I hope everyone is well! Since my last newsletter, the summer months have given way to autumn, with the days growing shorter and the air becoming crisper. I trust that you are looking forward to spending time with family and friends during the holiday season.
As 2011 comes to a close, many of us are deciding upon our financial goals for the New Year. Accruing long-term wealth is usually a top goal for many and I know no better way to hop on the wealth highway then to spend wisely, save fiercely, and invest prudently. One of the best ways I know how to do this is to buy and hold property in the right location, for the right price, to be developed over time in the right way. If you are a new to the market and want to know what your potential buying power is, or if you are a current home owner and want to know the return on your investment, or if you are a savvy investor wanting to know what current market rents are, please contact Salma & Company. We look forward to working with you and appreciate the opportunity to help you achieve your real estate agenda.
I wish all of you a joyous holiday season and much happiness, health and success in 2012.
2950 Broadway @ Lyon Street just closed escrow on 11/1 for $29.5M, which represents the second most expensive home sale in San Francisco, ever! After being on (and off) the market since 2009 (with a number of price reductions to boot), this extraordinary “Gold Coast” property, has finally found a new owner. In case the Gold Coast doesn’t ring a bell, the price tag may shed some light. It is considered the most expensive part (Broadway between Divisadero and Lyon Streets), of the most expensive neighbhood (Pacific Heights), in one of the most expensive cities in the world (San Francisco). Once owned by famed San Francisco attorney Melvin Belli, the 11,000 sqft property features Bay and Golden Gate Bridge views throughout; six bedrooms and six baths over four levels; an outdoor heated pool; a 3,000 sq. ft. wine cellar; and splendid amenities galore.
651 Dolores @ Cumberland Street just closed escrow on 11/1 for $2.3M. Built in 1916, the Second Church of Christ, Scientist, is a Beaux Arts beauty that overlooks historic Dolores Park and features a domed roof and gorgeous marble enrtry. The property survived the 1989 earthquake with no issues until just a few years ago when the SF Department of Public Works declared that the unreinforced masonry building was unsafe and must be torn down. Thanks to dedicated preservationists who negotiated with the SF DPW to sell the property in order to avoid tear down, the right buyer was eventually found. Introducing Siamak Ahkavan of BMP Construction, the same developer who saved 601 Dolores Street (a.k.a. “Castle in the Sky” and recently sold to the Children’s Day School) and has now purchased this property. The buyer plans to retrofit the church and build out four massive loft condos. I give kudos to any developer who saves historic city properties from destruction and retrofits them for new uses.
San Francisco Condo Development
At the beginning of the month, Bosa development flung open the doors to its sales office for Madrone, a 329-unit, high end-condo development on the Mission Bay waterfront. You may wonder why this is significant. Firstly, this represents the single largest urban condo development project currently under construction in the United States. Secondly, it is the only new condo inventory to hit the market in San Francisco within the last 18 months; the last such project was at One Hawthorne (presently 50 percent sold).
A new condo development proposal from the Paramount Group has
just hit the SF Planning Department’s desk, which I think could be very exciting project for San Francisco’s waterfront. The Paramount Group, also the developer of One Market, propose tearing down the parking garage at 75 Howard @ Steuart Street and replacing it with a high end, 160 unit high rise condo tower. Not only would this project help to stimulate our local economy, it is an aesthetically pleasing concept, since this parcel of land is considered the last, great undeveloped site on San Francisco’s waterfront.
San Francisco’s own Richard Serra has a new exhibit open at the MOMA and for the first time ever, he is showing a retrospective of his drawings. Serra is most famously known for his large steel sculptures placed all around the world (San Francisco’s Gap Offices at 2 Folsom Street features Serra’s Charlie Brown piece, a sixty-foot-tall sculpture) so this is a wonderful opportunity to see another side of this artist.
Looking to start a new tradition on Thanksgiving Day? Check out the Indigenous Peoples Sunrise Gathering on Alcatraz, now in its 33rd year of operation. The event is a commeration of the 1969-71 occupation of Alcatraz by the Indians of All Tribes protest group; it’s the only time members of the public are ever allowed to watch the sunrise from Alcatraz.