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Well, hello there. And happy 4th! Amazingly, SF will celebrate with fireworks off the Golden Gate Bridge—only the third time this has happened in the bridge’s 90-year history, and a wildly optimistic choice given how often the structure is shrouded by fog. But hey, I hope to spot them. I’m sure I’ll hear them!
The display in honor of America’s 250th birthday will take place around 9:30 pm. Recommended viewing spots include Marina Green, Pier 39, and Chrissy Field. (Note parking lots at Chrissy Field and Marina Green will be closed.)
Let’s see those jazz hands: This weekend, July 4 and 5, the Fillmore Street Jazz Festival is back on. Across 12 blocks, the free festival will showcase performances on five stages, along with food, drink, and art vendors. The music fest is a nod to the area’s rich jazz history, where jazz clubs were once packed with performers such as Ella Fitzgerald, Duke Ellington, and Count Basie.
By the way, if you ever wondered what $550K gets you in San Francisco…we present this “contractor’s special” on Florida Street. It’s billed as a “complete fixer offering tremendous potential,” which isn’t wrong given its locale close to 24th Street in the Inner Mission.
Wild history of 2100 Jackson: This week, permits were filed to return the Beaux-Arts home that once belonged to late Skyy Vodka founder Maurice Kanbar back to its roots as a 12-unit apartment building, SFYimby reported.
Built in 1923, with design by Conrad A. Meussdorffer, the Pacific Heights abode was reportedly purchased by Kanbar in the late 1990s for $4.3 million.
He then evicted all the tenants from the multi-family structure in order to convert the 33,000 square foot space as his personal palace, according to a Mansion Global report from 2023. Kanbar died in 2022 at the age of 93.
The new owner, listed as Emerald Fund, intends to renovate the 10-story structure to bring the 12 units back to market. According to Mark Hogan with OpenScope Studio, the firm responsible for the work, “The building was mostly intact from the previous owner. He hadn’t really used a lot of the building while he lived there.” The project involves structural updates along with improvements to the roof deck, along with some changes to apartment layout at the ground floor and penthouse.
Ritzy ranch: At the top of the price range, a $125 million estate in Lake Tahoe has just splashed on to the market. The price tag makes it one of the highest-priced listings in Nevada history, the sales materials note. The 126-acre spread consists of several parcels carved from a larger offering of the historic Shakespeare Ranch. It offers a brand-new lakefront house and cabana, 1873-era entertainment barn, 425 feet of Lake Tahoe shoreline, 465-foot pier, boathouse, multiple guest houses, plus equestrian facilities. Located in the gated enclave of Glenbrook, the area attracts the most “privacy conscious buyers” the listing noted.
Listing agent Christine Perry of Christie’s International Real Estate Sereno notes the “blend of old and new — the newly-built ranch house and cabana offer the mountain-modern lifestyle so many buyers are seeking today, while being surrounded by the rich heritage of the rodeo grounds, horse pastures, and breathtaking views of Shakespeare Rock and Lake Tahoe.”
This week’s letter features a storied Telegraph Hill property with ties to Diego Rivera and Frida Kahlo. A darling Victorian with a petite price. Plus, Erik Gunther digs into June housing data from Compass. Read on.
Let’s head back to the bad old days of 2020. On the campaign trail that year, then-candidate Joe Biden popularized the concept of a K-shaped recovery in the U.S. economy. We were all still in a daze from shutdowns, but as Biden pointed out, wealthy Americans were already busy recovering (think the upper branch of the K pointing to the sky), while lower-income brackets weren’t bouncing back (the lower branch of the K pointing toward the abyss).
Six years later, the country’s economy is still bifurcated and we’re stuck with no better way to explain it all than the letter K. Which is why it’s sad to see the eleventh letter rear its head when it comes to San Francisco real estate.
A recent Compass Monthly Market Intelligence report on the city’s housing market in June highlighted the ways the city’s AI boom is supercharging growth on real estate’s upper end, while segments at the lower end of the market are languishing.
Ah, hello K.
We all know the top end of the market is particularly frothy right now (but don’t dare call it a bubble!), so maybe the froth will subside at some point. But equity gains, potential IPOs, and concentrated wealth are driving the city’s latest boom cycle for a select segment of the city’s populace.
As a whole, the city’s median single-family price jumped from $1.7M to $2.2M and active inventory is down a whopping 45% year-over-year.
