SAN FRANCISCO MARKET UPDATE

JULY 2018 wrap-up

 

Single-Family Homes

The value of homes in San Francisco continues to grow during the summer season. In fact, the median sale price for single family homes reached a new high of $1.7MM for the month of July; a 5% increase from June, and an 18% increase from this time last year.

The median market time remains fairly consistent at 14 days, while the number of homes sold has dropped by 26% compared to July of last year, indicating a tighter supply of inventory.

Citywide, homes sell at approximately 17% over their list price. Submarkets that experienced the most dramatic increases in sales over list price include Excelsior, Portola, Westwood Park, Sunnyside, Bernal Heights and Glen Park.

  YEAR-OVER-YEAR COMPARISON:  SINGLE FAMILY RESIDENCES

YEAR-OVER-YEAR COMPARISON: SINGLE FAMILY RESIDENCES

  YEAR-TO-DATE 2018:  SINGLE FAMILY RESIDENCES

YEAR-TO-DATE 2018: SINGLE FAMILY RESIDENCES

 

Condominiums and TIC's

The value of San Francisco condominiums and TIC are also on the rise. While not as high as the last peak in May, the median sale price hit $1.195MM for the month of July, which is a 4% increase from this time last year.

The median market time has decreased by 14% to 18 days. Surprisingly, the number of condominiums and TIC sold in July actually increased 2% from last year.

Citywide, condominiums and TIC sell for approximately 11% over their list price. Submarkets that experienced the most dramatic increases in sales over list price include the Sunset, Castro, Duboce Triangle, and Noe Valley. 

