SAN FRANCISCO MARKET UPDATE

 

NOVEMBER 2018 WRAP-UP

Single-Family Homes

A trend of market balance is emerging as we approach the end of 2018. November was relatively calmer compared with earlier months. Sales of single family homes were down 15% compared with last year, while the number of properties for sale remains low.  

While the median sale price of single family homes citywide fell 3.5%, the price per square foot rose 3.8%. Three-quarters of homes sold over their list price, recognizing a combined average of 111.6% total list price received. 

Neighborhoods that saw the largest sales over list price include Excelsior, Portola, Sunset, Westwood Park and Sunnyside.

YEAR-OVER-YEAR COMPARISON: SINGLE FAMILY RESIDENCES

YEAR-TO-DATE 2018: SINGLE FAMILY RESIDENCES

 

Condominiums and TIC's

Similar to single family homes, the median sale price for Condominiums and TIC fell slightly while the price per square foot ticked up. There were 238 closing for the month of November, which is 10.9% lower than last year. There are currently 410 condominiums/TIC for sale today (excluding BMRs and senior housing), ranging from $495K to $15MM. Just over half of properties sold over their list price, recognizing a combined average of 104.2% total list price received.

YEAR-OVER-YEAR COMPARISON: CONDOMINIUMS/TIC

YEAR-TO-DATE 2018: CONDOMINIUMS/TIC


MEDIAN AREA VALUES

 

MEDIAN PROPERTY VALUES - SINGLE FAMILY HOMES

MEDIAN PROPERTY VALUES - CONDOMINIUMS/TIC’s

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 - OCTOBER

 

TOP FIVE SALES - Single Family Houses

 2100 Broadway Street | Pacific Heights   $11,600,000   $1,303/SQ. FT.  6 bed/5 bath  8,900 SQ. FT.

2100 Broadway Street | Pacific Heights

$11,600,000

$1,303/SQ. FT.

6 bed/5 bath

8,900 SQ. FT.

 2637 Pierce Street | Pacific Heights   $8,500,000   $1,773/SQ. FT.  5 bed/4.5 bath  4,794 SQ. FT.

2637 Pierce Street | Pacific Heights

$8,500,000

$1,773/SQ. FT.

5 bed/4.5 bath

4,794 SQ. FT.

 645 Duncan Street | Noe Valley   $6,600,000   $1,278/SQ. FT.  4 bed/4.5 bath  5,165 SQ. FT.

645 Duncan Street | Noe Valley

$6,600,000

$1,278/SQ. FT.

4 bed/4.5 bath

5,165 SQ. FT.

 615 Sanchez Street | Eureka Valley   $6,100,000   $1,522/SQ. FT.  4 bed/3.5 bath  4,007 SQ. FT.

615 Sanchez Street | Eureka Valley

$6,100,000

$1,522/SQ. FT.

4 bed/3.5 bath

4,007 SQ. FT.

 2422 Buchanan Street | Pacific Heights   $5,800,000   $1,203/SQ. FT.  6 bed/3.5 bath  4,820 SQ. FT.

2422 Buchanan Street | Pacific Heights

$5,800,000

$1,203/SQ. FT.

6 bed/3.5 bath

4,820 SQ. FT.


TOP FIVE SALES - Condominiums

 168 Sproule Lane | Nob Hill   $6,050,000   $1,877/SQ. FT.  3 bed/3.5 bath  3,224 SQ. FT.

168 Sproule Lane | Nob Hill

$6,050,000

$1,877/SQ. FT.

3 bed/3.5 bath

3,224 SQ. FT.

 2170 Pacific Avenue | Pacific Heights   $4,295,000   3 bed/3.5 bath

2170 Pacific Avenue | Pacific Heights

$4,295,000

3 bed/3.5 bath

 1100 Sacramento St #208 | Nob Hill   $3,200,000   $1,261/SQ. FT.  3 bed/3.5 bath  2,538 SQ. FT.

1100 Sacramento St #208 | Nob Hill

$3,200,000

$1,261/SQ. FT.

