-999 Green – 2 bed, 2 bath, $3,200,000 [Property Details]
Continuing to keep you updated on all things Lumina…
As is always the case, if you, or anyone you know, would like assistance securing a unit in this amazing development, or have any questions regarding this building, or San Francisco please contact me:
-More information about Lumina [theFrontSteps]
Continuing to bring you all the updates on one of San Francisco’s most hyped and happening new developments, Lumina SF, I wanted to quickly follow up on the last post I did with updated pricing on the first release of units. For full details about the Lumina SF development, including amenities and finishes, check out my original post.
So how did that first release go? Was it as insane as everyone expected? I’d say yes. From a reliable source:
Lumina received about 200 offers for the 52 released units. A few were accepted and most were asked to come back with “highest and best.” Additional units were released to absorb more of the interest, resulting in approximately 80 sales. The next release MIGHT BE first come, first serve but buyers that have not prevailed will be given priority, if possible. The next release will not be for a week or more as they are swamped, getting this group of contracts written.
That’s old news. Second release is happening now, and I’d be happy to help you secure a unit in this amazing luxury building.
Paragon Real Estate Group
-Lumina SF: Pricing, Square Footage, and Timing of Sales – An Update [theFrontSteps]
-Lumina – Luxury High Rise Living In Downtown San Francisco [theFrontSteps]
A Look At Some New Developments Popping Up Around Town
San Francisco median home sales prices have increased dramatically since 2012. Beginning from a low-$600k with an average price per sqft of mid-$500, and then accelerating in the first half of 2013 close to $800k with an average price of mid-$600 per sq ft, to almost $1M mediam home sales price and $800+ per sq ft currently. To say San Francisco and the Bay Area are in the midst of a very dramatic recovery would be considered a very large understatement.
Thankfully, new development is soaring once again, generally in the form of large new condo projects (many of which have already sold out), so if you’re deciding whether to buy a new condo, and paying $1000+ per sq ft for brand new everything, here is a list of the hot new developments that are changing various districts of San Francisco.
The highly anticipated Amero, in Cow Hollow, has 27 Units. Sadly, they’re all sold out before construction completes in Q4 of this year.
But there are other developments which still have available units:
In the Mission district, Vida has 114 Units, and opened earlier this year, with about 25% sold. Featuring 1 to 2-bedroom units, up to 1,138 sq ft.
Also in the Mission, Fifteen Fifteen is a 32-unit building that might have one or two units left. Features studio to 2-bedroom, up to 1,100 sq ft.
Toward Mission Dolores neighborhood, there is 35 Dolores, a 33-unit building with an estimated opening in Q3:
Located in the vibrant Hayes Valley, 8 Octavia features hi-tech ammenities including Nest for temperature control, building is wired with high speed internet, and remote doorman service. This is one of the few buildings that has multi-floor penthouses with trendy concrete ceilings. 1 to 3-bedroom penthouse, totaling 40 units. Estimated Opening: Q4
Last time I visited they had only a couple units left, so don’t delay.
In Pacific Heights, 39 Units (12 sold). With Estimated Opening in Q4 this year, this building offers junior 1 bedroom to 2 bedroom, up to 1,877 sq ft.
A few blocks south, we have 1450 Franklin, a 67-unit building with estimated opening in Q4:
The major developments are all in District 9, which includes Potrero Hill, SOMA, Mission Bay, and Dogpatch.
Located in the sunny Potrero Hill, Onyx is just steps from an array of cafes, restaurants, galleries, and nightlife. Opened in Spring this year, it is almost sold out. 1 to 2-bedroom, totaling 20 units.
Arden by BOSA
Built by the developer behind the Madrone and Radiance, Arden is a luxury Condominium by Mission Creek. Some of its perks are the stylish interior design, minutes from the Mission Creek Park, dog park, and downtown. 1 to 3-bedroom, up to 2,300 sq ft. Total units: 263, and already 100 sold
Lumina and Park 181
Built by the developer behind the highly successful and iconic Infinity, Lumina (656 units) is one of the new constructions that will be changing SOMA along with Park 181, which is designed by famed architect Heller Manus, the same architect behind Infinity.