  YEAR-OVER-YEAR COMPARISON:  CONDOMINIUMS/TIC

YEAR-OVER-YEAR COMPARISON: CONDOMINIUMS/TIC

  YEAR-TO-DATE 2018:  CONDOMINIUMS/TIC

YEAR-TO-DATE 2018: CONDOMINIUMS/TIC


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 - July

TOP FIVE SALES - Single Family Houses

 2209 Pacific Ave | Pacific Heights   $12,300,000   $1,832/SqFt  5 bed/6.5 bath  6,715 SqFt

2209 Pacific Ave | Pacific Heights

$12,300,000

$1,832/SqFt

5 bed/6.5 bath

6,715 SqFt

 3323 Clay St | Presidio Heights   $9,350,000   $1,437/SqFt  6 bed/6.5 bath  6,505 SqFt

3323 Clay St |
Presidio Heights

$9,350,000

$1,437/SqFt

6 bed/6.5 bath

6,505 SqFt

 182 32nd Ave |  Sea Cliff   $6,750,000   $1,168/SqFt  5 bed/5.5 bath  5,780 SqFt

182 32nd Ave | 
Sea Cliff

$6,750,000

$1,168/SqFt

5 bed/5.5 bath

5,780 SqFt

 146 Jordan Ave | Jordan Park/Laurel Hts   $5,200,000   $1,118/SqFt  5 bed/4.5 bath  4,652 SqFt

146 Jordan Ave |
Jordan Park/Laurel Hts

$5,200,000

$1,118/SqFt

5 bed/4.5 bath

4,652 SqFt

 2760 Lyon St | Cow Hollow   $4,995,000   $1,699/SqFt  4 bed/3.5 bath  2,940 SqFt

2760 Lyon St |
Cow Hollow

$4,995,000

$1,699/SqFt

4 bed/3.5 bath

2,940 SqFt


TOP FIVE SALES - Condominiums

 201 Folsom St #38A | South Beach   $4,832,000   $3,082/SqFt  2 bed/2 bath  1,568 SqFt

201 Folsom St #38A |
South Beach

$4,832,000

$3,082/SqFt

2 bed/2 bath

1,568 SqFt

 357 Tehama St #3 | South of Market   $4,050,000   $1,173/SqFt  3 bed/2 bath  3,452 SqFt

357 Tehama St #3 |
South of Market

$4,050,000

$1,173/SqFt

3 bed/2 bath

3,452 SqFt

 3141 Gough St | Marina   $3,550,000   $1,605/SqFt  4 bed/2.5 bath  2,212 SqFt

3141 Gough St |
Marina

$3,550,000

$1,605/SqFt

4 bed/2.5 bath

2,212 SqFt

 2876 Washington St | Pacific Heights   $3,300,000   3 bed/3.5 bath

2876 Washington St |
Pacific Heights

$3,300,000

3 bed/3.5 bath

 2121 Broadway #3 | Pacific Heights   $3,195,000   $1,149/SqFt  4 bed/4 bath  2,781 SqFt

2121 Broadway #3 |
Pacific Heights

$3,195,000

$1,149/SqFt

4 bed/4 bath

2,781 SqFt


One Cool Thing


San Francisco Headlines

August 17, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

WeWork bringing HQ concept to SF

Updated timeline for major Vistacion Valley redevelopment

Tishman Speyer's new Mira Tower set to hit market in the fall

Updated timeline for next Transbay District Park

Three percent more homes on market now (555) compared with this time last year (400)


COMMUNITY

 

WeWork Brings its Newest Office Model to San Francisco to Chase Mid-Size Companies

"Co-working space operator WeWork is bringing its first concept aimed at medium-sized companies to San Francisco. The fast-growing company leased 17,500 square feet in 800 Market St. for its first location of the concept, known as HQ, outside of New York City. The HQ concept is geared toward businesses with 11 to 250 employees that need office space, but don’t want to sign a traditional lease or need the common areas WeWork provides in its co-working locations." 

CONTINUE READING ON BUSINESS TIMES

Former Egyptian Consulate in Contract

"Designed by Bliss & Faville and built following the Great Quake of 1906, the nearly 14,000-square-foot Pacific Heights mansion at 3001 Pacific Avenuewas purchased by the Egyptian government in 1960 and served as its Consulate up until around 2010 when it was last renovated and reinforced. Andhaving hit the market at the end of 2016, priced to “define the city’s high end with a $22-million price tag,” the corner mansion has just returned to the MLS having been virtually staged, with newly rendered photography and a dramatically reduced $16 million list price." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

New Timing for Major Visitacion Valley Redevelopment


"Shuttered back in 1999, the old Schlage Lock factory and Southern Pacific Railyard parcel along Bayshore Boulevard, near the heart of Visitacion Valley, was leveled 10 years later in order to clear the way for a proposed 20-acre transit village to rise... According to an update from the Visitation Development team, they’re now planning to secure building permits for the first phase of the project, which includes 574 units of housing and the grocery store site, as well as the future Leland Park, across Blocks 1-6 on the northern portion of the site. If all goes as current planned, the first phase of construction will be completed by the end of 2021." CONTINUE READING ON SOCKETSITE

Refined Plans and Timing for the Next Big Transbay District Park

 "The concept design for San Francisco’s future 2.4-acre Under Ramp Park, which will run from the south side of Folsom Street to Howard, between First and Second and predominantly under the Fremont Street off-ramp and bus ramp serving the new Transbay/Salesforce Transit Center, has been refined by Conger Moss Guillard (CMG)... And assuming the refined plans are approved, the construction documents are expected to be finished in early 2020, the construction contract could be awarded and the ground broken by the end of 2020, and the new Under Ramp Park could open to the public in spring of 2022. " 

CONTINUE READING ON SOCKETSITE

Tishman Speyer’s Newest Condo Tower Twists Into San Francisco’s Skyline

"Construction is well underway for Tishman Speyer’s latest condo tower in the Transbay District. The 40-story, 400-foot Mira, designed by Studio Gang, will offer a mix of 392 one-, two- and three-bedroom condos, townhomes and penthouses...  Mira’s sales gallery will open in the fall and occupancy is expected to start fall 2019. Polaris Pacific will be in charge of sales. Prices have not yet been released." 