3 bed/3.5 bath

2,538 SQ. FT.

 808 Dolores Street | Dolores Heights   $2,760,000   $1,317/SQ. FT.  3 bed/3.5 bath  2,095 SQ. FT.

808 Dolores Street | Dolores Heights

$2,760,000

$1,317/SQ. FT.

3 bed/3.5 bath

2,095 SQ. FT.

 2322 Pine Street | Lower Pacific Heights   $2,680,000   $1,078/SQ. FT.  4 bed/3 bath  2,487 SQ. FT.

2322 Pine Street | Lower Pacific Heights

$2,680,000

$1,078/SQ. FT.

4 bed/3 bath

2,487 SQ. FT.


One Cool Thing


San Francisco Headlines

December 14, 2018

Local Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

Cause of Transit Center cracks revealed 

School board developing a new student assignment policy

New legislation could allow nonprofits first dibs on multi-units

Mortgage rate drops to three-month low


COMMUNITY

 

Cause of the Transit Center’s Cracks and Proposed Fix Revealed

"The forensic engineering team (LPI) engaged to identify the root cause of the two fissures/fractures which caused the emergency closure of San Francisco’s new Salesforce Transit Center, a month after it opened, has reached a preliminary conclusion and a possible fix has been drafted. According to the team, the probable cause of the fractures appears to be 'the formation of cracks in the girder weld access [holes]' that were cut in the flanges prior to the beams being placed into service... In terms of timing, a peer review of the findings and proposed fix are not expected to be reached until January, after which the fix will be implemented and a new structural evaluation will need to be performed.  And as such, the Salesforce Transit Center will definitely remain closed through the end of this year and likely through the first, if not second, quarter of 2019, as we first reported earlier this week. " 

CONTINUE READING ON SOCKETSITE 

School board begins work on new student assignment process

"The San Francisco school board voted unanimously Tuesday to begin developing a new student assignment policy, which determines the school new students are assigned to in The City. The current assignment process, which requires families to take place in a complicated lottery system, has long been a source of frustration for parents. Last revamped in the 2011-2012 school year, it was intended to increase student diversity but has not achieved the desired results. The resolution approved Tuesday night calls for the new policy to provide greater predictability, transparency, accessibility to neighborhood options, equity, and a strong commitment to integrated schools." 

CONTINUE READING ON EXAMINER 

New SF City Hall employee has one goal: To approve housing

"On Thursday, Mayor London Breed announced the appointment of the city’s first director of housing delivery, a new position created specifically to 'ensure that new housing projects are not held up in San Francisco’s complicated approval and permitting system.' Breed picked Judson True, previously the chief of staff for SF-based Assembly member David Chiu, for the job. True also formerly served as an aide to Chiu when he was on the San Francisco Board of Supervisors, as well as a Muni spokesperson." 

CONTINUE READING ON CURBED 

Nonprofits could get first dibs on multi-unit buildings

"Affordable housing nonprofits could get first crack at buying multi-unit buildings under legislation introduced Tuesday to protect tenants from real estate speculators. Introduced by Supervisor Sandra Fewer, the legislation would require property owners to notify the Mayor’s Office of Housing if they plan to sell properties with three or more residential rental units for nonprofits to possible purchase by affordable housing nonprofits. If a seller receives an offer from a potential buyer on the private market, they must make the same offer to the nonprofit." 

CONTINUE READING ON EXAMINER


DEVELOPMENT PIPELINE

 

New player joins team to redevelop old San Francisco hospital, but housing still several years away

"A new developer has joined longstanding efforts to transform a soon-to-be-former hospital in San Francisco's Presidio Heights into housing. Grosvenor America, the U.S. division of a centuries-old London-based developer, agreed to team up with TMG Partners, which began the process of redeveloping the California Pacific Medical Center at 3700 California St. into 273 homes back in 2015...The full build-out will take about three to four years, according to a spokesperson, which means the developers could deliver the homes around 2024. That would leave the huge campus vacant for at least a year or two. " 

CONTINUE READING ON BUSINESS TIMES 

Another Big San Francisco Hillside in Play

"...The 1.5-acre parcel of land which sits below the 18 homes stretching from 107 to 141 Topaz Way, above Diamond Heights Boulevard below and across from the Walter Haas Playground and dog park, is in contract to be sold. And while no formal plans for the parcel have been approved, much less submitted to the city for review, the marketing materials for the site tout an initial development study and conceptual plans for four six-story buildings to rise upon the Diamond Heights parcel with the “possibility” of building “100+” units across the site." 

