Paragon hit the San Francisco Chronicle once again this week, this time with our recent report titled “New Condo Construction in San Francisco: New Construction is Transforming San Francisco”. As the report declares in its opening salvo:
“The construction boom that ended in 2008 changed the city and its housing market. Condos now outsell houses in San Francisco. The South Beach-Yerba Buena zip code, previously a commercial area filled with parking lots, now has SF’s highest median household income. Mission Bay was born. And our skyline has been altered with dramatic, new high-rises like the Infinity Towers and Millennium.
“That boom died with the 2008 market crash. But now with the city’s economy, employment, population, rents and home prices all surging to new heights, new home construction is booming again.”
According to our report, the Four Seasons is at the top of the list of the city’s most expensive condo buildings, with units selling for a median price of $1,760 per square foot – or about $3.2 million – in the calendar year ending May 30, 2014. Next on the list is 999 Green in Russian Hill, boasting a median price of $1,653 per square foot, or about $2.2 million. Third is the St. Regis in Yerba Buena, at $1,453 per square foot, or about $2.5 million per unit.
Most buildings carrying median prices over $1 million were in – surprise, surprise – the South of Market area, as well as South Beach and Yerba Buena. Here’s where we also saw 834 loft, condo, co-op and TIC sales in the previous year. That’s far more than any other neighborhood in the city.
We’ve found that common denominators include full-service amenities, dramatic architecture and the prevalence of spectacular views from many of the units. Eight of the most expensive properties didn’t even exist before 2000! It just goes to show how quickly the city can change.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email firstname.lastname@example.org. www.ceceblase.com