Establishing the value of a parking space is relative in San Francisco.  If you have a home on a street in Noe Valley with easy street parking (many blocks west of Castro heading uphill qualify), the garage isn’t worth as much. But in buildings downtown, where identical units can come with and without parking, the spaces go for a $60-100,000 premium.

Last summer, the New York Times assessed the value of parking in cities around the world. In Manhattan, space in a new building costs an average of $165,000. Keep in mind that’s an average– some spaces are worth a lot more.

In London, the spaces go for even more– running as high as $500,000+ in central neighborhoods like Knightsbridge.

In Hong Kong parking spaces in new luxury condo buildings go for an average $153,000.

When it comes to renting a space, London is the most expensive. A typical spot in the West End runs $900/month on average. In Tokyo,the monthly rent is $700, followed by Hong Kong at $675 and Midtown Manhattan at $574. Moscow is also expensive, at $530/month.  

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The dog has nothing to do with the listings (although I’m fairly certain all these properties are pet-friendly). I just think it’s a funny photo.

$985,000  /Corona Heights Condo/ 2 BR/2 BA: 2/2  1-car pkg. 2001 construction. Two-unit building. Living room and dining room open to front view deck that faces south. Bedrooms open onto a deeded patio. 
 
$949,000 / Noe Valley Condo / 2 BR/2 BA,  1-car pkg, contemporary condo on top floor. Great location near 24th Street, outdoor space. 
 
$775,000  /SoMa/  2 Flat Edwardian, quiet block. Each unit is 2bd/1ba./  No parking.  Both units tenant occupied.  Good investment or owner-move-in property.

$749,000/ Mission Dolores / 2BR/1BA   / Penthouse unit at 270 Valencia St

Please also see four posts below for a TIC opportunity

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I think the new homes at The  Montgomery may be an overlooked gem. Here’s why:

 The sweet price point - units start in the $400K range

Close-in location– Steps from downtown, these units can command extraordinarily high rents from professionals who want to walk to work.

Historic building - Great facade, cool lobby.

Builder is ready to deal - They are offering all kinds of incentives on upgrades and financing.

With all the new homes on the market, I think The Montgomery has gotten lost in the shuffle. They also didn’t quite know how to market the property– and can’t figure out if the homes will appeal more to pied-a-terre buyers or full-time urban dwellers.

The only serious drawback is the lack of parking. I’m finding though, that many of my younger buyers are quite content to go carless. And if this is a pied-a-terre and you only stay part-time, it’s probably worth the price discount to just rent a space while you’re in town.

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The inventory left at The Infinity offers little in the way of view units, but this is still a great building to buy in– and the price points are great for second-home buyers.

The Infinity’s location is awesome–  there’sa wide-open feeling to the neighborhood with its broad streets and you can always sense the Bay nearby. The Ferry Building is steps away along with sworld-class restaurants like Boulevard and Slanted Door. 

Buyers at The Infinity are equally drawn in by the luxury amenities:  its own first-class restaurant, concierge services, an attended lobby, and a private screening room, club lounge, and one of the largest private fitness centers in all of San Francisco including a pool, sauna and treatment room.

I predict that the Infinity will enjoy the same sort of “cult status” The Brannan has. Everyone who has made a reservation on a unit there feels very lucky– especially those who got in on the first phase, when they were first taking reservations. Prices have gone up since then, and these initial buyers are enjoying appreciation without the onus of ownership, since they haven’t closed escrow and begun incurring carrying costs.

The Infinity also seems immune to the downturn of the market. You don’t hear about incentives being offered there. And its popularity with off-shore investors and pied-a-terre buyers offers a built-in cadre of consumers who are unaffected by our economic downturn.

Like the St. Regis and The Millenium, this is a building that (I think) is a safe bet for solid appreciation in the coming years.

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The Hayes FINALLY has model units to show prospective buyers. They’ve told agents that we’ll be getting a sneak peek on Tuesday, but I’ll bet you good money that you can see them sooner than that this weekend.

I’ve jested a bit before about how the Hayes marketing materials boast finishings from all over Europe (Italian tile, German cabinetry, etc. etc.)– and I’ve gotten mixed reviews from those who’ve seen the units now that they’re pretty much built-out, along common areas. Some have found it a bit disappointing. Others are rather pleased. I guess it all depends on your point of view. And how in love with the neighborhood you are.

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Someone in my office has a buyer in contract on the upper unit of a two unit building on an alley street in the Inner Mission (good block). We are looking for a partner for the lower (vacant unit). It is a giant unit with almost 2000 sq. ft, semi remodeled. with three bedrooms and 1.5 baths and two car parking.

The list price is $774K but there is a lot of room for negotiations. They really want to sell. If this sound like it’s up your alley (no pun intended) please call me at 415-577-0809 right away!

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This Buzz is shamelessly promoting my dear friends John and Leslye Larson, who have amassed a fabulous contemporary art collection over the past 30+ years.

This year, John and Leslye decided to ‘spread the joy’ and offer some of their works for sale, most notably their Jack Hooper prints and paintings. Hooper is a brilliant, eccentric (aren’t they all?) artist John and Leslye discovered living up-country in rural Mexico. 