CONTINUE READING ON SOCKETSITE


MISCELLANEOUS

 

Benchmark Mortgage Rate Drops to a Three-Month Low

"The average rate for a benchmark 30-year mortgage has dropped 18 basis points over the past two weeks to 4.63 percent, which remains 70 basis points above its mark at the same time last year but represents a three-month low, according to Freddie Mac’s latest Mortgage Market Survey data." 

CONTINUE READING ON SOCKETSITE 

Uber Is Said to File for an I.P.O. as It Races Lyft to a Public Debut

"Uber confidentially filed paperwork on Thursday to go public, according to two people with knowledge of the matter, officially moving toward what is expected to be one of the biggest and most anticipated tech company stock market debuts ever. The ride-hailing company filed its paperwork with the Securities and Exchange Commission on the same day that its rival Lyft also filed for an offering, said the people, who requested anonymity because they were not authorized to speak publicly. Each company is rushing to beat the other to the public markets in the first half of next year amid a fair climate for technology I.P.O.s and worries of a potential economic recession." 

CONTINUE READING ON NY TIMES


December 7, 2018

San Francisco Real Estate Agent Realtor Present Local Headlines

WHAT YOU MISSED THIS WEEK:

SoMa plan approved by city; now requiring 33% affordable units

Sen. Wiener introduces SB 50 to bolster development near transit

Mount Olympus development closer to reality

Chestnut Street apartment development plans in the works

San Francisco rents rise again


COMMUNITY

 

City passes plan for new SoMa homes

"...According to an announcement from the mayor’s office, the anticipated effects of the new changes include: Development capacity for up to 8,800 housing units and 32,000 jobs; [Requires] that over 33 percent of new housing units are affordable; Provides over $600 million towards [...] improving conditions for people walking, bicycling, and taking transit; Funds $185 million towards construction and improvement of parks and recreation centers in the area, plus privately created publicly-accessible open space; Provides up to $64 million to invest in school facilities to support the expanding population." 

CONTINUE READING ON CURBED 

Sen. Wiener revives bill to bolster development near transit

"...On Monday, the San Francisco senator introduced SB 50, dubbed More HOMES Act (Housing, Opportunity, Mobility, Equity, and Stability), which would override the restrictive, low-density zoning near transit and allow for the development of four- to five-story apartment buildings. The bill is modeled off of the similar SB 827, which lost momentum and died in committee earlier this year. Wiener also hopes the legislation will protect low-income renters against displacement." 

CONTINUE READING ON BUSINESS TIMES 

Minimum parking requirements on their way out in SF

"San Francisco voted Tuesday to become the first major city in the country to eliminate minimum parking requirements for all kinds of development, a decision praised broadly by housing, environmental and pedestrian advocates. In a 6-4 vote, the Board of Supervisors approved legislation introduced by Supervisor Jane Kim that eliminates city planning provisions dating back to the 1950s that require developers to provide at least some parking spaces as part of their projects. The amount depends on the size of the development." 

CONTINUE READING ON EXAMINER 

SFMTA considers new bus yard with housing

"Tonight (Wednesday, December 5), the San Francisco Municipal Transportation Agency (SFMTA) will hold a public meeting to discuss plans to overhaul the woefully outdated Muni bus yard just south of Franklin Square. The twist: One of the big questions facing the city and residents is whether or not SFMTA should build housing on top of the updated transit facility—and if so, how much." 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 
  Modern Mount Olympus Development Even Closer to Reality    "Plans for a modern 10-unit development to effectively rise on the northwest corner of 17th and Roosevelt, below the summit of San Francisco’s Mount Olympus on the southern border of Ashbury Heights, have been in the works since 2014... And withSan Francisco’s Planning Department having just issued the proposed development a Preliminary Mitigated Negative Declaration, which, if upheld, would obviate the need for a detailed environmental impact report to be prepared, the Mt. Olympus project is one step closer to reality."   CONTINUE READING ON   SOCKETSITE

