Stern Grove Festival

sterngrovefestival

Enjoy a beautiful San Francisco weekend at The Stern Grove Festival, celebrating its 77th season.  This admission-free performing arts series, takes place in Sigmund Stern Grove, a beautiful outdoor amphitheater located at 19th Avenue and Sloat Boulevard in San Francisco.

For concert schedules, event details, and more, visit: 

sterngrovefestival

Enjoy a beautiful San Francisco weekend at The Stern Grove Festival, celebrating its 77th season.  This admission-free performing arts series, takes place in Sigmund Stern Grove, a beautiful outdoor amphitheater located at 19th Avenue and Sloat Boulevard in San Francisco.

For concert schedules, event details, and more, visit: http://www.sterngrove.org/home

Dogpatch: Part 2

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With all the buzz surrounding the recent growth and changes in Dogpatch, it’s important to keep one important detail in mind; the greatest changes are yet to come.

In the 1990s, when real estate developers discovered Dogpatch, they changed the neighborhood’s demographics. In to what had been a blue-collar area came

dogpatch2

With all the buzz surrounding the recent growth and changes in Dogpatch, it’s important to keep one important detail in mind; the greatest changes are yet to come.

In the 1990s, when real estate developers discovered Dogpatch, they changed the neighborhood’s demographics. In to what had been a blue-collar area came a wave of young professionals who snapped up small condominiums and live/work loft spaces. They were drawn by modest prices and the Dogpatch’s easy access to downtown and Mission Bay, thanks to the new T-Third Street light rail line. In their wake came new restaurants, shops and a sudden realization of Dogpatch as a neighborhood with a high ceiling for development – one that remains vital, two decades later.

In fact, the drive to build in Dogpatch is greater now than it has ever been. As of this writing there are six separate residential developments (plus two parks) either proposed or underway in Dogpatch. If they all make it to completion they will add almost 1,000 new residential units (plus new retail and commercial space) to the neighborhood. On their heels comes the long-gestating Pier 70 project, which could add another 1,000 units. Dogpatch was booming. Dogpatch is booming.

What does that leave for buyers looking to get in ahead of the next wave? Plenty. For one, the neighborhood’s original condo and loft buildings are now established and well into the resale stage. Condos in Dogpatch aren’t large – most have one or two bedrooms – but many they sell for well below San Francisco’s million-dollar-plus median. Even units at the splashy former Esprit Factory, which was converted into high design living spaces in 2009, can be had in the $700,000 – $800,000 range. Note however that newer and larger units, like the ones at the newly completed Millwheel North building at 1275 Indiana Street, can fetch seven figures. As Dogpatch evolves, it evolves upward, like all of San Francisco.

Beside these newer buildings (note, too, that besides Millwheel North there will soon also be new apartments at The Gantry, almost complete and adjacent to Pier 70 at 2121 Third Street) Dogpatch offers a smattering of Edwardian and Victorian units and the rarely available original Eastlake Victorian single-family cottage. Beware the desirability of the latter breed, however; a completely gutted Dogpatch Victorian, one of the neighborhood’s original 19th-century Eastlake cottages, went on the market in late 2013 for $799,000. Two weeks later it was gone, sold for $1.152 million.

So what is in store for Dogpatch, a neighborhood that frankly right now doesn’t yield too many ownership opportunities? (only 27 homes closed escrow in Dogpatch between January and May, 2014)

Plenty of opportunity.

The next wave of Dogpatch housing will be mid-rise, limited to five or six stories mostly, though there is preliminary talk of waiving the city’s height limit for the building at Pier 70. Many of the new complexes will emphasize urban, eco-friendly lifestyles, with almost an equal number of auto and bicycle parking spots, pedestrian plazas and groundfloor retail space. 650 Indiana, which hopes to bring 111 new units to the district and will be adjacent to the proposed 8,000 square-foot Dog Patch Arts Plaza, will include a 1,700 square-foot “arts café” and a bike shop. Nearby 800 Indiana, which promises 338 residences and three public plazas, hopes to integrate a new dog park and a “dog washing station” to its proposal.

Dogpatch is not just getting bigger; it’s evolving to meet the needs of modern living as its profile rises. As more people realize its advantages – interesting, diverse architecture, buzz-worthy new restaurants and shops and easy access to Mission Bay, downtown and highways leading south, Dogpatch finds itself on the verge of becoming a much larger player in San Francisco real estate.

