The most valuable condos are often characterized not by size but by their location in highest prestige buildings (usually doorman buildings), on high floors (often penthouses), and spectacular views (often 180 to 360 degree). Highest quality amenities and appointments go without saying. Indeed, the best of these units generally garner the highest dollar per square figures of any real estate in the city, whether in older Pacific Heights, Nob Hill and Russian Hill buildings, or in the newer luxury developments in South Beach & SOMA.
# ACTIVE Listings on Market: 58 Median List Price: $2,382,000
Average Square Footage: 2786 Average Dollar per Square Foot at List Price: $1090
Average Days on Market: 106 days High Listing: $7,250,000 for Nob Hill 2-bedroom
Neighborhoods with Most Luxury Condo Listings:
- Pacific Heights/Cow Hollow: 15 listings (Realtor District 7)
- South Beach/SOMA: 15 listings
- Russian Hill: 7 listings
- Telegraph Hill: 7 listings
Currently PENDING SALE (offer accepted, sale not yet closed): 15
Median List Price of Pending Sales: $2,400,000 Average Square Footage: 2883
Average Dollar per Square Foot at List Price: $1036 Average Days on Market: 98 days
Highest Priced Pending Condo Sale: $8,900,000 in Pacific Heights
LUXURY CONDO SALES in 6 Months to August 7, 2009: 43 (5.9% of all SF condo sales)
Median Sales Price: $1,900,000 Average Square Footage: 2252
Average Dollar per Square Foot: $983 Average Days on Market: 61 days
Sales by Price Range: 26 $1,500,000 – $1,999,999; 16 $2m – $4.999m; 1 sale $5m+
High Sale: $5,500,000 for 4-bedroom Russian Hill condo
Expired Luxury Condo Listings during 6 Months (listed but not sold): 167
(almost 4 expired for every 1 sold)
Neighborhoods with Most Luxury Condo/Co-op Sales:
- Pacific Heights/Cow Hollow/Marina (District 7): 12 sales, median price $1,772,000, averaging $846/sq.ft.
- Russian Hill: 11 sales, median price $1,925,000, averaging $846/sq.ft. (only 7 of 11 reported sq.ft.)
- South Beach/SOMA: 10 sales, median price $2,575,000, averaging $1249/sq.ft.
- Nob Hill: 4 sales (data not available for average $/sq.ft. calculation)
- Noe/Eureka/Haight (District 5): 3 sales, averaging $634/sq.ft.
Comparing recent 6 months of luxury condo sales with the same period of 2008:
Number of Sales: down 59% Median Sales Price: down 9.5%
Average Dollar per Square Foot: down 14%
Changes by Neighborhood:
- Noe/Eureka/Haight (District 5): # of luxury condo sales down 66%
- South Beach/SOMA sales down 54%
- Pacific Heights/Cow Hollow/Marina (District 7) sales down 65%
- Nob Hill sales down 60%
- Russian Hill sales unchanged
35% of sales in the 6-month period of 2009 went pending sale within 30 days (i.e. very quickly), and their average sales price to list price percentage was 99.3% (less than 1% below asking price). In the comparable period of 2008, 49% of sales went pending within 30 days at an average sales price of 104% of list price (hot market). In 2007, 61% went pending within 30 days at an average sales price of 106.6% of list price (very hot market).
Those 2009 sales which went pending sale after 75 days on market averaged a sales price to original list price percentage of 88% (i.e. 12% off asking price).
In 2008, the percentage of expired luxury condo listings to sold listings was 90% compared to 388% in 2009. Listings typically expire when considered significantly overpriced by buyers.
Months-Supply-of-Inventory (the time it would take existing inventory to sell at current sales rates) has more than tripled year over year, from 2.5 – 3.5 months to 8-12 months of inventory.
Note: new development condo sales unreported to MLS are not included in this analysis.