CONTINUE READING ON BISNOW

Mission District Iglesia on the Market, Positioned for Development

 "Purchased by Monte Sinai Iglesia De Dios for $180,000 in 1995, the former 5,500-square-foot garage at 2859 22nd Street has served as the church’s home since it was converted circa 1998. The church sits on a 4,750-square-foot Mission District parcel which is zoned for development up to 40 feet in height. And noting that the building will be delivered vacant, and is “ideal for investors, developers and owner/users alike,” 2859 22nd Street is now on the market with a $2.999 million price tag." 

CONTINUE READING ON SOCKETSITE


ETCETERA

 

Inventory of Homes for Sale in SF and Trend of Those in Contract

"While the number of homes listed for sale in San Francisco has ticked down 16 percent since the middle of July with typical seasonality in play, there are 3 percent more homes on the market right now (555) than there were at the same time last year (540) and 39 percent more than in the middle of August back in 2015 (400)." 

CONTINUE READING ON SOCKETSITE

Mortgage Rates Slip, Probability of a Rate Hike Hits 98 Percent

"The average rate for a benchmark 30-year mortgage slipped 7 basis points over the past two weeks to 4.53 percent but remains 64 basis points above its mark at the same time last year and within 13 basis points of the seven-year high (4.66 percent) which it hit in May, according to Freddie Mac’s latest Mortgage Market Survey data." 

CONTINUE READING ON SOCKETSITE

Seasonal Hiring Pushes Bay Area Employment to a Record High

"With an above-average bump in seasonal hires, the unemployment rate in San Francisco dropped from 2.7 percent in June to 2.4 percent in July, with the labor force having increased by 8,700 to 574,400 and the number of people residing in the city with a job, including summer interns and college students returning home, having increased by 9,700 to 560,400. And as such, there are now 123,700 more people living in San Francisco with paychecks than there were at the start of 2010 and 5,500 more than at the same time last year versus a year-over-year increase of 9,800 in July of 2017." 

CONTINUE READING ON SOCKETSITE


August 10, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

The new Transbay Transit Center officially opens this weekend

8-unit Marina development redesigned for compatibility with next door development

Plans for a 200-unit building in Hayes Valley have been drafted

New plans for a Transbay District Tower have been drafted

City's Central Waterfront Plan is slated to be adopted by supervisors


COMMUNITY

 

The Opening of San Francisco’s New Transit Center and Park is Here

 "Having won the city’s design competition back in 2007, broken ground in 2010 and been renamed by way of a 25-year licensing deal last year, San Francisco’s new (Transbay) Salesforce Transit Center officially opens this weekend with a block party from noon to 4PM on Saturday, August 11." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

New Development Opposes New Development Next Door

"The plans for a four-story building to rise on the southern end of the historic San Francisco Gas Light Company’s parcel in the Marina, where a former workshop addition flagged 3620 Buchanan Street currently sits, has been redesigned by Ian Birchall and Associates... The new design would yield eight residential units (a mix of four one-bedrooms, three twos, and one three), with off-street parking for eight bikes and one handicap accessible van/car space. And the proposed building’s finishes have been revised in an attempt to be more “compatible” with both the adjacent landmark building and the new four-story infill building finishing up construction on the former gas station site at 1598 Bay Street next door. " 

CONTINUE READING ON SOCKETSITE

Bonus Plans for Building up in Hayes Valley

"Plans for a nearly 200-unit building to rise up to 130 feet in height on the Hayes Valley site known as 600 McAllister Street, which consists of two adjacent parking lot parcels on the northwest corner of McAllister and Franklin, including the former Central Freeway Parcel D, have been drafted... And as envisioned, the 197 units – a mix of 80 studios averaging 370 square feet apiece, 34 one-bedrooms (615 square feet), 82 twos (750 square feet), and a 1,200-square-foot three-bedroom – would rise over a basement garage for a total of 44 cars and secured parking for 197 bikes." 

CONTINUE READING ON SOCKETSITE

New Plans for a Transbay District Tower Have Been Drafted

"As envisioned, a 350-foot-tall tower could rise on the little 4,000-square-foot parking lot behind the four-story office building at 543 Howard (a.k.a. 48 Tehama Street)... As such, the 23-story addition could yield 49,500 square feet of new office space over a double-height lobby; six (6) full-floor residential units atop the new tower; 11,000 square feet of new event/retail space on the ground floor of the existing building and a 3,500-square-foot POPOS (Privately Owned Public Open Space) atop the low-rise." 