Source : Parascopesf.com

New Case-Shiller report: new jump in Bay Area home prices

The new S&P Case-Shiller Home Price Index for April 2014 came out today and it showed another bump in home prices for the 5-county San Francisco Metro Statistical Area. For homes in the upper tier of home values – as most of San Francisco’s are – prices are up approximately 17% in the past 12 months and up 41% since the

The new S&P Case-Shiller Home Price Index for April 2014 came out today and it showed another bump in home prices for the 5-county San Francisco Metro Statistical Area. For homes in the upper tier of home values – as most of San Francisco’s are – prices are up approximately 17% in the past 12 months and up 41% since the recovery began in early 2012. 

Based upon what we are seeing on the ground in the market, we expect another bump in the May Index, which will come out at the end of July.

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789 Ways to Enjoy San Francisco This Summer

Restaurants, bars, music, dance, running, biking, things to do with kids  or guests or dogs, and anything else we could think of.
We can think of few things more insanely misguided than voicing our opinions about the best place for burritos, breakfast or coffee in San Francisco. This is only a menu of options for your consideration. Click on the links to
Restaurants, bars, music, dance, running, biking, things to do with kids  or guests or dogs, and anything else we could think of.
We can think of few things more insanely misguided than voicing our opinions about the best place for burritos, breakfast or coffee in San Francisco. This is only a menu of options for your consideration. Click on the links to go to the online resources for each category.

To-Do_1

Food & Drink

Top 100 Restaurants
Map of Top 100
Zagat’s Best
Outside Dining
Bargain Bites
Best Breakfast
Best Brunch
More Brunch
Best Take-Out
Best Burritos
Best Pizzas
Best Dim Sum
Best Bars
Wine Bars
Beer Drinking
Coffee Shops
More Coffee
Best Desserts

To-Do_2

Out & About

Things to Do
To Do with Kids
Biking Resources
Mountain Biking
City Walks
Best Views
Hiking Trails
Running Clubs
LGBT – To Do
Sunday Streets
Parks
Dog Parks
Farmers’ Markets
Sports Teams

To-Do_3

Arts & Culture

Arts & Entertainment
Music
Dance
Museums
Ballet
Opera
Symphony
Theater

Dogpatch: Part 1

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It’s one of the oldest neighborhoods in San Francisco and one of the fastest growing; Dogpatch, long a forgotten patch of real estate on the city’s central waterfront, has big plans.

Actually, it’s always had big plans. Dogpatch dates back to the mid-1850s, when gunpowder manufacturers built factories there, outside

dogpatch1

It’s one of the oldest neighborhoods in San Francisco and one of the fastest growing; Dogpatch, long a forgotten patch of real estate on the city’s central waterfront, has big plans.

Actually, it’s always had big plans. Dogpatch dates back to the mid-1850s, when gunpowder manufacturers built factories there, outside the original Yerba Buena city limits to avoid the new city’s ordinance forbidding “dangerous industries.” From that point on – and especially after the construction of a bridge leading from downtown to Potrero Hill and the Bayview District, making the district much easier to reach — and continuing through Dogpatch’s industrial prime, the neighborhood was magnet for large manufacturers like The Tubbs Cordage Company, the Union Iron Works and, later, Bethlehem Steel, for ship builders and other heavy industry. A steady flow of immigrant workers followed.

They stayed in rooming houses on Irish Hill, a micro-district notorious for its rugged, brawling living conditions, located adjacent to the ship yards and factories, or they bought lots a few blocks away. On those lots they built small Eastlake-style Victorian cottages, built by hand from house plans published for free in the evening San Francisco Call Bulletin.

The glory days lasted through World War II, after which the neighborhood entered a long period of decline shadowing the overall downfall of heavy industry in San Francisco. By the early 1990s, Dogpatch had all but slipped off the map, its sagging Victorian and Edwardian houses and flats occupied by longtime residents and counterculture artists. Activity at Pier 70, once the hub of neighborhood productivity, wound down to a whisper. What remained of Irish Hill was (and is) an anonymous berm, maybe 20 feet high, in a fenced-off lot owned by PG & E and the Port of San Francisco.

The neighborhood’s rebirth began at the dawn of the dotcom boom. Developers looking to capitalize on Dogpatch’s proximity to Multimedia Gulch and anticipating the redevelopment of Mission Bay and the extension of the Third Street rail line built entry- and mid-level condo and live/work buildings along Third, Tennessee and Minnesota Streets, inviting new residents and revitalization; Esprit, the clothing manufacturer, set up its headquarters on Minnesota Street. A few restaurants and shops popped up on and around Third and 22nd Streets.

