Posts Tagged ‘72 Townsend’

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

Quantifying the ROI of San Francisco Real Estate

 

Just how much have San Francisco home values increased since the market recovery began? Try 76 percent!

 

Screen Shot 2015-07-10 at 3.29.24 PM

 

Clocking in at $1,160,000 and up half a million dollars since 2011, the growth of the city’s median combined home & condo price is nothing short of dramatic — and it’s not even the highest percentage appreciation in the Bay Area. Solano, Alameda and Contra Costa counties measure up with growth over 80%, and Oakland takes the cake at 133%. Checkout how median home and condo prices have increased across San Francisco neighborhoods:

 

Screen Shot 2015-07-10 at 3.29.54 PM

Screen Shot 2015-07-10 at 3.30.12 PM

 

Year to date, there’s been a 144% increase in the number of single-family homes sold in San Francisco for $5,000,000 and above (44 units compared to 18 YTD in 2014). Consumer confidence is riding high and there’s a new breed of luxury homebuyer that favors comfort over opulence, as evidenced by neighborhoods like The Mission, Glen Park and Bernal Heights leading in appreciation.

The number of condo resales in the $2,000,000+ range is also up significantly YTD compared to last year. A total 107 units have sold so far in 2015 representing a 78% increase. Keep in mind that this number would be larger if sales at new luxury developments like LUMINA, 72 Townsend, Amero and Rockwell were counted. As it stands, Russian Hill holds its place as the most coveted neighborhood for condo buyers:

 
Screen Shot 2015-07-10 at 3.30.22 PM

Screen Shot 2015-07-10 at 3.30.33 PM

 

CNN Money recently launched this interactive calculator below allowing homeowners to compare the appreciation of their property to the returns of stocks, bonds and the average US home. Click here to plug in your numbers and see the results.

 

Screen Shot 2015-07-10 at 4.36.30 PM

 

With so much hype in the media about the unaffordability of San Francisco real estate as the prices reach new record highs month after month, there’s a surprising truth: the annual cost of a mortgaged median price house is actually lower now than at the last peak in 2007. You can thank historically low mortgage interest rates for that!

 

Screen Shot 2015-07-10 at 3.31.15 PM

 

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

Share