On the low end, condo median sale prices are only up 3% year-over-year (versus 17% for single-family), making for a much shallower recovery. The report also cited some would-be sellers frightened by the possibility of a bubble bursting and the mental block many potential sellers have about losing the low interest rates they locked in during the aforementioned pandemic.
What will it take to get out of the K hole we’re in? Perhaps an old-fashioned U- or V-shaped boom or bust for everyone. The city is used to dealing with those shapes.
-Erik Gunther
If you’re a regular reader, you know I keep an eye out for great homes with equally affordable price tags. This week is no exception!
A rare (and recently renovated) Victorian in the Excelsior neighborhood has come on the market for just $999,000.
Built in 1895, the historic home has been nestled into the neighborhood for over a century, and offers character as part of its appeal.
“I love that this is one of the few Victorian homes in the neighborhood,” says Crystal Florida of Compass, who, along with Kevin Hom of Compass, represent the listing.
The residence last sold in 2021, trading for $950,000 in 2021. Listed on June 26, the home initially appeared with an ask of $1,198,000, but quickly dropped to the current budget-friendly price tag after just one day.
The three-bedroom, 1.5-bath home “blends timeless San Francisco character with tasteful modern updates and flexible living potential,” the listing notes.
The 1,082-square-foot abode features preserved Victorian details, such as hardwood floors, Bay window, and moldings, alongside an updated kitchen and refreshed bath.
There’s also a deck that leads to a surprisingly spacious backyard. Other amenities include a stacked laundry unit, Tesla charger, and a bonus room that offers possibilities for a home office, guest room, gym or potentially a “future expansion opportunity.”
The home is close to cafes, dining, shopping, and nearby public transit. Other perks include nearby McLaren Park and easy access to the highway.
The listing details sum it all up, “340 Munich Street offers the perfect combination of charm, livability, outdoor space, and long-term potential in one of San Francisco’s most connected communities.”
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An 11-unit property located on Telegraph Hill with ties to legendary artists Diego Rivera and Frida Kahlo is now available for $8 million.
The 1938-era building looks to be cascading down the iconic San Francisco hillside, just below Coit Tower. Astonishing views are on offer in this hidden away complex at 36-52 Calhoun Terrace. Jean-Paul Samaha with Vanguard Properties holds the listing.
The 11-unit building is a mix of nine one-bedroom residences (six with bonus rooms) and a couple of two-bedroom residences with bonus rooms. All units take full advantage of the locale with plentiful windows and walk-out decks. From this perch, you have jaw-dropping bay, waterfront, and city views.
The listing details note the structure, constructed in the late 1930s as the Hoeffler Building, was designed to “step dramatically down the hillside in the style of a Swiss mountainside village.” It’s considered to be “more reminiscent of a European hillside enclave than an urban environment.”
The WPA-era street itself has its own remarkable history. Found at the end of Union Street, the road incorporates a giant retaining wall separating the upper and lower parts of the block, and is home to some other architectural marvels.
Next door to the hillside building on the market, the magnificent Sidney Kahn House designed by Richard Neutra sits on the adjacent outcropping at 66 Calhoun Terrace.
And one unit out of the eleven can lay claim to art and cultural history. Apartment 42 served as temporary home to Frida Kahlo and Diego Rivera from 1939 to 1940 while Rivera was creating his enormous Pan American Unity mural for the Golden Gate International Exposition on Treasure Island.
The mural still lives in San Francisco. On view from 2021 to 2024, and most recently at SFMOMA, the fresco now sits in storage at City College of San Francisco, while a building on its campus designed to house the work is completed to serve as its permanent home.
The central location means relatively easy access to destinations including North Beach, Jackson Square, Financial District and Embarcadero Plaza along with Chinatown and Washington Square Park.
Further, the listing notes that the investment property offers annual net operating income of $444,716 with “long-term rental upside through future turnover and rent optimization.”
Or, perhaps one of those wealthy AI buyers wants this particular mountainside village all to themselves. We wouldn’t be surprised!
Must Like Fog is a San Francisco-based newsletter that’s looking at must-see real estate, cool architecture, fun neighborhoods, and more. Come obsess with me, a long-time real estate reporter who wants to keep the party going with a Bay Area twist. If you’re into real estate, the Bay Area, and want to get the inside track on these topics and more, please subscribe.
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