Since then, Dogpatch’s trajectory has been consistently skyward. Today, the neighborhood is a vibrant hub comprised of a mixture of old and new. The residential heart is a four-block stretch of tree-lined Tennessee and Minnesota Streets, where a dozen of the original Victorian cottages share space with Edwardian homes and flats, small mid-rise condo buildings from the 1990s and 2000s and a few extant warehouses. Further south, the streets are populated entirely by large condo and apartment complexes, including Millwheel South, 32 units on Indiana and Minnesota Street that sold out in less than a month upon its 2012 completion.

With all of this growth it was inevitable that Dogpatch would become a destination for business. In the past five years the neighborhood has seen several new arrivals, restaurants, coffee shops, bakeries, wine shops, even a butcher, plus boutiques and a brewery, the Triple Voodoo Brewery and Taproom. Some standouts are Piccono and Mr. and Mrs. Miscellaneous, whose miscellanea is actually limited to ice cream and cookies.

Dogpatch has come a long way but it’s far from through. Next up is a massive project, the development of 65-acre Pier 70. Plans include commercial, retail and 1,000 apartment units, with developers hoping to start by rehabbing six historic warehouses as soon as this summer. In anticipation of what can only have a massive impact on the neighborhood, developers have already begun smaller projects nearby, creating an interesting effect along Illinois Street in which the western side of the street is gleaming new condo buildings overlooking the eastern side of the street, whose collection of faded wooden waterfront buildings resembles a Steinbeck-era Cannery Row.

For several years now, all thumbs have pointed up in Dogpatch, where the future looks just as bright as the recent past. Locals are hoping the neighborhood’s funky soul stays intact, because even after two decades of growth, Dogpatch, once the rough-and-tumble embodiment of frontier San Francisco, remains a unique and special place.

Source : Parascopesf.com

New Construction Is Transforming San Francisco

The construction boom that ended in 2008 changed the city and its housing market. Condos now outsell houses in San Francisco. The South Beach-Yerba Buena zip code, previously a commercial area filled with parking lots, now has SF’s highest median household income. Mission Bay was born. And our skyline has been altered with dramatic, new high-rises like the Infinity Towers and Millennium.

That boom died with the 2008 market crash. But now with the city’s economy, employment, population, rents and home prices all surging to new heights, new home construction is booming again.

Will increasing numbers of newly built condos and apartments cool our overheated real estate market? One would think it would have to – eventually. But the large projects announced weekly can take years to turn into actual housing units. What if local high-tech industry, jobs and housing demand continue to grow alongside increasing supply? And our financial and real estate markets are influenced by so many complex, fluctuating economic, political and even natural-event factors, that it is very difficult to make meaningful predictions (despite how much “experts” love to make them).

One thing we can predict: San Francisco will continue to change in unexpected ways, and it will remain an extraordinary place to call home.

June 2014 report by Paragon Real Estate Group

The construction boom that ended in 2008 changed the city and its housing market. Condos now outsell houses in San Francisco. The South Beach-Yerba Buena zip code, previously a commercial area filled with parking lots, now has SF’s highest median household income. Mission Bay was born. And our skyline has been altered with dramatic, new high-rises like the Infinity Towers and Millennium.

That boom died with the 2008 market crash. But now with the city’s economy, employment, population, rents and home prices all surging to new heights, new home construction is booming again.

Will increasing numbers of newly built condos and apartments cool our overheated real estate market? One would think it would have to – eventually. But the large projects announced weekly can take years to turn into actual housing units. What if local high-tech industry, jobs and housing demand continue to grow alongside increasing supply? And our financial and real estate markets are influenced by so many complex, fluctuating economic, political and even natural-event factors, that it is very difficult to make meaningful predictions (despite how much “experts” love to make them).

One thing we can predict: San Francisco will continue to change in unexpected ways, and it will remain an extraordinary place to call home.

Premium Values for New Construction 
New-Condo_Premium_AvgDolSqFt
Much of the city’s new construction is occurring on parcels that were previously commercial-industrial, often on busy urban streets and/or in relatively neglected sections of the city – places that not so long ago might have been considered subprime locations for residential development. That has flipped 180 degrees: Wherever they are, most of these new projects are selling for prices rarely, if ever, seen before in their respective neighborhoods and bringing in new populations of typically young, affluent buyers. For good or ill, or both, depending on how you feel about this phenomenon, these developments are altering the cultures, demographics, commercial districts and home values of the neighborhoods they’re sprouting up in.

