hamilton Apartments - 631 O’Farrell. Studios and 1-Brs starting at $325,000.

This downtown location near Union Square used to be considered pretty scrappy. Now it’s best known for its great proximity to theater, shopping and transportation. The Hamilton has elegant 1920s styling with an ornate lobby that makes you feel like you’ve walked right into a Dashiell Hammett novel.

Since The Hamilton used to be a hotel, most of the units are small efficiency studios, with plaster walls, high ceilings, arched doorways and clever built-ins.

You can’t beat the prices or the association fees. Studio sales have been in the $325-375K price range over the last six months. Prices are view dependent—the higher priced units offer spectacular views to the west and south.

One of the most recent listings available at the Hamilton was #1104, listed by Paragon. Please email me if you would like more information.

Alas, the Hamilton offers no parking.

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The Brannan 219-229-239 Brannan – 1-brs starting at $625,000. I like to say that people who live at the Brannan in South Beach think they’re really smart and people who buy at The Brannan think they’re really lucky. There are buyers who think this development is so special that they refuse to look at anything else in the City. It’s easy to see why— a gracious rotary entrance, quality finishings, fantastic staff, and a swimming pool in a setting that evokes shades of a tropical resort.

Again, prices at The Brannan are view-dependent– some units offer dramatic vistas of downtown, the Bridge, and/or the Bay. No view and the prices for a 1-br can hover in the low to mid-$600’s. Some view and they jump into the high $600’s. Lots of view and they top $700K. If you want more than one bedroom, the price jumps again into the $900’s and moves all the way up to nearly $2M.

I have a jewel of a pied-a-terre at The Brannan listed for $729,000—this is an amazing value for a place with some a-m-a-z-i-n-g views. Email me and I’ll send you more information.

The average price per square foot for view units at the Brannan right now is $1,150.00. We’re coming in a good notch below that, at about $1,000/sf.

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Opera Plaza - 601 Van Ness - Studios starting at $355,000. Opera Plaza is so big (455 units) that there’s always plenty to choose from here. People buy here because of its easy freeway access and good public transit. Many of the second home buyers here are using their places as landing pads for when business brings them to the City and they don’t want the hassle of staying in a hotel.

One of the best things about Opera Plaza is that it’s self-contained with lots of goodies to enjoy right on site. Max’s Diner is here, along with a great independent movie theater. You can also grab a Peet’s coffee or hang out at A Clean Well-Lighted Place, one of the City’s best book stores. Opera Plaza also benefits from its proximity to the San Francisco Ballet and the San Francisco Opera, as well as the burgeoning Hayes Valley neighborhood with all of its cool little boutiques and restaurants.

Built in 1982, Opera Plaza is not what I’d call a ‘sexy building’ but it does give you great bang for your buck. A 522-sf studio just closed in February for $355,000 and 1-brs are for sale under $500,000. Email me about Opera Plaza and I can send you info on what’s available with interior and exterior shots.

Opera Plaza homeowner’s dues run from about $450-$575/month depending on your square footage. Some of the units are lovely, large town homes with 1200+ sf). Parking is leased at $250/month (if you’re only here part-time you might want to consider renting by the day).

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The Bellaire Tower 1101 Green – 1-brs starting at $650,000 (when they come up). The Bellaire is an Art Deco wedding cake building set high atop Russian Hill at the corner of Green and Jones. I always get a lump in my throat when I stand at this intersection. Sometimes I even go park there just to play my Tony Bennett CD and hear him sing about the “cable cars climbing halfway to the stars” (shhh! Don’t tell anybody).

Each of the building’s 17 stories has 4 apartments on each floor (except the penthouse floor which is presently occupied by our startlingly attractive mayor, Gavin Newsom.) The apartments all have roughly the same lay-out – about 925 square feet with corner windows, one bedroom, one bath, and a formal dining room. Lots of lovely 1930s trim—tile, hardwood, mullioned windows. People love it so much here that stuff rarely becomes available. According to MLS, there have only been 3 sales in this 65-unit building in the past year. Right now there is just one for sale, #303 listed for $749,000. It has some decent water views. Email me and I’ll send you more info.

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Show me more!

This is just a taste of what’s available to the pied-a-terre buyer. There are tons of other locations to consider— The MLS reveals over 60 different addresses when you search one-bedrooms under $1M in better neighborhoods (north side and South Beach). Each place is a little different and I can tell you about every one of them. So call if you have questions about a particular building or location.

I plan on doing quick reviews of another dozen or so pied-a-terre buildings in future “Buzz Exclusives” available only by email. Let me know if you would like to see specific buildings covered.

See you next week!

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