Modern Mount Olympus Development Even Closer to Reality


"Plans for a modern 10-unit development to effectively rise on the northwest corner of 17th and Roosevelt, below the summit of San Francisco’s Mount Olympus on the southern border of Ashbury Heights, have been in the works since 2014... And withSan Francisco’s Planning Department having just issued the proposed development a Preliminary Mitigated Negative Declaration, which, if upheld, would obviate the need for a detailed environmental impact report to be prepared, the Mt. Olympus project is one step closer to reality."

CONTINUE READING ON SOCKETSITE

  Proposed Chestnut Street Infill Development Closer to Reality    "...Plans to level the long-standing Wells Fargo branch building at 2055 Chestnut Street and redevelop its Marina District parcel, which stretches from Chestnut to Lombard, are in the works... And while the height of the proposed 40-foot-tall building to rise across the site hasn’t changed since originally envisioned, as refined by Jensen Architects for the development team, the project would now yield a total 49 apartments over 40,000 square feet of new retail space and a basement garage with its entrance on Lombard and 22 off-street parking spaces to serve the retailers while residents would share 52 spaces for bikes."   CONTINUE READING ON   SOCKETSITE

Proposed Chestnut Street Infill Development Closer to Reality


"...Plans to level the long-standing Wells Fargo branch building at 2055 Chestnut Street and redevelop its Marina District parcel, which stretches from Chestnut to Lombard, are in the works... And while the height of the proposed 40-foot-tall building to rise across the site hasn’t changed since originally envisioned, as refined by Jensen Architects for the development team, the project would now yield a total 49 apartments over 40,000 square feet of new retail space and a basement garage with its entrance on Lombard and 22 off-street parking spaces to serve the retailers while residents would share 52 spaces for bikes."

CONTINUE READING ON SOCKETSITE

Redevelopment of Shuttered North Beach Site on Hold

"Shuttered in 2012, plans to raze and redevelop the former Caesar’s Restaurant parcel on the southwest corner of Bay and Powell were approved at the end of 2015 with the project team positioning to break ground on the 4-story, 17-unit building with a ground floor commercial space the next year. While a demolition permit was requested and approved in mid-2016, it was subsequently cancelled and the shuttered, one-story restaurant still stands. And having been redrawn to incorporate ground floor parking for 6 cars, versus an underground garage with 17 spaces as originally envisioned, the approved plans and 2293 Powell Street parcel are officially on the market, and have been for a couple of months, with a $5.5 million price tag." 

CONTINUE READING ON SOCKETSITE


MISCELLANEOUS

 

San Francisco rents close 2018 by rising—again

"Winter is here, both for the city and for San Francisco’s always chilling rent prices, which show no signs of seasonal generosity according to reports from popular rental platforms furnishing data for the city... Across the board, year-end data shows another year-over-year appreciation in apartment prices, with San Francisco now so firmly ensconced as the country’s most expensive place to rent a home that it’s hard to imagine when the top spot might ever change." 

CONTINUE READING ON CURBED 

San Francisco's new condo inventory plunges as projects sell out

"San Francisco’s supply of new condos is quickly dwindling as buyers snap up homes on the market. The city is down to less than 500 new condos available for purchase — a 34 percent plunge compared with this same time last year, according to Polaris Pacific, a condo marketing and research firm." 

CONTINUE READING ON BUSINESS TIMES


November 30, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

City to remove minimum parking requirements for developments

Transbay Transit Center not likely to reopen this year

The Benioffs donate $6.1MM to turn SRO into homeless housing

146-unit tower on Mission Street will be Four Seasons development


Community

 

SF to do away with minimum parking requirements for developments

"San Francisco is poised to become the first big U.S. city to no longer require developers to include at least some parking in their housing developments. Legislation introduced by Supervisor Jane Kim strips the planning code of a minimum parking requirement that is already largely circumvented in practice by providing other alternatives like bicycle parking. San Francisco’s minimum parking requirements date back to the 1950s." 

