Archive for the ‘Price per square foot’ Category

The New Mansions of Noe Valley: Part I

 

For many San Franciscans, talk of the city’s mansions conjures images of the so-called “Prestige North” — the trophy properties of Pacific Heights, Presidio Heights and Sea Cliff which are historically the most expensive single-family homes San Francisco has to offer. Indeed, when 2701 Broadway sold earlier this year for $31M it became the highest priced sale of the year. Nonetheless, there’s been a remarkable shift in the number of multi-million dollar home sales in recent years to the city’s more southerly neighborhoods.

Between 2012 and 2014, the number of single-family homes sales $3M+ in Noe Valley increased more than 800%; if the eight homes currently listed [we’ll examine some of these in The New Mansions of Noe Valley: Part II] trade at or above listing price by the end of 2015, that figure will reach 900% over the four year period. See this chart of $3M+ Noe Valley home sales over the past decade:

 

Screen Shot 2015-10-13 at 8.00.50 PM

 

Earlier this year, Noe Valley saw its record-setting most expensive home sale ever, 625 Duncan (March 2014), matched by 553 Elizabeth (June 2015) — each sold for $7M. [Note: 625 Duncan was then partially gutted and re-sold in April 2015 for $4.4M.] That same month, Noe got its new next priciest sale at 471 Hoffman, sold for $6.7M. In all, 19 $3M+ single-family homes in Noe Valley have sold YTD — compare that to 23 in Pacific Heights.

At various times over the past decade, the average $/sqft sales price in Noe Valley has exceeded that of Pacific Heights, both with consideration to all property types sold and also individually to homes, condos, and TICs leading to some dramatic comparisons between the two neighborhoods. In 2013 it was said “Pacific Heights is cheap compared to Noe Valley” with regard to particular $/sqft figures, and last year it was declared “Noe is the new Pac Heights” following a measured shift of dominance in the number $2M+ single-family home sales from the “Prestige North” to the Noe, Eureka and Cole Valleys.

With regard to median sales prices for single-family homes, Noe Valley led the whole of San Francisco in surpassing the $1M mark by almost five years. Not since May 2009 has the neighborhood seen a six-figure median for houses, and today close to 95% of all properties there — houses, condos and TICs — are valued at $1M+ according to this Zillow report.

 

In fact, having grown from 54.26% in January 2010, the number of $1M+ properties as a percentage of all housing stock in Noe Valley today is the 3rd highest in the city, trailing Inner Sunset (95.67%) and Central Richmond (95.64%). Pacific Heights comes in 4th at 88.24%.

 

 

While neither Noe Valley nor Pacific Heights could claim the highest average $/sqft for houses in September 2015, the spread between their prices — $1,334/sqft and $1,509/sqft, respectively — is relatively small. And while Noe is only one of a handful of neighborhoods in the southern part of San Francisco to experience some of the highest average annual compound appreciation rates in the long term, none of the others come close to touching the “Prestige North” — in terms of ultra-luxury house prices, average $/sqft figures, median single-family home prices, percentage of $1M+ properties, number of $3M+ homes sales or otherwise.

 

image002

 

With Noe Valley’s easy access to Silicon Valley, it’s proven to be a desirable area for wealthy tech-employed homebuyers. Furthermore, the neighborhood’s limited capacity for infill luxury housing developments means that any existing structure is an appealing candidate for renovation, expansion and/or rebuild for 21st century sensibilities. Looking at the $3M+ single-family homes sold this year as well as ones currently on the market, it’s evident the neighborhood is experiencing a wave a mansionization every bit as worthy of “Prestige” as Pacific Heights.

In The New Mansions of Noe Valley: Part II, we’ll take a look at some of these properties and offer a professional’s analysis of the draws for these mansions that tech built. Stay tuned!

 

Are you receiving my monthly San Francisco newsletter? Subscribe here.

Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

Share

Updated: New Condo Developments in San Francisco

 

 

 

 

For more information on any of the new condominium developments now selling or under construction, please contact me.

Are you getting my monthly San Francisco newsletter? You can subscribe here.

 

Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

Share

New Condo Developments in San Francisco

 

Yesterday evening I had the pleasure to attending “Cranes of SoMa” — a panel discussion of new residential developments in San Francisco’s South of Market neighborhood. No other area of the city is seeing as much construction as is happening here–Approximately 60% of the city’s new construction is happening in District 6 which includes the Tenderloin, South of Market, Mid-Market/Civic Center, South Beach, Mission Bay and Rincon Hill.

Fact: Never has there been so much construction at one time in the history of San Francisco (at least since 1906).

With consideration to new condominium developments of 60+ units:

  • 8 new developments accounting for a total 1,425 units are now selling
  • 941 units are currently under construction, pre-sale

 

AAEAAQAAAAAAAAASAAAAJGIzYTc1NTU4LTZkNWYtNDI1YS1hYWVhLTc5YzIxZmU1OWFjYQ

Perhaps the most anticipated of the upcoming new developments is 181 Fremont Street, otherwise known as Park 181. Starting on the 53rd floor and rising 17 stories, the luxury high-rise condominiums here will offer residents the opportunity to live higher in the sky than anywhere west of Chicago. The unit count here includes a full 53rd floor of studio and one-bedroom residences available for purchase only be owners of larger units. At the 70th floor, a full-floor 7,000+/- square foot penthouse will be one of the San Francisco’s most valuable properties (the Tower B penthouse at nearby LUMINA is on the market right now for $49 million). Floors 54 thru 69 will offer a mix of two- and three-bedroom condominiums (no more than four per floor) and four half-floor penthouses. Recent sales have seen the cost of new condominiums rise above $2,200 per square foot, and residences at Park 181 are expected to start around $3,000 per square foot.

