Posts Tagged ‘south beach’

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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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

 

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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

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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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2014 San Francisco Real Estate is on the Rise…Literally!

City Limits Rise

City Limits Rise

In 2014, the San Francisco skyline will adapt to the high demands for housing. As the country’s top-ranked market construction pipeline, San Francisco has approved the addition of 43, 850 new residential units, many following the trend of micro-housing. For an expanded view, roughly only 35,000 units have been constructed in the city by the bay over the past 14 years. Supporting a thriving bay area economy, positioned by an increase in equity capital and a hot job market, San Francisco’s “sustained improvement in the underlying economic fundamentals” is not the key to its klout says Peter Walker of UrbanLand Institute.  Simple timing and the pace of interest rates are developer’s tickets to rising returns, announced by experts from Emerging Trends in Real Estate.

Foreign investors, institutional investors and private equity financing have flooded the housing market, issuing a “solid buy” stamp for all property types in the gold rush city. 13% of the US real estate market transactions between January and August 2013 were compliments of foreign flex dollars. Furthermore, the increases in available debt from insurance companies, mezzanine lenders and issuers of commercial mortgage-backed securities have the highest bidders snapping up major parcels in hot neighborhoods of South Beach, Mission Dolores and Hayes Valley.

Blanca Torres, reporter for the San Francisco Business Times shares her research. “California was among a handful of states particularly hard hit by the housing bubble, seeing home values decline by 45 percent statewide, according to an analysis by the American Action Forum, a center-right policy institute. San Francisco notably stands as one of the most improved hard-hit markets.”

The next Gold Rush?

The next Gold Rush?

Confidence is spawning as promises of positive results spread to secondary markets. With many developments scheduled to be completed by 2017, if experts are accurate, the keys to success of these billion

dollar developments are simply time and the federal government. Thus, the dawn of the new San Francisco horizon will fulfill its historical destiny of boom or bust!

The next BIG conversation surrounds the basic infrastructure of the city and how it plans to sustain the environmental impact of the additional residents. Stay tuned…

 

References:

http://urbanland.uli.org/economy-markets-trends/san-francisco-is-top-market-for-2014/

http://www.socketsite.com/archives/2013/01/the_43580_units_in_san_franciscos_housing_pipeline.html

 

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

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