SAN FRANCISCO MARKET UPDATE

JUNE 2018

 

SINGLE-FAMILY HOMES

The median sale price continues to push towards new heights and hit $1.625MM for the month of May; a 10% increase from May 2017, and a 2% decrease from April 2018. Meanwhile, the median days on market is at 14; which remains consistent with last year, and an 8% increase from last month.

Highlights:

  • There are currently 213 single family homes listed for sale in San Francisco, which translates to just under a month’s supply.
  • When looking across neighborhoods, Westwood Park/Sunnyside, Sunset, Potrero Hill, and Pacific/Presidio Heights all saw significant increases in sales over list price.

 

CONDOMINIUM/TIC/COOP

Similarly, the values of condominiums and TIC's continue to rise. The median sale price for the month of May has reached $1.275MM; a 6% increase from May 2017 and a 2% increase from April 2018. The median days on market is at a current low of 14 days, a 36% decrease from this time last year.

Highlights:

  • There are currently 400 condominiums/TIC listed for sale in San Francisco, which translates to just under a month and a half’s supply.
  • Sunset, Potrero Hill, Lower Pacific/Presidio Heights, and Cole Valley/Haight all saw significant increases in sales over list price.

MARKET SNAPSHOT - SINGLE FAMILY HOMES

MARKET SNAPSHOT - CONDOMINIUM/TIC/COOP


MEDIAN AREA VALUES

 

MEDIAN PROPERTY VALUES - SINGLE FAMILY HOMES

MEDIAN PROPERTY VALUES  - CONDO/TIC

For past San Francisco market updates, please visit Vanguard Properties' archive.

Real Estate market in the San Francisco Bay Area is dynamic and ever-changing. Small nuances are usually a great factor to property values and their future growth. Please see the graph below for a snapshot of the market's general performance within the past five years and contact us with any questions or to request analysis tailored to your specific goals as there are always unique opportunities we can help realize.

TOP 5 - MAY

TOP FIVE SALES - Single Family Houses

3515 Pacific Ave | Presidio Heights

$9,750,000

$1,709/SqFt

6 bed/6.5 bath

5,705 SqFt

2219 Scott St | Pacific Heights

$9,600,000

$1,512/SqFt

5 bed/5.5 bath

6,350 SqFt

3415 Pacific Ave | 
Presidio Heights

$7,350,000

$1,838/SqFt

4 bed/3.5 bath

4,000 SqFt

268 Mallorca Way| Marina

$6,050,000

$1,209/SqFt

5 bed/5.5 bath

5,003 SqFt

669 Marina Blvd| Marina

$5,688,000

$1,921/SqFt

4 bed/4.5 bath

2,960 SqFt


TOP FIVE SALES - Condominiums

2121 Webster PH7| Pacific Heights

$8,501,000

$2,805/SqFt

3 bed/3.5 bath

3,031 SqFt

2618 Jackson St| Pacific Heights

$5,500,000

$2,200/SqFt

3 bed/3 bath

2,500 SqFt

54 South Park St | South Beach

$4,950,000

$1,667/SqFt

3 bed/4 bath

2,970 SqFt

1041 Vallejo St | Russian Hill

$4,600,000

$1,897/SqFt

3 bed/2.5 bath

2,425 SqFt

1450 Franklin St PH3 | Van Ness/Civic Center

$3,570,000

$1,720/SqFt

3 bed/3 bath

2,076 SqFt


One Cool Thing


San Francisco Headlines

June 15, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent and Realtor

WHAT YOU MISSED THIS WEEK:

Navy has hired two contractors to resurvey Shipyard

19-unit SoMa development slated for approval

Demolition makes way for 242-unit Mid-Market development 

Plans for 43-unit Nob Hill development in the works

Inventory of homes for sale in SF ticks up


COMMUNITY

 

Navy’s Retesting Plan for Hunters Point Shipyard Cleanup Released for Parcel G

The U.S. Navy has hired two contractors to resurvey and oversee retesting on the first of several sites on the Hunters Point Shipyard, where a fraudulent toxic cleanup has cast doubts on the safety of nearby residents and the viability of future development slated at the former naval base.