CONTINUE READING ON SOCKETSITE

Plan to Shape the Public Realm of Dogpatch Slated for Adoption

"In the works since 2014, the City’s Central Waterfront / Dogpatch Public Realm Plan, which is intended to both guide and prioritize the development of new neighborhood public spaces, streetscapes and parks, is slated to be adopted by San Francisco’s Planning Commission in two weeks time and by the Board of Supervisors in October." 

CONTINUE READING ON SOCKETSITE

Flower Mart Moving to Bayview, Redevelopment Plans Ramping Up

"With San Francisco’s ambitious Central SoMa Plan moving closer to adoption, which could clear the way for Kilroy’s massive redevelopment of the existing San Francisco Flower Mart site, plans to (temporarily) relocate the Flower Mart are in the works. As proposed, the Chronicle’s former 50,000-square-foot printing plant at 2000 Marin Street, on the northern edge of Bayview, will be demolished and a temporary 115,000-square-foot Flower Mart facility will rise upon the site." 

CONTINUE READING ON SOCKETSITE


ETCETERA

 

Bay Area Developers Investing In Offices Along Transit Boast Higher Rents, Lower Vacancy Rates

 "...As the Bay Area’s economy has boomed and population grown, freeways and streets are getting more congested and commutes last longer. Based on a recent report from the Metropolitan Transportation Commission, traffic congestion is up 80% since 2010. Gridlock has led to an increase in office and multifamily development close to mass-transit hubs and developers are able to garner higher rent for developments close to transit. Millennials and their employers don’t seem to mind paying for higher rents if it means a shorter commute time." 

CONTINUE READING ON BISNOW


August 3, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

Pelosi asks EPA and Navy to account for Shipyard fraud scandal

Bayview apartment development redesigned

Public hearing for Central SoMa plan pushed back to September

Port of SF soliciting concepts for thirteen historic SF piers

Mortgage rates tick up, short-term rate hits eight-year high


COMMUNITY

 

Pelosi: EPA, Navy Must Answer for Hunters Point Shipyard Development Scandal

"House Minority Leader Nancy Pelosi has asked the U.S. Navy and the U.S. Environmental Protection Agency to account for how a massive and ongoing fraud scandal, now jeopardizing San Francisco’s largest development project in a century, managed to evade regulators from both agencies." 

CONTINUE READING ON CURBED

Court Overrules White House’s Attempt to Cut ‘Sanctuary City’ Funds

"The Ninth U.S. Circuit Court of Appeals decided in favor of San Francisco and Santa Clara County on Wednesday in an ongoing lawsuit about immigration policies and the White House’s authority over federal grants." 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

Redesigned Bayview Development Closer to Reality

"In the works since 2014, the proposed Flatiron-style development to rise up to 60 feet in height on the triangular Bayview parcel known as 4101 Third Street, between Hudson and Innes Avenues, has been redesigned by Schaub Ly Architects for the project team. A previously proposed sixth story has been eliminated in favor of a double-height restaurant space on the ground floor with a small mezzanine. And as such, the proposed number of residential units, which are now to be exclusively rentals, is now down to 32, five (5) of which will be offered at below-market rates." 

CONTINUE READING ON SOCKETSITE

City Aims for Adoption of Ambitious Central Soma Plan in September

"With a total of sixty-four (64) amendments having been proposed by Supervisor Kim, including incentives for the construction of on-site affordable housing units, requiring developments to secure a building permit within 30 months of being approved rather than being banked, and increasing the potential for additional housing to be built, the public hearing and potentially vote on the passage of the City’s ambitious Central SoMa Plan has been pushed back to September at the earliest." 

