Posts Tagged ‘Pacific Heights’

Where Renting is Most Expensive in San Francisco

For those of us living in San Francisco, it’s no surprise the price of housing is a big concern both locally and nationwide. San Francisco in fact has been the country’s most expensive rental market (for one bedroom units) since August 2014 when our City by the Bay claimed the top spot over New York City.

Thanks to our friends at Trulia, here’s a breakdown of the San Francisco’s neighborhoods where rents are highest:

San Francisco Neighborhoods with the Most Expensive 1-Bedroom Rentals

#

Neighborhood

 % of 1-Bedrooms Renting for $3,000+

Median Rent

1

Fisherman’s Wharf

82.80%

$3,500

2

Mission

78.8%

$3,500

3

Pacific Heights

73.8 %

$3,600

4

Castro

71.9%

$3,500

5

Potrero Hill

71.7%

$3,600

6

Telegraph Hill

70.0%

$3,325

7

Mission Dolores

69.0%

$3,500

8

Cow Hollow

68.8%

$3,350

9

Hayes Valley

68.7%

$3,500

10 

Marina

68.3%

$3,348

 

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You may recall the story we published in September where we analyzed the financial question of Buying vs Renting and revealed this gem: Buying… is a better financial decision even if you could rent for free! Despite early indicators showing our local market could be leveling off, don’t expect prices to decrease unless we see an actual decrease in demand. 

 

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

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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.

 

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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!

 

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

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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.

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

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Top 10 San Francisco Home Sales of 2015

 

 

Nowhere in San Francisco can you find a higher concentration of opulent homes than in Pacific Heights. Here, tech moguls live side by side with movers and shakers of high society — Dianne Feinstein, Gordon and Ann Getty, Larry Ellison, Mark Pincus, Danielle Steel and Nancy Pelosi are but a handful of the tony neighborhood’s ultra high net worth residents. In 2013, the trophy “Billionaire’s Row” property at 2950 Broadway (pictured above) traded hands for $35,000,000, making it the most expensive single-family home sale in the city’s history. Pacific Heights has seen 9 of the 10 biggest real estate sales in San Francisco already this year — two of which sold for no less than $30,000,000 — eclipsing several of 2014’s record sales.

At $6,800,000, Pacific Heights has the highest median single-family home price in the city, nearly five times greater than the city-wide median. While the neighborhood hasn’t seen the greatest property value appreciation in percentage terms since market recovery began in 2011, it’s a completely different story when talking about dollars…

 

 

 

Without further ado: Here are the 10 most expensive home sales in San Francisco year-to-date:

 

1. 2701 Broadway, Pacific Heights, San Francisco – $31,000,000

2701 Broadway

 

2. 2006 Washington #10, Pacific Heights, San Francisco – $30,000,000

Screen Shot 2015-08-25 at 5.35.00 PM

 

3. 2424 Washington, Pacific Heights, San Francisco – $23,889,000

Screen Shot 2015-08-25 at 5.35.07 PM

 

4. 2950 Vallejo, Pacific Heights, San Francisco – $16,760,000

Screen Shot 2015-08-25 at 5.35.19 PM

 

5. 3385 Jackson, Presidio Heights, San Francisco – $13,500,000

3385 Jackson

 

6. 3015 Pacific, Pacific Heights, San Francisco – $12,000,000

Screen Shot 2015-08-25 at 5.54.46 PM

 

7. 2900 Vallejo, Pacific Heights, San Francisco – $12,000,000

2900 Vallejo

 

8. 2939 Vallejo, Pacific Heights, San Francisco – $12,000,000

2939 Vallejo

 

9. 2010 Jackson, Pacific Heights, San Francisco – $11,500,000

2010 Jackson

 

10. 2342 Washington, Pacific Heights, San Francisco – $11,500,000

2342 Washington

 

Think 2015 could be the year a new record is set for the most expensive single-family home ever sold in San Francisco? Fall selling seasons in nearly upon us and a wave of new inventory is coming…

 

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

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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

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