Real Estate Update for San Francisco Homebuyers and Sellers
courtesy of:
Eileen Bermingham
DRE# 01352627
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In This Issue…

Most Recent Sales
San Francisco Market Overview
Mexican Museum Building Progress
Retrofitting Legislation Proposed by Supes
Hopefully Coming Soon: 300 Ivy
San Francisco Market Overview 
  Single Family Homes Condos/TICs/Lofts 2-4 Units
Median Sales Price, last 180 days
% Change from prior 180 days
Avg. Days on Market, last 180 days
% Change from prior 180 days
Mexican Museum Building Progress 

The highly anticipated (and controversial) Mexican Museum and Residential Tower building is just heartbeats away from approval. The 47 story building proposed for 706 Mission Street has been drawing complaints from the nearby Ritz Carlton condos. The tower would be connected to the existing 10 story Aronson building, which opponents of the project had tried to deem a historical building.

At this point it appears that all hurdles have been leaped and final approval is imminent. The project will include up to 215 residential units with ground floor restaurant and commercial space, with a conveyance to the Jessie Square Garage and its 442 parking spaces.
Retrofitting Legislation Proposed by Supes 
A public hearing was held recently regarding legislation that would force “soft story” buildings to retrofit. Soft story buildings are multi-story, wood framed structures that have large un-reinforced windows or a garage on the ground level. There are estimated to be about 3,000 soft story buildings in San Francisco. The supes think that it would cost $60,000 to $130,000 to retrofit each building and could potentially keep 58,000 residents in their homes if there was a major quake.

A majority of the Board of Supervisors, and the mayor, support this legislation. But some tenants groups voiced their concerns that the large cost to retrofit would be borne by the tenants, as there’s the potential that these retrofit costs could be “passed through” from landlord to tenant. Many condo buildings have soft stories, so this is definitely something to be aware of for condo owners and potential investors. During your inspection be sure to ask if the building appears to have a soft story. And if so, you may want to ensure that the HOA is prepared to tackle this potential construction project.

Hopefully Coming Soon: 300 Ivy 
In addition to the Upper Market development hubbub, another mid-sized development condo building will be available soon. The sales team at 300 Ivy says they will be opening the sales center “this Spring.” And seeing as the official beginning of spring was March 20, by my calculations the sales center should be opening up any minute!

300 Ivy is a 63-unit condo development with units that will boast “well designed layout and a sense of volume.” The David Baker-designed building will be a mix of one and two bedroom condos with a few three bedroom townhomes. The common areas at 300 Ivy are also sure to be a hit; there will be a lush entry courtyard and a living roof with grills, dining areas and a sun deck, huzzah! The great Hayes Valley location is another selling point. Ivy is one very short block off Hayes, so you are just steps to Hayes Valley treats such as Smitten Ice Cream at Proxy, Stacks for pancakes or Flight 001 for awesome travel widgets. Please let me know if you would like to be kept in the loop regarding this building.
Eileen Bermingham • 415.823.4656 • ebermingham@zephyrsf.com
Recent listings, sales, and market data are based on information from the San Francisco Association of Realtors MLS for the periods shown.
Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.