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Now Asking a Million Less for a Modern Los Altos Abode

Newly built on a Los Altos Hills lot which was purchased for $1.73 million in 2012, the contemporary five-bedroom home at 25755 Carado Court measures nearly 7,600 square feet with an open floor plan, wide plank Oak floors, and walls of glass that open the home to the outdoors.

25755 Carado Court Living

The kitchen is outfitted with imported cabinetry and Miele appliances.

25755 Carado Court Kitchen

And the three-car garage on the lower level includes the expected charger for an electric car.

25755 Carado Court Rear

Listed for $11,988,000 in July, this afternoon the asking price was reduced by a million to $10,999,999.

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Benchmark Mortgage Rate Ticks up, Odds of a Rate Hike Even

The average rate for a 30-year mortgage has ticked up to 3.50 percent, up 6 basis points over the past week but 41 basis points below the 3.91 percent rate in place at the same time last year, according to Freddie Mac’s latest Primary Mortgage Market Survey.

At the same time, the probability of the Fed enacting a rate hike by the end of the year, a probability which had dropped to below 35 percent at the beginning of August before jumping to 54 percent three weeks ago, has ticked down to 51 percent according to an analysis of the futures market.

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A Move to Landmark The Upper Haight Is Underway

While ground zero for the nation’s “hippie” and counter-culture movement in the 1960s, and one of the neighborhoods most commonly associated with the ethos of San Francisco, Haight-Ashbury, or The Upper Haight, isn’t one of the City’s twelve Landmark Districts. But that could soon change.

Roughly defined as Haight Street from Stanyan to Buena Vista Park, the Haight-Ashbury District has been added to the City’s Landmark Designation Work Program, community outreach will soon begin, and Planning’s production of a report making the case for landmarking the district (which is both “significant for its association with the events of counter-culture movement” and “concentration of intact Victorian era architecture”) is about to get underway.

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Odds of the Raiders Leaving Oakland Just Jumped

The Southern Nevada Tourism Infrastructure Committee, which was created by Nevada Governor Brian Sandoval, has unanimously recommended a potential $750 million public funding plan to help underwrite the cost of a $1.9 billion Las Vegas stadium that could become the new home of the Oakland Raiders.

The proposed stadium plan still needs to be approved by the governor and state legislature. And in order for the Raiders to depart Oakland, three-quarters of the National Football League’s owners will need to agree. But the committee’s recommendation to commit public funds to the project, which Raiders owner Mark Davis has openly embraced, is a major victory.

When renderings of the proposed Las Vegas stadium were released last month, “the Raiders — and their partner, the Sands Casino Group — made one thing absolutely clear: If the state of Nevada is willing to commit $750 million in public funding towards a new NFL stadium, then the stadium will get built and the Raiders will move to Vegas.”

The Raiders’ lease for the Oakland Coliseum expires at the end of the 2016 NFL season but includes two one-year options for beyond.

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Plans for Another Pill Hill Development in the Works

Plans to raze the two-story medical office building at 401 29th Street in Oakland’s Pill Hill neighborhood are in the works. And as envisioned, a four-story building with 83 condos over 2,500 square feet of ground-floor retail space and a garage for 69 cars will rise across the parcel.

And being a block outside the official boundaries of Oakland’s Broadway Valdez District Plan Area, the unit count isn’t included in the over 3,000 units of housing which are either under construction, approved to rise, or in the works around Oakland’s burgeoning Auto Row.

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Record High Employment in San Francisco and the Valley

Having jumped like Kris Kross in July, the number of people living in San Francisco with a job increased by another 1,400 last month to a record 543,400.

And as such, there are now 77,900 more people living in San Francisco with paychecks than there were at the end of 2000, an increase of 106,700 since January 2010 and 11,500 more than at the same time last year with an unemployment rate of 3.5 percent.

In Alameda County, which includes Oakland, employment slipped by 500 in August but the number of residents with a job (804,500) remains 16,900 higher than at the same time last year, an increase of 112,500 since January of 2010.

Alameda County Labor Force and Employment

Employment across the greater East Bay also slipped in August, down a nominal 700 to 1,339,400, while employment in San Mateo County ticked up by 1,100 to 439,200 and jumped by 7,800 in Santa Clara County to a record high 1,011,900, which was the greatest month-over-month increase in four years.