CONTINUE READING ON EXAMINER

Lessons Learned From Mission Bay Are Helping Inform Development In Nearby Neighborhoods

New neighborhoods are rising up around San Francisco, creating vibrant communities of office, residential and retail on previously vacant land. But for areas like Mission Bay, what ended up getting built was far from what was originally conceived, panelists said during Bisnow’s recent Future of SoMa, Mission Bay, and Dogpatch event.

 CONTINUE READING ON BISNOW

London Breed Urges More Housing in Mayoral Victory Speech

After a narrow win over former State Sen. Mark Leno, London Breed was elected to the highest office in San Francisco Wednesday. The city native held her victory speech/press conference at her alma mater, Rosa Parks Elementary School, where she thanked supporters and laid out a plan for the city. 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

Proposed Club Zone Infill Condos Closer to Reality

As newly rendered below, plans to raze the two-story warehouse building and adjacent parking lot at 33 Norfolk Street and build a five-story residential building upon the Western SoMa site, plans which have been in the works since 2014, are closer to reality. As designed by Levy Design Partners, the proposed development would yield 19 condos, which is ten (10) more than originally envisioned, and a two (2) car garage...

 CONTINUE READING ON SOCKETSITE

Plans to Redevelop the Iconic Jug Shop Site on Polk

Plans to level the iconic Jug Shop complex on the northeast corner of Polk and Pacific are in the works. And as envisioned by JS Sullivan Development, a six-story building will rise up to 65 feet in height upon the2030 Polk Street site, with 43 market-rate condos over 6,500 square feet of new restaurant/retail space fronting Polk Street, with the residential lobby fronting Pacific and a basement garage for 21 cars and 43 bikes.

 CONTINUE READING ON SOCKETSITE

Demolition Makes Way for Mixed-Use Mid-Market Development

The site spanning 950-974 Market Street is being razed to make way for a major mixed-use development that overcame community opposition after several concessions. Local developer Group i is constructing 242 residences and 232 hotel rooms above 13,000 square feet of ground-floor retail and a 2,000-square-foot space that will house a nonprofit at the corner of Turk and Taylor streets. 

CONTINUE READING ON HOODLINE

Plans for Infilling the Alamo Square Landmark District

 Speaking of plans for building new accessory dwelling units (ADUs) in San Francisco, the development of which has greatly lagged expectations, plans to remove ten (10) of the eleven (11) garage doors and parking spots at the base of the twelve (12) unit building at 1100 Fulton Street, across from Alamo Square, are in the works. As proposed, the ten openings would be filled with new, but matching, brick, wooden windows and paneled doors. And behind the infilled façade, six new accessory dwelling units would be constructed, including four one-bedrooms and two twos.

 CONTINUE READING ON SOCKETSITE

Impact Report for 250-Foot-Tall Ballet School Tower Released

The plans for a 27-story tower to rise up to 250 feet in height at the intersection of Otis, South Van Ness Avenue and 12th Street are being refined and the environmental impact report (EIR) for the proposed project, which includes a 10-story podium across the site, is about to be prepared.

 CONTINUE READING ON SOCKETSITE


ETCETERA

 

Inventory of Homes for Sale in San Francisco Ticks Up

Driven in part by a slowdown in sales activity since the beginning of the year,the number of single-family homes and condos actively listed for sale in San Francisco has ticked up a little over 6 percent over the past month to 690, which is roughly even with the overall inventory level at the same time last year but 37 percent above its mid-June mark in 2015, which was an inflection point for the current cycle. 

CONTINUE READING ON SOCKETSITE

The Fed Institutes Another Rate Hike, Signals Two More in 2018

As predicted, the Federal Reserve has just raised its benchmark Federal Funds rate, upping its target range by another 0.25 percent (25 basis points) and signaling accelerated expectations for two more quarter-point increases by the end of this year, which is one more than previously expected. 

