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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 October 2012 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 - October 2012 Executive Summary Currently Selling Summary - August Closings Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 2 447 341 - 552 $359,000 $359,000 $1,053 One Bedroom 45 937 400 - 1,145 $612,477 $312,000 - $751,000 $653 Two Bedroom 80 1,351 818 - 2,129 $996,689 $385,000 - $2,750,000 $743 Three (or more) Bedroom 10 1,798 1,263 - 2,706 $1,711,100 $469,000 - $3,600,000 $952 Other (Unknown Type) 2 n/a n/a $603,000 $555,000 - $651,000 n/a All Types 139 1234 341 - 2,706 $913,596 $312,000 - $3,600,000 $745 Resale Summary (Districts 7, 8, 9) - August Closings Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 1 n/a n/a $450,000 $450,000 n/a One Bedroom 25 814 495 - 1,532 $633,304 $275,100 - $930,000 $782 Two Bedroom 22 1,290 993 - 2,176 $1,085,973 $520,000 - $3,100,000 $842 Three (or more) Bedroom 3 1,729 1,362 - 2,391 $1,558,000 $1,040,000 - $2,079,000 $901 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 51 1,107 495 - 2,391 $879,373 $275,100 - $3,100,000 $829 Pipeline Summary Currently Under Under Conceptual Product Type Approved Selling Construction Review Planning Condominium 249 350 28,001 2,784 3,558 Affordable - 793 2,402 4,132 472 Rental - 3,606 4,298 1,083 850 Condominium - On Hold 198 0 285 0 0 Rental - On Hold - 0 0 0 0 All Types 249 4,749 34,986 7,999 4,880 Standard Monthly Reports - San Francisco - October 2012 Currently Selling The following section contains sales information and updates for actively selling developments with 20+ Market Rate units. Project List* 299 Valencia 5800 Third 788 Minna 829 Folsom 901 Bush Blu Candlestick Cove Candlestick Heights Fairmont Heritage Place, Ghirardelli Square Esprit Park Madrone Millennium Tower Millwheel One Hawthorne One Rincon Hill The Artani * Sorted in alphabetical order Standard Monthly Reports - San Francisco - October 2012 CURRENTLY SELLING Address Developer 299 Valencia Street JS Sullivan Development Total Units Average HOA Fees 44 (36 Market Rate) Unknown Date on Market Average Absorption April 2012 44 units/month Closings Commenced Last Six Months Price/SF June 2012 $862 (31 units) 299 Valencia (All Units In Contract) Sales status through August 2012 Located in the Mission District, 299 Valencia offers easy access to some of San Francisco’s finest restaurants. The building features open floor plans with stainless 31 closed 5 in contract 0 available steel appliances, CaesarStone countertops and white oak hardwood floors. Some homes also include outdoor space and floor-to-ceiling windows. Residents have access to a rooftop deck and community room. Closed sales during August 2012 Closing Closed 299 Valencia put all units into contract during presales. Unit Type SF $/SF The project will be removed from the Currently Selling Price Date section once all units have closed escrow or six months 302 2/2 987 $775,000 $785 8/17/2012 have passed without a closing reported. 506 2/2 818 $759,000 $928 8/17/2012 202 2/2 930 $699,000 $752 8/15/2012 303 1/1 660 $525,000 $795 8/13/2012 204 2/2 975 $750,000 $769 8/9/2012 505 1/1 400 $429,000 $1,073 8/1/2012 Averages: 795 $656,167 $825 Standard Monthly Reports - San Francisco - October 2012 CURRENTLY SELLING 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 8 units/month Closings Commenced Last Six Months Price/SF November 2010 $386 (39 units) 5800 Third Sales status through August 2012 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. 71 closed 22 in contract 27 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 August 2012 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 2212 1/1 816 $380,000 $466 8/31/2012 dog washing station. 2324 1/1 732 $335,000 $458 8/30/2012 1118 3/2 1,312 $469,000 $357 8/27/2012 The project is FHA approved. 1116 3/2 1,263 $473,000 $375 8/27/2012 Available list prices dated September 2012: 1220 2/2 1,086 $419,000 $386 8/23/2012 2308 2/2 1,016 $399,000 $393 8/22/2012 One Bedroom 2408 2/2 1,016 $410,000 $404 8/21/2012 Starting List Price: $329,000 2318 2/2 1,011 $385,000 $381 8/15/2012 Average Size: 816 - 889 SF 2224 1/1 732 $312,000 $426 8/2/2012 Starting List Price/SF: $370 - $403 2406 3/2 1,269 $469,000 $370 8/2/2012 Two Bedroom Averages: 1,025 $405,100 $395 Starting List Price: $383,000 Average Size: 1,010 - 1,221 SF Starting List Price/SF: $314 - $379 Three Bedroom Starting List Price: $479,000 - $539,000 Average Size: 1,263 - 1,560 SF Starting List Price/SF: $345 - $379 Standard Monthly Reports - San Francisco - October 2012 CURRENTLY SELLING Address Developer 788 Minna Street Richie Hart Total Units Average HOA Fees 20 (18 Market Rate) $338/month+ Date on Market Average Absorption July 2011 2 units/month Closings Commenced Last Six Months Price/SF August 2011 $693 (3 units) 788 Minna (All Units In Contract) Sales status through August 2012 788 Minna is centrally located in San Franciso’s South of Market neighborhood. The building is within walking distance to nightlife, restaurants, shopping and public 16 closed 2 in contract 0 available transportation. Residents have access to a wind- protected garden terrace with landscaping and built-in There were no closings reported during August 2012. seating. Interior finishes include wide plank oak flooring, gas- burning fireplaces with stone surrounds, Sozo Design kitchen and bathroom cabinetry, CaesarStone countertops and stainless steel appliances. Each home is pre-wired for solar power and Smart-Home technology that allows residents to use their phone or a website to control such things as lighting and heating. As of April 2012, all market-rate units were in contract at 788 Minna. The project will be removed from the Currently Selling section once all units have closed escrow or six months have passed without a closing reported. Standard Monthly Reports - San Francisco - October 2012 CURRENTLY SELLING 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 $908 (5 units) 829 Folsom Sales status through August 2012 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 59 closed 0 in contract 10 available firm FORMA, the state-of-the-art building encompasses technology and a floor-to-ceiling window wall system.
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