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The Mark Company Standard Monthly Reports San Francisco

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The Mark Company Standard Monthly Reports San Francisco The Mark Company Standard Monthly Reports San Francisco May 2013 Contents Executive Summary Currently Selling Developments Resale Developments Pipeline Report TMC Disclaimer Notes 1) Currently Selling is defined as a new construction residential project selling for the first time or a project in which units have never been lived in as owner-occupied. 2) Resale is defined as a residential unit that has been sold at least once before and has previously been lived in. 3) This report covers Currently Selling residential developments with 20+ Market Rate units and Resale residential developments with 50+ Market Rate units located in Districts 7, 8 and 9. 4) Assume that projects located in the Currently Selling section are actively selling units unless noted otherwise. 5) Date On Market refers to the date the Sales Center opened. 6) Average Absorption is calculated from Date On Market through the first of the month prior to the date of the report. It accounts for units both in contract and closed. 7) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the average price divided by the average square footage. Averages are weighted averages. 8) Developments are considered Sold Out once the last Market Rate unit has closed OR there have been six months without a closing, all units are in contract and the Sales Center is closed (e.g. there is no active marketing). At that point, projects will be moved to the Resale section and tracked for resale closings. 9) Market Rate Units Available in the Pipeline Report refers to the estimated number of Market Rate units available for sale at the development (e.g. not in contract or closed). 10) Marketing to Commence in the Pipeline Report refers to the date that the Sales Center is expected to open for projects that are Currently Under Construction. 11) Completion Date in the Pipeline Report refers to the expected date of completion for a project that is Approved and/or Under Review. 11) Below Market Rate units are omitted from the new construction and resale closings. Standard Monthly Reports - San Francisco - May 2013 Executive Summary Currently Selling Summary - March Closings Average Size # of Average Unit Type Size Range Price Range $/SF Sales Price (SF) (SF) Studio / Junior One Bedroom 0 n/a n/a n/a n/a n/a One Bedroom 4 1,337 732 - 1,633 $385,000 $385,000 - $385,000 $526 Two Bedroom 26 1,514 1,008 - 2,170 $772,673 $428,000 - $1,250,000 $625 Three (or more) Bedroom 3 1,697 1,221 - 1,943 $485,000 $485,000 $397 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 33 1,510 732 - 2,170 $660,115 $385,000 - $1,250,000 $574* * Price per square foot for new construction is low due to lack of closed sale price data for Millennium Tower (22 units over $1,000/SF), as well as a high number of sales in the lower priced neighborhoods around Candlestick Point. Resale Summary (Districts 7, 8, 9) - March Closings Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 5 416 266 - 520 $354,600 $292,000 - $453,000 $793 One Bedroom 26 857 660 - 1,583 $742,654 $429,000 - $1,295,000 $880 Two Bedroom 26 1,177 601 - 1,826 $1,013,981 $270,000 - $1,700,000 $851 Three (or more) Bedroom 1 1,732 1,732 $1,250,000 $1,250,000 $722 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 58 988 266 - 1,826 $839,578 $270,000 - $1,700,000 $856 Pipeline Summary Currently Under Under Conceptual Product Type Approved Selling Construction Review Planning Condominium 131 709 3,488 900 883 Rental - 4,073 5,689 268 1,285 TBD - 0 24,730 1,547 4,510 Condominium - On Hold - 0 285 0 0 Rental - On Hold - 0 0 0 0 All Types 131 4,782 34,192 2,715 6,678 Standard Monthly Reports - San Francisco - May 2013 Currently Selling The following section contains sales information and updates for actively selling developments with 20+ Market Rate units. Project List* 300 Ivy 5800 Third 829 Folsom Blu Candlestick Cove Madrone Marlow Millennium Tower One Hawthorne One Rincon Hill * Sorted in alphabetical order Standard Monthly Reports - San Francisco - May 2013 CURRENTLY SELLING CURRENTLY Address Developer 300 Ivy Street Ivy Grove Partners, LLC Total Units Average HOA Fees 63 TBD Date on Market Average Absorption May 2013 n/a Closings Commenced Last Six Months Price/SF TBD n/a 300 Ivy Located in Hayes Valley, 300 Ivy offers 63 residences, including five townhomes. Seeking LEED-Platinum certification, the new development features a landscaped courthard, rooftop garden with outdoor grill, seating and dining areas and a sundeck. Residents will also have access to bicycle storage and onsite car sharing The spacious floor plans feature wide-plank, sustainably sourced oak flooring, forced air conditioning, CaesarStone counterops, Studio Becker cabnetry and