CONTINUE READING ON SOCKETSITE

Schedule for Modernization of Caltrain (Unofficially) Slips

...While the official risk-adjusted Revenue Service Date remains April of 2022, the projected timeline to complete the first eight miles of electrified track and begin testing, which is a major project milestone, is currently running six (6) months behind schedule, a delay which is now “being evaluated” by the project team.

 CONTINUE READING ON SOCKETSITE


June 8, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent and Realtor

WHAT YOU MISSED THIS WEEK:

Prop F passed: Evicted tenants will be backed by lawyers 

SF rent tax vote still too close to call

Plans for 52-unit redevelopment in SoMa have been drafted

72-unit Van Ness development positioning to break ground

Bay Area homes sell faster than anywhere else in the country


COMMUNITY

 

Evicted Tenants We Backed by Lawyers Since This City Measure Just Passed

Tenants’ rights activists in San Francisco rejoice with the passage of a measure that will guarantee tax-funded lawyers for evicted tenants. Proposition F, “Defend SF Against Evictions,” won with over 55 percent of the vote, 87,248 out of 158,223 votes cast on Tuesday, according to the SF Department of Elections. 

CONTINUE READING ON BUSINESS TIMES

Leno’s Lead Down to 255 Votes in SF Mayoral Race

With an additional 12,719 mail-in ballots having been tallied and added to the election day count, which now accounts for 158,944 (33 percent) of roughly 480,000 potential votes, Mark Leno’s lead over London Breed in San Francisco’s mayoral race has narrowed to 255 with an estimated 79,000 ballots waiting to be processed.

 CONTINUE READING ON SOCKETSITE

SF Rent Tax Vote Still Too Close to Call

On Friday morning, the Department of Elections’ most recent figures showed that Proposition C’s lead was down to 50.18 percent, or 78,509 among 156,459 votes cast. That’s a margin of only 559 votes, almost as close a race than the still hotly contested mayoral election. Proposition C would level new taxes on some commercial rents and put the money toward education and childcare services.

 CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

Owners Start Moving Into New Jackson Square Condos (288 Pacific)

 After years of planning and construction, 33-unit luxury condo building 288 Pacific recently dropped its scaffolding and began welcoming residents. 

 CONTINUE READING ON HOODLINE

Bonus Plans to Level and Redevelop This Historical Resource Site


“The two-story concrete building at 220 9th Street, which is home to Desmoto Sport, Hop. in and a number of other businesses in the portion of the building which fronts Dore Street (such as Guitronics amplifier repair) was built in 1924 for the Wells Manufacturing Company..." As envisioned by Ideas and rendered with both a classical and more modern approach, the parcel could yield up to 52 residential units over 10,000 square feet of commercial space and parking for 25 cars.

 CONTINUE READING ON SOCKETSITE

Mission District Development Finally Positioning to Break Ground

 It was back in 2015 that San Francisco’s Board of Supervisors approved the City’s $18.5 million purchase of the corner parcel at 490 South Van Ness Avenue and 16th Street in the Mission, a site which was approved for the development of a seven-story, 72-unit building and which the Mayor’s Office of Housing and Community Development planned to have developed and offered at below market rates (i.e., BMR or “affordable”) with a target opening by the end of 2017.

  CONTINUE READING ON SOCKETSITE

New Timing for Navigation Centers and Their Redevelopment

Originally slated to be shuttered in the second quarter of the year, which “would leave the community with a vacant, inactive, and unsecured lot that would become a blight to the community” prior to the redevelopment of the site breaking ground, the proposed closing date for the Mission District Navigation Center at 1950 Mission Street, which could be approved this week, has been be pushed back to September 30, 2018. And with the building permits for the redevelopment – which will yield of 157 below market rate apartments in a building rising up to nine stories in height upon the former Phoenix Continuation High School site – having been approved, the project team is aiming to break ground in November. 