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Teatro ZinZanni’s Waterfront Development Plan Refined

While the issue of whether Teatro ZinZanni’s proposed 180-room hotel and theater development to rise up to four stories in height along the Embarcadero, between Broadway and Vallejo, will be allowed to block the Vallejo Street right-of-way and view corridor has yet to be formally resolved, the design for the development has been refined to be more in character with the existing architecture of the city’s Northeast Waterfront Landmark District.

Teatro ZinZanni Development: Original Design

The window openings are now recessed and feature less glazing and more fenestration, while the ground floor openings have been enlarged to be more warehouse-y.

Teatro ZinZanni Development: Revised Design

And the proposed glass gazebo under which ZinZanni’s historic Spiegeltent would be permanently erected has been replaced by a brick clad enclosure.

A potential alternative for the tent enclosure to the north of the hotel – adjacent to which a 7,500-square-foot, privately owned, publicly accessible open space (POPOS) would be maintained – would incorporate a glass roof to purposely differentiate the theater as new construction.

Teatro ZinZanni Development: Proposed
Teatro ZinZanni Development: Alternative

Regardless, the aforementioned Vallejo Street view corridor would be blocked by the building as designed.

Teatro ZinZanni Development: Vallejo Street View Corridor

The refined designs for the proposed development will be presented to San Francisco’s Architectural Review Committee (ARC) next week for their review and feedback to the development team.

Most Sub-Million Dollar Homes on the Market in SF since 2012

With a hundred more new listings than offers written over the past week, the overall inventory of homes actively listed for sale in San Francisco ticked up another 13 percent to 870, which is 26 percent higher than at the same time last year and the most inventory since the end of 2011.

And the number of homes listed for under a million dollars (371) in the city is the highest since the fourth quarter of 2012.

At the same time, the percentage of listings for which the asking price has been reduced is running at 17 percent, ten points higher than at the same time last year. And in the absolute, the number of actively reduced listings (147) is three times higher.

The inventory numbers above do not include the vast majority of unlisted new construction condos on the market in sales offices across town, the inventory of which is currently running a little under 1,100 versus closer to 700 at the same time last year.

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Plans for a 21-Story Central SoMa Infill Hotel Revealed

As we first reported last year, “have no fear, unless you happen to rely on the [130-space] parking lot at 350 Second Street or own a condo at 77 Dow Place that currently overlooks the parcel, an architect has been engaged to start working on plans for a new building to rise upon this lot.”

And the plans for a 21-story hotel with 480 rooms to rise up to 200 feet in height across the Central SoMa site have now been drafted and were just submitted to the city for review:

350 Second Street Rendering

As designed by Skidmore, Owings & Merrill (SOM), the proposed development includes an 8-story podium building along Second Street with a 21-story tower behind and a privately-owned, public plaza (POPOS) at the corner of Second and Dow Place.

350 Second Street Rendering

In addition to the 480 hotel rooms, the 350 Second Street project includes a 4,600 square foot restaurant and bar fronting Second Street and a 30-space garage with its entrance and hotel drop-off down Dow.

350 Second Street Massing

And while the site is currently only zoned for development up to 130 feet in height, it’s slated to be up-zoned to 200 feet if San Francisco’s Central SoMa Plan is adopted as proposed.

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Dandelion Chocolates Planning Mission Addition with a Rooftop Pool

Dandelion Chocolates is planning to build a new four-story building behind their Mission District factory at 298 Alabama Street. And the proposed plans include a new rooftop pool, but not in a Willy Wonka kind of way.

298 Alabama Street Massing

In addition to 14,000 square feet of new Production, Distribution and Repair (PDR) space which would be internally connected to the existing building at 298 Alabama for Dandelion’s use, the proposed development includes 13,000 square feet of office space (the tenant for which has yet to be identified) and a 15,000 square foot gym to be operated by Purplepatch Fitness as a health, performance, and education center for triathletes, and for whom the rooftop pool would be maintained.

Dandelion Chocolates acquired the warehouse building and parcel back in 2014, as we first reported at the time. And Mark Horton Architecture has been engaged to draft the proposed development’s design. We’ll continue to keep you posted and plugged-in.