 

San Francisco’s Most Expensive Condo Buildings

Condos_Most-Expensive-Buildings

Perhaps the biggest common denominators of these properties are dramatic architecture, full service amenities (doormen and such), and the prevalence of spectacular views from many of the units. Eight of these properties didn’t even exist before 2000 and now they dominate the list of most expensive condo buildings in the city. Of course, excluding smaller buildings with only a sale or two per year rules out the vast majority of condo buildings in older neighborhoods, but it’s still astounding to see the impact of the previous construction boom on this market segment.

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Luxury Condo, Co-op & TIC Sales by Neighborhood

Condo-Sales_1500k-plus
Even though the newer South Beach-Yerba Buena district dominates the list of most expensive condo buildings, older-prestige neighborhoods such as Pacific Heights and Russian Hill still have more luxury condo sales – for the time being. Though there is the odd high-rise, they’re typically in smaller, older (though beautiful) buildings, with a completely different architectural feel from the developments of the last 10 – 20 years.

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Condo Values by Era of Construction

AvgDolSqFt_Condo-by-Era-Built
The first golden age of SF apartment buildings – some of which were turned into condos and many of which remain rent-controlled apartments – was from 1920 to 1940: The units in these buildings are large, light, gracious and filled with elegant detail. Pacific Heights, the Marina, Russian Hill and Lake Street are filled with these buildings. Though there are beautiful apartments built in other eras (Edwardian flats, Art Deco apartments), the second golden age really arrived with the latest burst of new-condo construction since 2000: These units are ultra-modern and feature highest quality finishes and amenities. They are exemplified by the luxury, full-service high-rises of the South Beach-Yerba Buena area, though variations on this theme, in non-high-rise form, have been springing up all over the city. As seen in this chart, they command a premium in dollar per square foot value.

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Condo Sales Volume by Neighborhood

Condo-Unit-Sales_by-District

A residential district that didn’t even exist 20 years ago now dominates condo sales in San Francisco (and there are big, new projects still under development there). To a large degree due to the availability of large, developable (previously commercial) lots and higher-density zoning, new housing construction is now concentrated in areas such as the Market Street and Van Ness corridors, SoMa, the Mission, Hayes Valley, Dogpatch and Hunter’s Point – and often in previously neglected or distressed corners of such areas.

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San Francisco Demographics

Income, Age, Homeownership & Foreign-Born Population by Zip Code

SF_Zip-Income
We recently completed a study of San Francisco’s changing demographics by zip code and this is one of 7 charts and tables assessing income, age, education and other issues. This report has recently been featured in many local media outlets such as the Chronicle’s website, SFGate.com (where it became the most popular article of the day). We found it to be fascinating information and the full analysis can be accessed via this link: San Francisco Demographics Report

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San Francisco Median Home Price Trends

1993-2010_SF_Median_Sales_Prices
A glance at the last 20 years of San Francisco median home prices for houses, condos and TICs: Our recovery since 2012 has made up all the lost ground from the 2008 crash, and then some. Note that median prices are often affected by other factors besides changes in existing home values – new-construction condos hitting the market in large quantities, for example – and should be considered as generalities only. Still, the overall trend lines do illuminate the recent cycles in the city’s housing market. TICs are a relatively small portion of the market and their huge 2014 YTD surge should be taken in context: Just deleting 8 extremely expensive sales at 1100 Sacramento on Nob Hill drops the TIC median price by almost $50,000.

Potrero Hill: Part 2

For well over 100 years, Potrero Hill’s real estate market was one thing; now it is another. Prior to the tech boom of the 1990s, Potrero was a place to find modest Victorian and Edwardian homes in various stages of disrepair. Often their spectacular views — of downtown, Twin Peaks or San Francisco Bay — were at odds with their modest price tags. Just as often as not they’d been in one family for generations or had been purchased for a song by counter culture pioneers in the 1960s.

That all changed in the 1990s, when Potrero’s proximity to tech start-ups made it a prime target for renovators and developers. “Multimedia Gulch,” a tech start-up friendly segment of SOMA, grew by 6,000 jobs between 1994 and 1998. Not coincidentally, the northern border of Potrero Hill, once crammed with warehouses, is now a hotbed of condo and apartment complexes dating back to the mid-1990s.

potrero2

For well over 100 years, Potrero Hill’s real estate market was one thing; now it is another. Prior to the tech boom of the 1990s, Potrero was a place to find modest Victorian and Edwardian homes in various stages of disrepair. Often their spectacular views — of downtown, Twin Peaks or San Francisco Bay — were at odds with their modest price tags. Just as often as not they’d been in one family for generations or had been purchased for a song by counter culture pioneers in the 1960s.