CONTINUE READING ON SOCKETSITE

Contentious Project Slated for Approval and Potential Goodwill

Having already been redesigned to look “less upscale” and eliminate its garage, the proposed redevelopment of the “One $ Store” parcel on the southwest corner of Mission and 17th Streets was subsequently challenged by the Mission Economic Development Agency (MEDA) for the potential loss of a “low-price-point community-serving retail” establishment and the number of condos within the development to be offered at below-market rates. 

 CONTINUE READING ON SOCKETSITE

This San Francisco Developer Wants to Bring a First-Of-Its-Kind Co-Working and Co-Living Project to SoMa

The developer is honing a proposal for a 13-story high rise building on the northeastern corner of 4th and Bryant streets that would blend residential and office space. The idea would be to put both uses on the same floor to give employers and the employees the best of both worlds: a home in a prime location in San Francisco and easy access to work. 

 CONTINUE READING ON BUSINESS TIMES


ETCETERA

 

San Francisco Bay Area Homes Sell Faster Than Anywhere Else in the Country

Sky-high prices aren’t slowing homebuyers from placing down payments, as the Bay Area sees the fastest turnaround for home sales nationwide. The median time from when listings go up to when sales are closed in San Francisco is just 36 days as of April, tied with San Jose and Seattle for lowest in the nation, according to a new report by Trulia. 

CONTINUE READING ON BUSINESS TIMES


June 1, 2018

Headlines by Alek Keytiyev San Francisco Realtor

WHAT YOU MISSED THIS WEEK:

Facebook announces it's working on housing issues

Rendering for skinny Transbay District Tower revealed

Transbay Transit Center estimated to be completed in July

Index for Bay Area home values jumps

Mortgage rates slip along with the odds of a rate hike


COMMUNITY

 

Facebook Exec Tells Investors it's Working to Address the 'Existential Issue' of the Bay Area Housing Crisis

A Facebook executive on Thursday called the Bay Area's housing affordability crisis an "existential issue" that's forcing the company to grapple with its future in the region, even as it plans new campuses for tens of thousands of additional employees in San Francisco and Silicon Valley. 

CONTINUE READING ON BUSINESS TIMES

How the SF Mayoral Candidates Might Address the Hunters Point Shipyard Fraud Scandal

Four politicos vying for city’s highest office talk retesting, court orders, and vagaries.

 CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

Rendering for Skinny Transbay District Tower Revealed

Plans for a skinny 44-story tower to rise on the Transbay District parcel at540 Howard Street, upon which the three-story Temple nightclub building currently sits, have been drafted. And as newly rendered by Ankrom Mosian Architects above, and in more detail below, the proposed tower – which would yield 149 market rate condos over 52,000 square feet of office space, 8,000 square feet of retail/restaurant space and a basement garage for 89 cars and 135 bikes – would rise to a height of 495 feet...

CONTINUE READING ON SOCKETSITE

Newly Approved Development on the Market in Dogpatch

Plans to redevelop the Dogpatch parcel at 2230 Third Street, upon which the one-story Leo’s Tire and Brake shop building which was most recently occupied by Skully Helmets (a crowdfunded tech company which was shuttered in 2016, its assets sold and the technology is now being developed in Atlanta) currently sits have been in the works since 2002, at which time a 20-unit residential project was being considered for the site.

  CONTINUE READING ON SOCKETSITE

Floating Fire Station (Even) Closer to Reality on San Francisco’s Bay

Having ditched the previously proposed smooth aluminum exterior panels and terracotta screens, “that lacked precedent within the historic district,” and adopted a corrugated metal finish with aluminum airfoil louvers at either end, the refined plans for a floating expansion of San Francisco’s historic Fire Station 35 at Pier 22 ½, which was built back in 1915 and designated a San Francisco Landmark in 1999, are closer to becoming a reality. 

CONTINUE READING ON SOCKETSITE

Transbay Transit Center complete in July—probably

a Transit Center spokesperson testifies to an unspecified July finish date for construction, which will place the beginning of actual transit service some weeks later.