Prior to Hooper’s move South-of-the-Border in the late-80s, he was represented by Vorpal and enjoyed national renown, with his work featured at the Whitney Museum and SFMOMA. He has remained prodigious during the past twenty years. Still a vibrant artist, his paintings have become increasingly personal and emotionally resonant as he approaches his eightieth birthday.

John and Leslye are putting up a show of Jack’s work at the Thomas Reynolds Gallery, 2291 Pine (at Fillmore)  in April. Jack Hooper will be at the show’s opening on Thursday, April 3 and Friday, April 4 from 5-7:30 pm.

You can preview some Hooper works at John and Leslye’s online gallery. Please be aware that the works are much more vivid live than online. The pieces are relatively large, saturated with color and beautifully framed.

I hope you can join me, John and Leslye to celebrate the life and work of this amazing artist.  I believe you’ll find Hooper’s work to be inventive, lively, surprising and accessible to all. 

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Thanks again for the business you send my way! And special props to Derek Stavenger of Stavenger Painting, lighting contractor Brett Bryant, Dan Baker of Countrywide Loans, Oscar and Cherie Aarts of Paloppo, John and Leslye Larson of LesArtsSf.com, The Grubb Company’s Julie Gardner , and Ben Eilers and Mark Hamilton of Hamilton Zanze. All are cool people who have entrusted me with the sale or purchase of a home. They are also superb entrepreneurs in their own right— and worth checking out for everything from fine art to children’s clothing.

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Hello My Favorite People!

An article from last Saturday’s Chronicle about the consumer habits of the rich was chock full of interesting statistics.  Here are some things I learned:

• Households with $5 million in assets, not including the house, rose by 26 percent in 2006 alone.
• Less than 10 percent of the affluent owe their fortunes to inherited money.
• Half of America’s wealth was created in the last decade.
• 175 of the Forbes 400 are “blue-collar billionaires,” coming from working-class backgrounds. One-third of them had parents who never went to college.
 
This means more wealthy people have middle-class values today—and right now they are spending less.  Insecure about the economy, 39 percent of the well-to-do said they would spend less on luxury goods in 2008 than they had before.  And high-end discretionary purchases are down an aggregate 20 percent in the second half of 2007.  This translates into a softening in sales for yachts, private jets and designer shoes.
Lest you think this translates into a softening in price for upper-end luxury properties however, please remember that real estate is NOT a discretionary luxury purchase.  True luxury properties (think big space, great views, premium neighborhood, and fabulous finishings) are still commanding spectacular prices.  Last month, for example, a Millennium Tower buyer plunked down $11 million for a yet-to-be-built 4,800 square foot penthouse—that’s $2,289/square foot. More data about the healthy upper-end market for new homes in downtown markets is in a  Chronicle article last month. 
Sales prices for resale luxury properties also remain robust– recent property transfers at above asking sales prices include a Pacific Heights full floor condominium at 1940 Broadway that took in a vista of just about everything,  from the Golden Gate to the tip of the Transamerica Pyramid. Listed for $4,350,000, it closed last week for 10+% above asking at $4,911,000.  Another jewel-box apartment home with less square footage (my memory is that it was 1250-1300 square feet) was a co-op at 2250 Hyde listed for $2,300,000—this quintessential San Francisco home had sensational views that encompassed the Bay Bridge, downtown,  Alcatraz and the Golden Gate. The price per square foot seems staggering to someone not familiar with the location and building, but it was snapped up for $2,400,000.
Overbidding is less common and negotiating gets a bit more aggressive for upper-end single family homes. In reviewing prices for houses in the North District (Pac Heights, Russian Hill, Nob Hill and Telegraph Hill), I found that even the showiest homes rarely sell much above their asking prices. Examples are a classic Presidio Heights home at 2756 Jackson with 4 bedrooms and 6+ baths (1.5 baths for every bedroom!) with an extra wide lot and “park-like gardens.” Listed for $5.5M, it sold for same. A completely different kind sale on Telegraph Hill was 281 Chestnut, a contemporary 4-bedroom, 3.5 bath—listed for $5,995,000, it sold for $5,939,000.
These sales at-or-around the listing price indicate caution in the marketplace and pricing strategies are changing.  Last spring, we might have suggested listing prices a hair below market value to encourage overbidding. Today we do our best to assess a property’s present value and ask Sellers to be prepared to take an offer at their asking price.
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Many of these are not yet on the open market. Call me at 415-577-0809 for details:

$525,000 / SOMA / one-bedroom live/work condo in brick conversion building. The single-level floor plan boasts a ‘cool factor’ with fireplace, high ceilings and a skylight. Great alley block near Brainwash and Basil Thai.

$849,000 / NOPA / Condominium flat on great block near USF. Five rooms, one car parking, flexible floor plan, great period detail. Remodeled kitchen and bath. One car parking.

$1,295,000 / Noe Valley / three-bedroom, two-bath home built in 1954. Home office. Tastefully remodeled. Walking distance to 24th Street. This property went into escrow right away when it came on the market a couple of weeks ago, but the escrow looks shaky. Call me if you want to get in.

$2,895,000 / Clarendon Heights / four-bedroom, three-and-a-half bath mid-century home. Four-car parking. Dramatic open floor plan with drop-dead views of downtown and the bay. Sensitive remodel adheres to the home’s classic period lines. This is on one of my favorite blocks set high above Cole Valley. It’s worth exploring this neighborhood if you’ve never been.

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