That all changed in the 1990s, when Potrero’s proximity to tech start-ups made it a prime target for renovators and developers. “Multimedia Gulch,” a tech start-up friendly segment of SOMA, grew by 6,000 jobs between 1994 and 1998. Not coincidentally, the northern border of Potrero Hill, once crammed with warehouses, is now a hotbed of condo and apartment complexes dating back to the mid-1990s.

So comprehensive was the change that today, 20 years past the dawn of the dotcom peak, the majority of available homes on Potrero Hill is condominium units. Almost all, save for a few buildings constructed in the 1970s and 1980s and “The Hill’s” extant collection of multi-unit Edwardians, date back no further than 1993.

Potrero’s housing revolution did not end when the dotcom bubble burst. Development continued into the 2000s – up to and including the present. Business is brisk right now, with Onyx, a development located at 415 De Haro and featuring 20 one- and two-bedroom condo units, nearly sold out. Construction of Onyx Phase 2 is under way with anticipated completion in fall 2015.  12 more units are planned next to the old Double Play Bar and Grill at 2401 16th Street. Early-stage plans are underway to build 315 apartments on Mariposa Street, directly across the street from the Jackson Playground, and EQR, with 493 residential units, 39 commercial units and a park, just received its permits at 1000 16th Street (once the site of the Glidden Paint factory) after almost a decade of trying.

Potrero’s 1990s real estate reinvention ranged past the mass introduction of high-end condominiums; concurrent with the arrival of developers was the discovery of the neighborhood’s single-family homes as historic gems ripe for restoration and renovation. Faced with the reality of enormous profits, many long-time residents chose to cash out, raising the neighborhood profile to the point it remains at today: as a stylish, sunny, convenient, family-friendly place practically overflowing with beautiful historic homes and sleek modern condos.

The incredible views –Potrero properties feature some of the city’s finest downtown skyline views  — don’t hurt, either.

In 2014, Potrero Hill’s for-sale real estate market is dominated by condominiums. In May, the ratio of sold condos to sold single-family homes was 16:3 (the district also recorded sales of two multi-unit buildings; it had no closed sales of Tenants-in-Common units, though there are some TICs on Potrero Hill). Potrero condos come in a variety of sizes, from studios all the way up to three- and four-bedroom units larger than some neighborhood single-family homes. They command prices above the citywide median. Seven-figure condo price points are becoming the norm on Potrero Hill, not the exception.

As for single-family homes, there are some spectacular examples of both historic and ultra-modern architecture on Potrero. Modern homes tend to capitalize more on The Hill’s spectacular views and maximize square footage, often employing unique solutions to steep hillside lots.

Meanwhile, Potrero’s original Victorians no longer fit into the “working-class” paradigm, routinely commanding prices well over $1 million. Many have become showplaces.

Potrero Hill is a long way from becoming the next Pacific Heights or even the next Russian Hill, but it might be on its way to becoming the next Noe Valley. With a great location and a lack of fog, great views, a thriving commercial strip featuring a broad range of restaurants and an eclectic combination of housing including Victorians, Edwardians, historic multi-unit buildings and new condos, it’s journey of the past 20 years appears to have ended with it taking its place among San Francisco’s desirable neighborhoods.

Source : Parascopesf.com

Real estate cycles from another angle

Over the past 30+ years, the period between a recovery beginning and a major “market adjustment” (or bubble popping) has run 5 to 7 years. We are currently about 2.5 years into the current recovery. 

Periods of market recession/doldrums following the popping of a bubble have typically lasted about 4 years. (The 2001 dotcom

Over the past 30+ years, the period between a recovery beginning and a major “market adjustment” (or bubble popping) has run 5 to 7 years. We are currently about 2.5 years into the current recovery. 

Periods of market recession/doldrums following the popping of a bubble have typically lasted about 4 years. (The 2001 dotcom bubble and 9-11 crisis drop being the exception.) Generally speaking, within about 2 years of a new recovery commencing, previous peak values (i.e. those at the height of the previous bubble) are re-attained – among other reasons, there is the recapture of inflation during the doldrums years and simple pent-up demand.

Case-Shiller_Simpl-Percentages

Our complete article on market cycles can be found online here.