  CONTINUE READING ON CURBED


ETCETERA

 

Index for Bay Area Home Values Jumps

Having ticked up 1.0 percent in February, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula –jumped another 2.1 percent in March to a new record high and is now running 11.3 percent higher on a year-over-year basis versus 5.0 percent higher on a year-over-year basis at the same time last year. 

CONTINUE READING ON SOCKETSITE

Mortgage Rates Slip along with the Odds of a Rate Hike in June

Having ticked up to a 7-year high, the average rate for a benchmark 30-year mortgage slipped 10 basis points over the past week to 4.56 percent but remains 62 basis points above its average rate of 3.94 percent at the same time last year, according to Freddie Mac’s latest Mortgage Market Survey data.

 CONTINUE READING ON SOCKETSITE

Asking Rents Inch up in San Francisco and Oakland

Having ended last year lower than where they started, asking rents for apartments in San Francisco have since ticked up a little over 3 percent since the beginning of the year, but the majority of said gain can be attributed to normal seasonality. 

CONTINUE READING ON SOCKETSITE


May 25, 2018

Headlines by Alek Keytiyev San Francisco Realtor

WHAT YOU MISSED THIS WEEK:

Pelosi calls for re-test at Shipyard

Developers seek to exceed height limits near City Hall

Central SoMa plan now headed to Board of Supervisors

7-unit conversion in Potrero Hill could be approved next month

Pricing index for new SF condominiums tick up while sales lag

 

Community

 

Pelosi, Farrell Lead Calls to Re-Test Housing at Toxic Hunters Point Shipyard

Nancy Pelosi (D-San Francisco) and San Francisco Mayor Mark Farrell led a chorus of demands Monday for the U.S. Navy to test an area of the former shipyard at Hunters Point—now occupied with more than 300 units of market-rate housing, with dozens more units under construction—for radioactive and industrial contamination.

 CONTINUE READING ON CURBED

Senior Care Facility Owners Sued Over Failure to Provide Affordable Units

The owners of a senior care facility who are being sued by The City for failing to provide housing to low-income seniors made a failed attempt to legalize the conversion of several affordable units into luxury apartments at the San Francisco Planning Commission Thursday. 

CONTINUE READING ON EXAMINER

‘Deathtrap’ Excelsior Landlord to Pay $620K to City

In August of 2017, the city sued San Francisco landlord Melissa Mendoza for renting out allegedly illegal and squalid subdivided apartments beneath her Excelsior laundromat. The conditions were in such poor conditions that the San Francisco Fire Department referred to the building as “a deathtrap.” 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 
  Plans for an Upscale Nob Hill Infill Project    Plans to raze the two-story, 56-space parking garage at 1320 Washington Street, between Leavenworth and Jones, are in works. And as envisioned by Urban Land Development, a six-story building would rise up to 65 feet in height upon the Nob Hill site. As designed by Handel Architects, the project would yield twenty-two (22) condos – a mix of four (4) one-bedrooms, fourteen (14) twos, and four (4) threes – with stacked parking for twenty-two (22) cars and bikes and a 2,700-square-foot rooftop terrace for its residents.    CONTINUE READING ON SOCKETSITE

Plans for an Upscale Nob Hill Infill Project


Plans to raze the two-story, 56-space parking garage at 1320 Washington Street, between Leavenworth and Jones, are in works. And as envisioned by Urban Land Development, a six-story building would rise up to 65 feet in height upon the Nob Hill site. As designed by Handel Architects, the project would yield twenty-two (22) condos – a mix of four (4) one-bedrooms, fourteen (14) twos, and four (4) threes – with stacked parking for twenty-two (22) cars and bikes and a 2,700-square-foot rooftop terrace for its residents.