CONTINUE READING ON SOCKETSITE

Port Soliciting Concepts for Thirteen of San Francisco’s Historic Piers

"The Port of San Francisco has just issued a formal solicitation of developers and tenants interested in redeveloping thirteen of San Francisco’s historic piers, along with the Agriculture Building adjacent to San Francisco’s Ferry Building, stretching from, and including, Pier 35 to Pier 48 (yes, that’s the one that Anchor Brewing was to occupy)." 

CONTINUE READING ON SOCKETSITE

Church Opposes Infill Housing, Cites Competition for Parking

"...Plans to remove ten of the eleven garage doors and parking spots at the base of the existing twelve-unit building at 1100 Fulton Street, across from Alamo Square at the intersection of Pierce, are in the works. Down the street, the Third Baptist Church of San Francisco sits at the corner of Pierce and McAllister. And the church has now requested a Discretionary Review (DR) of the aforementioned proposal by Planning, seeking to have it stopped." 

CONTINUE READING ON SOCKETSITE


ETCETERA

 

Index for Bay Area Home Values Ticks Up, Led by the Middle Again

"Having ticked up a percent in April, 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 – ticked up another 1.1 percent in May to a new record high and is now running 10.9 percent higher versus the same time last year with uneven gains across the overall market." 

CONTINUE READING ON SOCKETSITE

Mortgage Rates Tick Up, Short-Term Rate Hits an Eight-Year High

"The average rate for a benchmark 30-year mortgage has ticked 8 basis points over the past two weeks to 4.60 percent, which is 67 basis points higher on a year-over-year basis and within 6 basis points of its seven-year high of 4.66 percent which it hit in May, according to Freddie Mac’s latest Mortgage Market Survey data." 

CONTINUE READING ON SOCKETSITE

Square Inc. Expands Mid-Market Headquarters Office in One of San Francisco's Biggest Office Leases This Year

"Payments processing company Square Inc. (NYSE: SQ) added another 104,135 square feet to its Mid-Market headquarters in San Francisco. The company will now occupy a total of 469,056 square feet in 1455 Market St., a 1 million-square-foot office building." 

CONTINUE READING ON BUSINESS TIMES

Survey: Office Design Is Becoming More Of A Priority Than Location For San Francisco's Workers

"San Francisco professionals are increasingly evaluating workplace flexibility and design as part of their decisions to stay at their current job or search for a new employment opportunity. This finding was revealed in Capital One’s 2018 Work Environment Survey of 3,500 full-time professionals across the country, including 500 respondents in San Francisco. The national survey also included 500 professionals each from Chicago, Washington, D.C., New York City and Dallas." 

CONTINUE READING ON BISNOW


July 27, 2018

Headlines by Alek Keytiyev San Francisco Real Estate Agent Realtor

WHAT YOU MISSED THIS WEEK:

Supervisors draft formal resolution in support of Proposition 10

24-unit Mission development closer to reality

152-unit affordable Mission Bay development pushed back

Historic facade limits plans for Vistacion Valley development

Plans to transform shuttered Alexandria Theater have been drawn


COMMUNITY

 

Supervisors Aim to Cement Support for Expansion of Rent Control

 "If adopted by voters in November, California Proposition 10 would overturn the state’s Costa-Hawkins Rental Housing Act which prevents rent control from applying to single-family homes, condos or any multifamily building which received a certificate of occupancy after January of 1995 (or earlier if a city had already adopted a rent control ordinance, which is the case for San Francisco which adopted rent control in 1979)." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 
  Modern Mission District Development Closer to Reality    "...The formal application to move forward with the demolition of the shuttered Mission District garage at 1721 15th Street (between Little Star Pizza and The Monastery, which is actually on market) and development of a modern five-story building upon its site has been submitted to Planning."    CONTINUE READING ON   SOCKETSITE

Modern Mission District Development Closer to Reality


"...The formal application to move forward with the demolition of the shuttered Mission District garage at 1721 15th Street (between Little Star Pizza and The Monastery, which is actually on market) and development of a modern five-story building upon its site has been submitted to Planning." 