CONTINUE READING ON EXAMINER 

Transbay Transit Center and Salesforce Park likely won’t reopen until 2019

"... 'Our goal is to open the transit center and park as soon as safely possible,' explains a spokesperson for the Transbay Joint Powers Authority. 'In order to do that, we have to first determine the cause of the fissure at the Fremont Street location. The samples of the beams have been sent off to a metallurgical lab in New York with our engineers and independent experts overseen by the Metropolitan Transportation Commission monitoring the analysis and testing.'Once a cause is determined, further inspections and a repair process will get underway." 

CONTINUE READING ON CURBED 

Benioff donates $6.1 million to secure a Tenderloin hotel to house formerly homeless

"Salesforce founder and co-CEO Marc Benioff donated $6.1 million to the city’s efforts to transform the long-vacant Bristol Hotel into permanent housing for 58 previously homeless residents. City officials and the Tenderloin Housing Clinic convinced the owner of the Bristol Hotel, a 24,000 square-foot residential hotel at 56 Mason St., to instead give them a master lease to the property once Benioff stepped in with a multi-million-dollar check pay for the lease." 

CONTINUE READING ON BUSINESS TIMES 

More than 150 still missing in Camp Fire [Updated]

"Update: The Camp Fire list of missing persons, which has fluctuate over the last few days, has risen to 196 as of Thursday. The death toll has also jumped to 88. The search is still on for missing Butte County residents not yet identified in the wake of the Camp Fire, California’s deadliest and most destructive wildfire of all time." 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

Planning Positioned to Disapprove Whole Foods Redevelopment

"Despite having been redesigned to incorporate eight new apartments into their plans, the proposed redevelopment of the shuttered Lombardi Sports building at 1600 Jackson Street, at the corner of Polk, into San Francisco’s first Whole Foods Market 365 is slated to be formally disapproved this week." 

CONTINUE READING ON SOCKETSITE

New Tower Flagged a Four Seasons

"The 45-story tower rising at 706 Mission Street will be flagged a Four Seasons development and its146 Private Residences (condos)will be managed by Four Seasons staff, positioned to “complement the neighboring Four Seasons Hotel and Private Residences San Francisco,” although existing Residents, who fought to block the new tower, might disagree. Typical units will range in size from 2,800 to over 4,000 square feet, with a fitness center, lounge, private dining room and landscaped terrace on its fifth floor, 'affording residents a space to socialize among a discerning community of owners and their guests.'" 

CONTINUE READING ON SOCKETSITE

Mission District auto repair shop could be reborn as large restaurant, event space

"Plans to convert a former Mission District auto body repair shop into a restaurant and event space complete with a roof deck will head before the San Francisco Planning Commission on Thursday. When developer Mx3 Ventures first bought the 3140-50 16th St. property for $8.7 million in 2013, it proposed to raze the two-story Superior Automotive building at 3140-50 16th St. and build four floors of condos in its place. However, that plan was nixed due to the building’s status as a historically protected resource." 

CONTINUE READING ON EXAMINER


MISCELLANEOUS

 

The 30 best things to do in San Francisco with kids

"Known around the world as a first-rate destination, San Francisco has carved out an enviable reputation for its steep rolling hills, pastel-painted Victorians, cable cars, and iconic Golden Gate Bridge. But the city is also a mecca for families, with a laundry list of kid-friendly attractions that go way beyond the cliched tourist destinations... From historic theaters to museums with dozens of hands-on experiences, San Francisco offers both locals and visitors a never-ending list of things to do." 

