Tag Archives: condos

DECEMBER 2013 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 18 PERCENT OVER PREVIOUS YEAR

San Francisco condominium prices rose 18 percent in December 2013 over the previous year, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.

The Mark Company Condominium Pricing Index for December was $1,034 per square foot, which is up 2 percent from November. New construction inventory was 78 percent lower than a year ago, and down 26 percent from the previous month, with 92 units currently available.

“With fewer than 100 new condominiums now for sale in San Francisco, price appreciation is likely to continue in 2014,” states Erin Kennelly, senior director of research, The Mark Company.

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), 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 $1,776 per square foot, up 18 percent year over year.

The condominium price per square foot was $868 for resales, up 26 percent over December 2012, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 229 condominium resales in San Francisco in December, 134 active condominium listings representing less than one month of inventory, and 123 pending condominium units, the Trend Sheet found.

That’s some pretty insane growth and is not surprising. Thanks Mark Company for the info.

Price Chopping “Curbed SF” Style

Sorry dear friends over at Curbed SF, but we’re using your line. We have to, because what better way to announce prices are getting chopped on some of our listings?

The first to chop is 2185 Bush #307:
2185bush307

We started out at $899,000 (now $869,000), interest was high, but the market has spoken. It’s time for a change, and what better way to change than drop the price $30,000 on this awesome top floor condo in the best location. Tell your friends!

Second to go is 200 Townsend #47:
200town505

We just chopped $20,000 (now $659,000) off the price and that would certainly pay for a few beers at a Giants game. (You could stumble there, this unit is so close.) Top floor, soaring ceilings, bright, 2 bathrooms, modern kitchen, hip and urban. Tell your friends!

For those of you that simply love to say, “I toldja so.” Have at it. Your day is here.

-2185 Bush #307 [MLS]
-200 Townsend #47 [MLS]

Coming Soon! And, Coming Later!

Realtor Kevin Gueco writes a very sunny review for the coming soon Mosiaica 601 condo project (pictured above) in his SFNewDevelopments blog. There’s definitely some room for pleasant surprise in the announced price  (pleasant to me, anyway, since I selfishly find all condos I cannot afford to be unpleasant):

“Mosaica 601 announced last week that it plans to start pricing of its 3 bedroom / 2 bath condos in the low $600s!  This is an incredible value considering each home is around 1400 square feet.”

Of course, putting aside Gueco’s near-by  restaurant list, the area (where Mission meets Potrero) is a little rough, but the price still seems all right to me. Perhaps the developers see the price cuts so many other condo developers have had to make recently, and are starting lower to begin with?  

Also coming soon (but not as soon) are a more mysterious set of housing units. Just off West Portal and 16th Ave., in front of Arden Wood, you can see the pushed-up dirt, huge bulldozers, and thin wood skeletons that signal housing to come, and their sectioning looks multi-unit. Thus I suspect these are the long awaited condos that were subject of news and speculation in 2006. In fact, that’s still the only information I can find on this construction: 2 years old, via SFHomeBlog and J.K. Dineen. Someone has to have a more updated scoop here. Anyone?
 
Meanwhile, still a pipe-dream (ha ha! Really, Haight Street, how many pipe stores can one street support?), but with the supervisorial green light is the Whole Foods/condo complex, slated to replace long-dead Cala Foods at the corner of Stanyan and Haight. The Chronicle outlines the plan here:

 “The large, four-story project, which also includes some 60 high-end, market-rate housing units, was expected to be controversial, but the commission voted 6-0 to approve the conditional use permit – a result supporters think had a lot to do with their organized turnout.”

Right, agreed: Haight could use a face-lift and perhaps a gentle reminder that THE 60’S ARE OVER. Also, I like Whole Foods, but I’m saving for one of those condos, so I’ll stick to Trader Joe’s (with a new one also coming soon!). I’m curious what “market rate” will be when those units go up, since so many new developments are struggling to sell out units already. The Frontstep’s own banker/blogger, aptly known as “The Banker,” says: “We are overbuilt. . .and it is next to near impossible to get financing!”

What do you say?

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Construction photo via SFNewDevelopments