CONTINUE READING ON SOCKETSITE

  Timing and Cost of Affordable Family Housing to Rise in Mission Bay    "As designed by Paulett Taggart Architects and Studio Vara for Mercy Housing, the proposed development to rise up to 74 feet in height, not including its parapets, on the western half of Mission Bay South Block 6, along Merrimac Street, between China Basin and Mission Bay Boulevard North, will yield 152 units of affordable housing for low-income families, including 38 apartments which are to be set aside for households relocating from HOPE SF public housing sites which are to be redeveloped."    CONTINUE READING ON   SOCKETSITE

Timing and Cost of Affordable Family Housing to Rise in Mission Bay


"As designed by Paulett Taggart Architects and Studio Vara for Mercy Housing, the proposed development to rise up to 74 feet in height, not including its parapets, on the western half of Mission Bay South Block 6, along Merrimac Street, between China Basin and Mission Bay Boulevard North, will yield 152 units of affordable housing for low-income families, including 38 apartments which are to be set aside for households relocating from HOPE SF public housing sites which are to be redeveloped." 

CONTINUE READING ON SOCKETSITE

Limited Plans for Building Up San Bruno Avenue

"Plans for a four-building development to rise along San Bruno Avenue, between Mansell and Ward on the northern border of Visitacion Valley, have been drawn. But a historic storybook façade (which would be preserved but relocated a little south), billboard (for which there’s a sight-line easement to the 101) and utility lines (for which there are multiple easements through the middle of the eight parcel site) will limit the development’s overall height and density. As such, the proposed 3255-3333 San Bruno Avenue development would yield a total of 41 apartments, including 31 two-bedrooms, spread across the four buildings, with off-street parking for 30 cars and 52 bikes, as drafted by Schaub Ly Architects below." 

CONTINUE READING ON SOCKETSITE

Plans to Transform Shuttered Alexandria Theater Progress

"With the redevelopment of the former parking lot parcel behind the dilapidated Alexandria Theater at 5400 Geary Boulevard underway, new plans to completely redevelop the actual theater have been drawn. And as newly proposed by TimeSpace Real Estate, the first floor of the theater will be turned into a 15,000-square-foot Swim Center with two pools and a viewing area." 

CONTINUE READING ON SOCKETSITE


ETCETERA

 

Rents in San Francisco Hold, Tick Up in Oakland

"Having slipped a nominal 0.3 percent over the past month, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as those in larger developments, is now running around $4,230 a month, which is 0.6 percent higher than at the same time last year but still 5.3 percent below a peak in the fourth quarter of 2015 with the average asking rent for a one-bedroom currently holding around $3,500 a month, which is down from $3,650 in 2015." 

CONTINUE READING ON THE SOCKETSITE

What to Expect at the Salesforce Park Rooftop Party

"The day before the rest of the Pelli Clark Pelli-designed Transbay Transit Center opens for business—the $2.3 billion center was officially renamed the Salesforce Transit Center after the tech company invested $110 million into the project—there will be a neighborhood block party to welcome the city’s new elevated linear park. The Salesforce Park fete will happen Saturday, August 11 from noon to 4 p.m. and stretch out across the entire 5.4-acre roof." 

CONTINUE READING ON THE SOCKETSITE

Survey: California's Industrial, Multifamily Markets Remain Hot, While Retail Not

"Multifamily and industrial are hot in California while retail has stagnated, and office has reached the top of the cycle. These are the latest findings from the Summer/Fall 2018 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey. The biannual survey of developers and owners forecasts potential opportunities and challenges in CRE sectors across California’s major metros." 

CONTINUE READING ON BISNOW

Facebook Shares Tumble More Than 20 Percent On Poor Earnings

"Only months after a data privacy scandal, Facebook is seeing fewer frequent users than it expected, according to CBS News. Facebook shares fell more than 23 percent in after-hours trading on the poor earnings report, slumping at one point to $166 a share. The sharp dip cost Facebook $145 billion in market value." 

CONTINUE READING ON CBS


 

Prepared by: VANGUARD PROPERTIES - FORWARD THINKING REAL ESTATE