CONTINUE READING ON CURBED


November 23, 2018

Local Headlines by San Francisco Real Estate Agent Realtor Alek Keytiyev

WHAT YOU MISSED THIS WEEK:

Rain helps Camp Fire containment

UCSF redevelopment could yield 558 units

Bayfront Park construction timeline pushed back

120-unit affordable housing project planned for Balboa Park


COMMUNITY

 

CALIFORNIA FIRES UPDATE: Rain Helps Camp Fire Containment

"Rain is helping firefighters extinguish what is left of the Camp Fire in Butte County, California, though the death toll continues to rise as hundreds of people remain missing amid the devastation. According to Cal Fire’s latest incident update, the 153,336-acre Camp Fire is now 95 percent contained. Full containment of the fire, which started on November 8, possibly as a result of a faulty power line, is expected by next Friday. There are now 84 confirmed deaths in the Camp Fire, which has destroyed around 14,000 homes. Smoke from the vast fire has spread across America right to the east coast." 

CONTINUE READING ON NEWSWEEK


DEVELOPMENT PIPELINE

 
  UCSF Campus Deemed Historic but Developers Have a Plan    "The bid to formally recognize the modernist building at the center of UCSF’s 10-acre Laurel Heights campus as historic, a move which was initiated by opponents of the proposed redevelopment of the campus, as we first reported earlier this year, has been successful... The project as proposed would yield 558 residential units; 49,999 square feet of office space; 54,000 square feet of retail space; a new 15,000 square foot child care center; parking for 896 cars (and 592 bikes); and 236,000 square feet of open space, as rendered below."   CONTINUE READING ON   SOCKETSITE

UCSF Campus Deemed Historic but Developers Have a Plan


"The bid to formally recognize the modernist building at the center of UCSF’s 10-acre Laurel Heights campus as historic, a move which was initiated by opponents of the proposed redevelopment of the campus, as we first reported earlier this year, has been successful... The project as proposed would yield 558 residential units; 49,999 square feet of office space; 54,000 square feet of retail space; a new 15,000 square foot child care center; parking for 896 cars (and 592 bikes); and 236,000 square feet of open space, as rendered below."

CONTINUE READING ON SOCKETSITE

  Timing for Big New Bayfront Park Pushed Back    "San Francisco’s future 5.5-acre Bayfront Park, which will be bounded by a realigned Terry A. Francois Boulevard and the San Francisco Bay, between 16th Street and Nelson Rising Lane, across from the Warriors’ future Chase Center arena in Mission Bay, has been newly rendered and detailed...While construction of the park was expected to break ground this year, the RFP for the $8 million project was just issued by the Mission Bay Development Group and bids aren’t due until the middle of next month. As such, we’re pushing the projected opening date for Bayfront Park, which is expected to take around 13 months to complete, from the third quarter of 2019to the first or second quarter of 2020. And once again, that’s not including the park’s future restaurant and restrooms which are expected to take an additional year, at least, to be built."   CONTINUE READING ON   SOCKETSITE

Timing for Big New Bayfront Park Pushed Back


"San Francisco’s future 5.5-acre Bayfront Park, which will be bounded by a realigned Terry A. Francois Boulevard and the San Francisco Bay, between 16th Street and Nelson Rising Lane, across from the Warriors’ future Chase Center arena in Mission Bay, has been newly rendered and detailed...While construction of the park was expected to break ground this year, the RFP for the $8 million project was just issued by the Mission Bay Development Group and bids aren’t due until the middle of next month. As such, we’re pushing the projected opening date for Bayfront Park, which is expected to take around 13 months to complete, from the third quarter of 2019to the first or second quarter of 2020. And once again, that’s not including the park’s future restaurant and restrooms which are expected to take an additional year, at least, to be built."

CONTINUE READING ON SOCKETSITE

New 155K SF Affordable Housing Project Planned Near S.F.'s Balboa Park BART Station

"A new development that will bring more affordable housing to San Francisco is underway next to the Balboa Park BART station. The 155K SF transit-oriented development, Balboa Park Upper Yard, will deliver up to 120 units of low- and very-low-income housing in a mixed-use project that will have community-serving space. There will be open space on a connected piece of property owned by BART." 

CONTINUE READING ON BISNOW


 

Prepared by: VANGUARD PROPERTIES - FORWARD THINKING REAL ESTATE