Category Archives: High Rise

Lumina SF: Pricing, Square Footage, And Timing Of Sales – An Update

luminasf1
I received new information regarding pricing, square footage, and timing of the Lumina residences, which I have edited and put in the original post, which you can find here, but if you’re on the email drip system, here you go:

Pricing (Phase 1):
-Studios: approximately 650 square feet, from $695,000 to $825,000
-1BR: approximately 850 to 870 square feet (Tower) and approximately 880 to 1100 square feet (Plaza), from $865,000 to $1,150,000,
-1BR + Den: from $865,000 to $1,160,000
-2BR: approximately 1170 to 1570 square feet (Tower) and approximately 1400 to 1500 square feet (Plaza), from $1,225,000 to $2,295,000
-3BR: approximately 1790 to 2670 square feet (both Tower & Plaza buildings), from $2,350,000 to $5,350,000

Currently no offers are being accepted, but will be considered starting Monday 9/29/14 by noon thru Friday 10/3/14. There are currently ONLY 52 units on offer in ONLY two of the buildings (as stated). After this release, they expect a much larger release of units in the second phase, and pricing will not be the same.

Units available in this release are in the Plaza A (mid rise building) on the 4th Floor, and Tower D (shorter of two towers) on floors 7,12,18,23,30…that’s it. Occupancy projected for late 2015 and 2016 respectively.

-Lumina SF: Luxury High Rise Living In Downtown San Francisco – The Inside Scoop [theFrontSteps]

Condo Trends

San Francisco Condominium Prices Increase 19% YOY

Below, and attached, you will find the recent condominium sales report from the Mark Company, one of the leaders in new development sales in San Francisco. They have a keen eye on all things new construction, high rise, and luxury that is popping up around town, and they are behind many of the sales offices you might be visiting. To say they know the high rise market in San Francisco would be an understatement. They are truly the front lines, so have a look.

APRIL 2014 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 19 PERCENT OVER PREVIOUS YEAR
The Mark Company Trend Sheet Tracks New Construction and Resale Market Trends

San Francisco – May 19, 2014 – San Francisco condominium prices rose 19 percent in April 2014 over the previous year, according to the Condominium Pricing Index released today.

The Mark Company Condominium Pricing Index for April was $1,115 per square foot, which is up 8 percent from March. New construction inventory was 45 percent lower than a year ago, and down 1 percent from the previous month with only 136 units now available.

‘The Condominium Pricing Index underwent by far its largest single month gain this year, building on an already strong market in San Francisco caused by low inventory and extremely strong demand,’ notes Erin Kennelly, senior director of research, The Mark Company. ‘However, a surge of new condominium projects scheduled to come online this year may indicate an easing of the city’s inventory crunch.’

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet, represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.

The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $1,915 per square foot in April, up 19 percent year over year.

The condominium price per square foot was $927 for resales, up 7 percent from March 2014 and up 19 percent year over year, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 307 condominium resales in San Francisco in April, 259 active condominium listings representing less than one month of inventory, and 155 pending condominium listings.”
markcotrendsheet

With what little inventory there is all across the city, versus what incredible demand remains, these numbers should come as no surprise.

As always, I’m here to help if you have any questions, or would like to buy or sell in any luxury high rise tower in San Francisco.

-The Mark Company Trend Sheet (pdf)

Millennium Tower, San Francisco California, “Top 10 Residential Buildings In The World”

There’s been a lot said from yours truly about Millennium Tower in the past. I’ve watched her grow and shared my stories and photos with all of you over the years. Millennium Tower was erected, sold like hotcakes during the pre 2009 boom, sold not like hotcakes during the bust…but she’s back, and buyers are gobbling up her remaining inventory at breakneck speed.

Recently named as one of the Top Ten Residential Buildings In The World by Worth Magazine, and featured in the Wall Street Journal in an article about Penthouse (not the magazine…the top floor residence) owner Tom Perkins (of Silicon Valley Fame), Millennium Tower sits alongside locations like One Hyde Park in London, Linked Hybrid in Beijing, and One57 in New York as an address many of the who’s who of big money and luxury proudly call home (or second home). Not impressed with that lineup?

Some other noteworthy residents rumored to have roamed the Club Level Amenity floor: Carmen Policy (San Francisco 49ers); Joe Montana (San Francisco 49ers); Peter Thiel (PayPal Co-founder); Russell Coutts (America’s Cup Skipper – legend in Sailing), and that’s just to name a few…

One bedroom units are completely sold out (from the sales office, you can occasionally grab a resale), 85% of the entire inventory has been sold, and your entry level price point is going to be around $1,600,000, but you gotta trust me when I say, you definitely get what you pay for (except deeded parking…in some cases, but that’s a different story).

The building is swank, debonair, and delightful in every sense of the word, and it’s certainly an address in San Francisco you can be proud of owning.

-Top Ten Residential Buildings In The World [Worth Magazine]
-A Penthouse Fit For A King [Wall Street Journal]
-All things Millennium Tower [theFrontSteps]
-Contact me if you’d like a private tour of any of the residences [alexclark@gmail.com]

“No View For You!”-View Nazi


Come on people! It’s 2012! If you claim “views for miles” in your listing, at the very least, take a picture with a smartphone and upload that!

I understand you want to get us in the door, but really? On MLS and no photo? Not sharing pics or details of an off market home, that’s a different story. But MLS? The shangrila of real estate? Come on….

1201 California

St. Regis Penthouse Was $70,000,000, Now $35,000,000. Yes, That’s Correct – $35,000,000 Less.

The original “asking” price for the 20,000 square foot St. Regis Penthouse (188 Minna), was $70,000,000, and at that price it was only slightly ambitious. Now at 50% less or $35,000,000 and still not officially “listed” on MLS, I expect all but one of the buyers in San Francisco to be able to qualify for this property.
According to the Wall Street Journal, this penthouse is “likely the most expensive bank-owned, single-family residential real estate listing in the country.” If that doesn’t get all of you first time buyers looking for a deal and to purchase foreclosed property to jump at this opportunity, perhaps the description will: Six bedrooms, 12 bathrooms, four fireplaces, a library and a home theater. The living room has 22-foot-high ceilings and an entrance foyer with a two-story waterfall feature. There’s also a 2,500-square-foot master suite with a gym, sauna and steam room and 3,000 square feet of terraces with views of the city and the bay.
Because you always ask…and I’m always happy to share, “The apartment was built by real-estate investment manager and developer Victor MacFarlane, who purchased three apartment shells then combined them into one large finished unit. He sold it back to the bank in a deed in lieu of foreclosure after it failed to sell after several price cuts. The unit is now owned by Second Step Asset Management, a subsidiary of Bank of America.”

And it could be yours for $35,000,000…chump change.

-Schedule a Private Showing
-Deluxe San Francisco Penthouse to Relist for 50% off [Wall Street Journal]
-On Top Of The World At The St. Regis San Francisco [theFrontSteps]
-St. Regis Penthouse Marketing Details [Sotheby's]
-Both Millennium Tower’s Grand Penthomes Are Sold, Thanks To A Yacht [theFrontSteps.com]