Park 181 (67 units) is an ultra luxurious new development that offers great views, as well as many luxury amenities. They are both located right by the new Transbay Terminal and minutes from the Ferry building. 1 to 3-bedroom. Estimated Opening: Q3-Q4
Adjacent to the historic Condominium conversion at 88 Townsend, 72 Townsend is coming in 2015 and features 1 to 3-bedroom, up to 2,800 sq ft, totaling 74 units. 1:1 parking ratio.
Located in SOMA, Coming in Q4.
In the already up-and-came Dogpatch, Millwheel North is a two-building condominium project connected via a shared landscaped courtyard. Located across from Progress Park, its perks include proximity to Caltrain and everything that Dogpatch has to offer, including the Pier 70 redevelopment that is scheduled to kick off this summer. 1 to 3-bedrooms, up to 1,710 sq ft, totaling 39 Units. Estimated opening in Q3
That ought to get you started and help you zero in on some of the new developments popping up around town. But these things sell fast (so fast, that our numbers might already be off), so it’s best to have someone on your side. Give us a shout and we’ll get you dialed. If you, or anybody you know, has interest in any of these units, contact us for pricing, more details, and to get you in the door. (Developers and sales offices hold these details close to their chest.)
Because I had a listing not too long ago at the St. Regis, I like to keep up on that building, and lucky for you, I like to share what I find. Although young, considerably younger than my colleagues (most of whom I completely respect and admire) selling in the building, I’m no dummy.
Here is a list of most recent activity at the St. Regis (188 Minna). What is important to note on all of the “active” listings, every single one of them has either been on the market before with another agent, or been reduced by a large enough margin to reset the DOM (Days On Market). So they are hardly “new” and hardly “active”. In fact, I’d go so far as to say every listing there is a Stalefish, which by no stretch of the imagination means it is a bad property, just getting a little long on the market, and a great opportunity for you buyers that have your eyes on the St. Regis.
Let’s take a look at the most recent sales: Unit 27D, which started in June of 2008 at $3,475,000, reduced countless times, eventually down to $2,995,000 in December 2008 and withdrawn from the market. Relisted in January 2009 at $2,550,000 and recently sold in March 2009 at $2,300,000. That is $1,175,000 (34%) less than original asking price and it took nine months to get there.
Unit 25D was the only other 2009 sale, and was originally listed in September 2008 for $3,995,000, withdrawn in December, relisted with a new agent in January 2009 at $3,200,000 and eventually sold April 2009 for $2,500,000 ($1,495,000 or 37% less than original asking price) or $1402 per square foot and eight months on the market.
For comparison, we sold unit 38B three months prior to unit 27D, and we sold it in seven days for a higher price per square foot than what 27D recently achieved, and many would argue 27D to be a nicer unit. At the time we advised our clients to take the offer we had on the table and run to the hills, even though it was below asking (asking $2,395,000), and we knew we’d be laughed at by some other agents selling in the building and rumors about our sale would quickly circle, which they did, and which is exactly why we kept the sales price confidential.
So that brings us to the facts, and good comparisons to see what has happened to high rise luxury real estate in San Francisco in just one year, and how a little foreshadowing saved our clients time and money. Unit 38B sold in March 2008 after seven days on the market (with us), for roughly $1350+ per square foot…cash. Unit 27D listed three months after our sale for $1940 per square foot, took nine months to sell for $1337 per square foot. Unit 25D listed six months after our sale, eventually sold eight months later for $1402 per square foot.
We’ll let you do the math and discuss. For us, the writing is on the wall, and if you’re interested in a unit at the St. Regis, or currently live there, we’d be happy to discuss all high rise luxury sales and listings with you (email email@example.com).