 CONTINUE READING ON SOCKETSITE

  Appeal of Proposed Van Ness Corridor Development Withdrawn    An appeal of Planning’s findings with respect to the expected environmental impact of the proposed 168-unit apartment building with a mix of 78 studios, 54 one-bedrooms, 31 twos and one three to rise up to 130 feet in height on the northeast corner of Van Ness and Golden Gate Avenues, where a McDonald’s had previously stood, has been withdrawn. And as such, the proposed development, the off-street parking ratio for which has been reduced to 0.5 spaces per residential unit, could be approved by the City this week.   CONTINUE READING ON SOCKETSITE

Appeal of Proposed Van Ness Corridor Development Withdrawn


An appeal of Planning’s findings with respect to the expected environmental impact of the proposed 168-unit apartment building with a mix of 78 studios, 54 one-bedrooms, 31 twos and one three to rise up to 130 feet in height on the northeast corner of Van Ness and Golden Gate Avenues, where a McDonald’s had previously stood, has been withdrawn. And as such, the proposed development, the off-street parking ratio for which has been reduced to 0.5 spaces per residential unit, could be approved by the City this week.

CONTINUE READING ON SOCKETSITE

Plans for Another Transbay District Tower

...As envisioned and preliminarily proposed, the 44-story tower would yield 149 market-rate condos over 52,000 square feet of office space, 8,000 square feet of retail/restaurant space, and a basement garage for 89 cars and 135 bikes.

  CONTINUE READING ON SOCKETSITE

More Height for Hayes Valley Tower as Newly Rendered

...As designed by Handel Architects, the 31-story tower would yield over 70,000 square feet of new campus space, along with over 300 units of housing, 5,900 square feet of restaurant/retail space on the ground floor, and an underground garage for upwards of 150 cars. 

 CONTINUE READING ON SOCKETSITE

Contemporary Dogpatch Development Slated for Approval

Plans to raze the two-story Dogpatch building on the northwest corner of 20th and Illinois, which is currently home to Jim’s Smoke Shop and Deli, could be approved next month. And as proposed by Workshop1, a six-story building could rise up to 68 feet in height across the 600 20th Street site, with 21 condos over 1,700 square feet of commercial space and a basement garage for 13 cars, which, rather candidly, “will keep most residents from parking cars on the street or at other neighborhood parking lots or garages,” according to the project team. 

CONTINUE READING ON SOCKETSITE


ETCETERA

 

Salesforce Tower Officially Opens for Business

After years of construction and over a decade of planning, city bigwigs joinedSalesforce CEO Marc Benioff this morning to cut the ribbon on Salesforce Tower and declare San Francisco’s tallest building officially open.

 CONTINUE READING ON CURBED

Results of SF’s Railyard, Tracks and I-280 Redevelopment Study

...As we expected and first reported last month, the recommended rail alignment to reach the Salesforce Transit Center is along Pennsylvania Avenue, with the rail lines under grounded starting near the current 22nd Street Caltrain station and tunneled to the Transit Center, with one stop between. 

CONTINUE READING ON SOCKETSITE

Eight-Story Development Closer to Reality in the Tenderloin

...Having since been refined by Elevation Architects, the plans for the proposed 8-story development, which would yield 12 apartments (a mix of 5 one-bedrooms, 6 twos and 1 three-bedroom penthouse with a private balcony) over a new 1,200-square-foot retail or café space and off-street parking for 12 bikes (but no cars) have now been formally proposed and are working their way through Planning. 

 CONTINUE READING ON SOCKETSITE

Proposed Hub Heights Raised, Impact Report about to Be Drafted

...And if adopted as envisioned, the plan could clear the way for an additional 12,000 units of housing to rise around the transit-rich intersections of Market and Van Ness and South Van Ness and Mission, along with enough commercial space to accommodate around 7,000 workers. We’ll keep you posted and plugged-in.  

CONTINUE READING ON SOCKETSITE

Price Cut for Approved SoMa Development and Land

Approved by the City last year, the plans for a 24-unit development to rise up to six stories in height upon the former CrossFit site at 1228 Folsom Street and its underlying Western SoMa parcel hit the market earlier this year priced at $6.95 million or roughly $290,000 per entitled unit, not accounting for the value of the project’s 1,100-square-foot restaurant/retail space fronting Folsom.  

CONTINUE READING ON SOCKETSITE


 

Prepared by: VANGUARD PROPERTIES - FORWARD THINKING REAL ESTATE