stainless steel Bosch and Liebherr appliances. First move ins are expected to occur in Fall 2013. The 300 Ivy Sales Center opened in May 2013 and will be added to the Currently Selling pipeline in the next report. Standard Monthly Reports - San Francisco - May 2013 CURRENTLY SELLING CURRENTLY Address Developer 5800 Third Street Holliday Development Total Units Average HOA Fees 137 (120 Market Rate) $336 - $481/month Date on Market Average Absorption July 2010 4 units/month Closings Commenced Last Six Months Price/SF November 2010 $396 (23 units) 5800 Third (All Units In Contract) Sales status through March 2013 The generously-sized homes at 5800 Third offer easy access to public transportation, Mission Bay, highways and an onsite Fresh & Easy grocery store and cafe. 100 closed 20 in contract 0 available Carroll Station is touted as the City’s newest neighborhood and is expected to welcome 1,000 new residents in the coming years. Closed sales during March 2013 The homes range between one-, two- and three- Closing Closed bedroom floor plans in both flat and townhome Unit Type SF $/SF configurations. Many homes include outdoor space. Price Date Amenities include a large courtyard, bike lounge and 120 8 3/2 1,221 $485,000 $397 3/13/2013 dog washing station. 2222 2/2 1,008 $428,000 $425 3/8/2013 2424 1/1 732 $385,000 $526 3/6/2013 All units are in contract at 5800 Third. The project will be removed from the Currently Selling section once all 2301 2.2 1,073 $465,000 $433 3/4/2013 units have closed or six months have passed without a Averages: 1,009 $440,750 $437 closing reported. Standard Monthly Reports - San Francisco - May 2013 CURRENTLY SELLING CURRENTLY Address Developer 829 Folsom Street FORMA, LLC/Walid Mando Total Units Average HOA Fees 69 $460 - $583/month Date on Market Average Absorption January 2009 1 unit/month Closings Commenced Last Six Months Price/SF May 2010 n/a 829 Folsom Sales status through March 2013 At nine stories tall, 829 Folsom is situated in the lively South of Market neighborhood, close to restaurants, entertainment and retail options. Designed by renowned 60 closed 1 in contract 8 available firm FORMA, the state-of-the-art building encompasses technology and a floor-to-ceiling window wall system. Interior finishes include bay windows with dramatic There were no closings reported during March 2013. views, wood, carpet and marble flooring, polished granite slab countertops and stainless steel appliances by Thermador and Bosch. Community amenities include private and secured parking, an entertainment lounge, landscaped courtyard and a rooftop terrace with modern furnishings. Green elements include high-performance, low-e glazing windows to reduce heating and cooling costs, low- emitting and non-toxic paint and flooring, Energy Star- rated appliances and energy-efficient lighting fixtures. Available list prices dated May 2013: One Bedroom Starting List Price: low $600,000s Average Size: 486 - 557 SF One Bedroom Starting List Price: $629,000 Average Size: 502 - 921 SF Two Bedroom/Plus Starting List Price: $771,000 - mid $900,000s Average Size: 897 - 1,163 SF Standard Monthly Reports - San Francisco - May 2013 CURRENTLY SELLING CURRENTLY Address Developer 631 Folsom Street Malcolm Properties; Lennar Urban Total Units Average HOA Fees 114 $650 - 900/month Date on Market Average Absorption May 2008 2 units/month Closings Commenced Last Six Months Price/SF May 2009 $1,050 (1 unit) Blu (Sold Out) Sales status through March 2013 Blu is a 21-story condominium tower located in the South of Market neighborhood. Designed by Handel Architects, the development features 114 residences and 114 closed 0 in contract 0 available is approximately 214 feet high. The condominium homes range in size from 950 square feet for a two-bedroom to 2,700 square feet for a penthouse. Penthouses boast private roof decks and glass-walled solariums. Interior finishes feature European cabinetry, hardwood and carpet flooring, Bosch and Viking kitchen appliances and granite countertops. Amenities include a full-time doorman, concierge services, lobby and carousel parking for all residents. There are two finish options for penthouse and non-penthouse homes. There are no opportunities to upgrade or change the finishes beyond that. Blu is sold out. It will be removed from the next report. Standard Monthly Reports - San Francisco - May 2013 CURRENTLY SELLING CURRENTLY Address Developer 101 Executive Park Signature Properties Boulevard Total Units Average HOA Fees 140 (132 Market Rate) $448 - $575/month Date on Market Average Absorption October 2007 <1 unit/month Closings Commenced Last Six Months Price/SF October 2008 $377 (8 units) Candlestick Cove Sales status through March 2013 Candlestick Cove is located next to the San Francisco Executive Park and Bayview Park at the south end of the Bayview District.
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