For more information on any of the new condominium developments now selling or under construction, please contact me.

 

Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

Share

Pacific Heights New Construction

Pacific Heights may not be the first San Francisco neighborhood that comes to mind when you think of new condominium developments. Of the 8,028 new housing units filed with the city’s Planning Department in 2014, only a small fraction are slated for the tony enclave of grand mansions and architectural masterpieces. So when new inventory hits the market here, you can bet it’s going to sell quick!

Since the release of its first phase of luxury residences just two months ago, the brand new Rockwell in Pacific Heights at the intersection of Pine and Franklin streets has sold more than 100 of its combined 260 condominiums in two adjacent towers. Currently, Rockwell’s West Tower is about 75% sold, prompting sales to begin in the East Tower ahead of schedule. While the simple principle of supply and demand undoubtedly plays a large part in this impressive sales record, the appeal of the development’s amenities to today’s homebuyer isn’t to be discounted. From the Grand Solarium lobby to the Owner’s Club entertaining space to the screening room to the fitness center to the indoor-outdoor Sky Lounge and Terrace, Rockwell is proof that Pacific Heights can be just as modern and sexy as South of Market, South Beach and Mission Bay.

San Francisco Business Times

In recent months, the price of new construction in San Francisco’s southern neighborhoods has pushed as high as $2,000 per square foot, making that at Rockwell appear a relative bargain. With one-bedroom residences starting in the mid-$700,000s and two-bedrooms (which all include on-site parking) from around $1,200,000, the place is commanding approximately $1,200 per square foot — right on par with current resale values of similar condominiums in the neighborhood:

Before the first move-ins take place at Rockwell, another new condominium development will begin selling. 2121 Webster, also known at The Pacific, is planned to include a mix of 76 one- to four-bedroom residences, penthouses and townhouses plus world-class amenities. Please contact me for more information and stay tuned for the latest buzz.

Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

Share

Living Large in Micro-Housing

SF Efficiency Living!

Efficiency Living @ 83 McAllister, San Francisco!

A trend is spreading across the country, less square footage is more living. As a raging housing market battles for competitive square foot prices, behind the front-lines, a transition targeting quality of life supplied by ease and simplicity stands. San Francisco, Fort Worth and New York City are carrying a new American lifestyle, living large in micro-housing. Tiny house architects and dwellers alike are prioritizing freedom from tiresome property management, favoring an affordable lifestyle choice.

The micro-housing movement is a part of a much larger change. According to these pioneers, like HausBau Architects, the vision behind Cubix-SF, an urban micro-condo building, living in a modest 200-300 square feet in of one of the country’s highest priced locations is very attractive. Even San Francisco District 8 Supervisor Scott Wiener is campaigning for budget friendly micro-accommodations.

He is leading the legalization and construction of existing property in-law units, ranging in size from 200-750 square feet. “Our housing crisis is a complex one, and no one policy proposal will solve it. The units will have to be within existing habitable space – i.e., a garage, a large storage space, a large basement area. The units will have to come from unused space,” said Wiener to The Bay Area Reporter.

With smart and thorough design concepts, narrow spaces lend a cozy, efficiency without sacrificing functionality. Natural light, air and creative storage solutions reduce the tension between acquisition and display for a clean and modern aesthetic. Ancient design concepts are recycled to prove compact quarters save on tidy time, energy costs and encourage a limited footprint alongside Green living. “Even when you’re in these relatively tight areas, the eye doesn’t focus on the smaller moments- you’re getting borrowed views from the other rooms, making the space feel more generous”, says architect Philip Ryan of Studio Modh Architects in Brooklyn, New York. Tiny homes compliment their natural landscape, drawing the outdoors inside to broaden and protect the environment. To further expand the appeal of these small settings, architect Peter Fehrentz of Berlin, Germany encourages the use of a variety of color tones from the same palette to maximize the calming effect. He further suggests removing as many interior walls as possible and installing sliding doors to open and transform a scaled-down home.

San Francisco’s wave of miniature, cost-effective lodging has been borrowed from deeply rooted international traditions. With a historic focus on minimalism due to high-density population, space limits and affordable housing challenges, European innovators Gore, Gibberd and Saunders of Hampshire, England constructed the Emsworth Yacht Harbour in the late 1960’s. 50 elevated, free-standing structures span a modest 538 square feet. Arranged neatly in rows to capture privacy and sea views, residents share a unique and secret community get away. Units are highly desired. Most ownership transactions happen off-market, from word of mouth.

The micro-housing market’s momentum has spawned plans for a community of tiny homes state side in Sonoma County, California. Jay Shafer of Four Lights Tiny House Company is experimenting with the possibilities of micro-dwellings. Set to be completed by 2015, Shafer has zoned 70 houses to each be under 400 square feet. There’s even a conversation for a communal farm for residents. Currently, a restricted, yet active tiny house community in Washington D.C. serves as a teaching ground for Shafer’s big sister west coast project.

Jay Shafer's Micro-Dwellings Community

Jay Shafer’s Micro-Dwellings Community

As holistic self-sustainability turns critical, will pairing life down to the essentials be the exclusive path to living large?

Rita Roti is a broker associate / assistant manager at Zephyr Real Estate and can be reached at Rita@ritaroti.com.

Share