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Russian Hill has been consistently at the top of median condo prices. Condos in different neighborhoods can have widely divergent average size, quality of finish and age of construction. One reason for the gap between the Marina and Pacific Heights is that the Marina has a much larger average condo size.
As one of San Francisco’s most elegant residences, this fabulous panoramic view apartment has been completely renovated. The dramatic foyer, a hexagonal room of floor to ceiling onyx from Mexico, is set in bookmark fashion with fiber optic lighting illuminating the elaborate patterns, while concealing the splendor of the rooms beyond. The parquet floors are a combination of Brushbox wood inlaid in parquet style with Jasper stone and faux painted Jasper interspersed.
Sweeping view of San Francisco Bay and Alcatraz Island.
Property Listed by Sotheby’s International Realty and the Brachman Group
Recent Home Sales at Selected Price Points*
Many national, state and local real estate indicators turned positive in the last 6 months (sometimes for the first time in years) and San Francisco sales continued to strengthen in spring and summer in virtually all price categories. (See charts below.) Properties viewed as good deals are selling quickly, sometimes with multiple offers for more than asking price. Bank-owned (REO) home sales and short sales constitute approximately 20% of sales in the city, though so far mostly concentrated in specific neighborhoods. (See link at bottom to REO & Short Sale Analysis.) Despite positive market conditions, many home listings still expire without selling – generally speaking, due to overpricing, poor preparation and/or poor marketing. With the advent of autumn – typically a strong sales season – new inventory has increased dramatically and, after a Labor-Day lull, a spike in accepted offers began in mid-September.
Pacific Heights: 9 BR, 6.5 BA, 10,614 sq.ft. 1885 mansion; GG bridge view, ballroom, library, 7 fireplaces, 2 terraces, elevator, 4 car pkg. $1083/sq.ft., bank sale of foreclosed home, 408 days on market (DOM); original list price of $14,900,000.
For $9,350,000*
South Beach: 4800 sq.ft. unfinished penthouse shell on 60th floor of new Millennium Tower; staggering views, 600 +/- sq.ft. terrace, 2 car pkg. * At the sales price reported by SF Chronicle: $1950/sq.ft.; largest SF condo sale YTD. Original list price of $11m. Sold by Katy Dinner
For about $7,000,000
Presidio Heights: 5 BR, 5.5 BA, 6500 sq.ft., 1905 house (SFD); library, 2 family rooms, wine cellar, 6 fireplaces, 2 car pkg. $1107/sq.ft. at list price, 15 days on market (DOM).
Pacific Heights: 5 BR, 5 BA, 5190 sq.ft., 1925 full-floor co-op; incredible 360 degree views, library, 2 elevators, 2 car pkg. $1379/sq.ft.
For $6,000,000
Russian Hill: 3 BR, 4.5 BA, contemporary co-op; spectacular views, terrace, 3 car pkg, 192 DOM.
For about $3,000,000
Parnassus Hghts: 4 BR, 2.5 BA, 3073 sq.ft. 1992 SFD; city view, deck, 2 pkg. $1000/sq.ft.
Nob Hill: 3 BR, 3.5 BA, 3038 sq.ft. 1914 penthouse condo; bay views, 2 pkg. $1039/sq.ft.
For about $2,700,000
St Francis Wood: 5 BR, 6 BA, 4800 sq.ft. Colonial; 4 fireplaces, ocean vw, 5 pkg. $575/sq.ft.
Potrero Hill: 5 BR, 5.5 BA, 5000 sq.ft. 2008 SFD; pano views, au-pair apt, 3 pkg. $540/sq.ft.
Cow Hollow: 5 BR, 4.5 BA, 3975 sq.ft. 1900 Edwardian; GG bridge view, 1 pkg. $692/sq.ft.
North of Lake: 4 BR, 2.5 BA, 3360 sq.ft. Craftsman Edwardian; 4 bonus rms, 2 pkg. $804/sq.ft.
For about $2,000,000
Lower Pacific Hghts: 4 BR, 3.5 BA, 1890 Victorian; 1 BR apt, in-law apt, 1 pkg.
Noe Valley: 4 BR, 3 BA, 2553 sq.ft. 1925 SFD; bay/city views, deck, 3 pkg. $792/sq.ft.
Pacific Heights: 2 BR, 2.5 BA, modern top-floor TIC in 2 unit bldg; roof deck, 2 pkg.
SOMA: 2 BR, 2.5 BA, 1670 sq.ft. St. Regis condo; city views, pkg. $1300/sq.ft.
For about $1,500,000
Glen Park: 4 BR, 3 BA, 3045 sq.ft. 1968 SFD; downtown/bay views, 2 pkg. $479/sq.ft.
Duboce Park: 4 BR, 2 BA, 2350 sq.ft. 1888 Queen Anne; in-law apt, 1 pkg. $638/sq.ft.
Liberty Hill: 3 BR, 3 BA, 1991 sq.ft. SFD; downtown/bay views, 1 pkg. $743/sq.ft.
South Beach: 3 BR, 2 BA Watermark condo; bay views from every room, deck, 1 pkg.
Financial Dist: 2 BR, 2.5 BA, 1510 sq.ft. Ritz Carlton condo; city views, 1 pkg. $993/sq.ft.
Forest Hill: 2 BR, 1.5 BA, 2344 sq.ft. 1954 SFD; den, family room, 2 pkg. $636/sq.ft.
For about $1,000,000
Sunset: 4 BR, 4 BA, 2436 sq.ft. 1936 SFD; den, 1 pkg. $402/sq.ft.
Alamo Square: 4 BR, 2 BA, 2000 sq.ft. top floor Victorian condo; 1 car pkg. $480/sq.ft.
Inner Mission: 3 BR, 3.5 BA, 1890 sq.ft. modern Victorian condo; deck, pkg. $529/sq.ft.
Monterey Heights: 3 BR, 3 BA, 2137 sq.ft. 1955 SFD; ocean views, 2 car pkg. $461/sq.ft.
Haight Ashbury: 3 BR, 2 BA, 1589 sq.ft. 1900 Edwardian condo; 1 pkg. $645/sq.ft.
Corona Hghts: 3 BR, 2 BA, 1743 sq.ft. top flr condo; dwntwn views, deck, 1 pkg. $559/sq.ft.
Lake: 3 BR, 1.5 BA, 1477 sq.ft. 1908 Arts & Crafts top flr condo; decks, 2 pkg. $676/sq.ft.
Inner Richmond: 3 BR, 1.5 BA, 1912 Edwardian; sunroom, deck, pkg, 12 days on market.
Noe Valley: 3 BR, 1 BA, 1362 sq.ft. 1951 SFD; 2 car pkg. $698/sq.ft.
Russian Hill: 2 BR, 2 BA, 1171 sq.ft. 2009 top flr condo; bay views, 1 pkg. $854/sq.ft.
Mission Bay: 2 BR, 2 BA, 1393 sq.ft. Radiance condo; bay views, deck, 1 pkg. $711/sq.ft.
Lone Mtn: 2 BR, 1.5 BA, 1790 sq.ft. 1937 SFD; probate sale, 2 car pkg. $545/sq.ft.
Bernal Heights: 2 BR, 1.5 BA 1835 sq.ft. 1953 SFD on very large lot; 3 pkg. $518/sq.ft.
Marina: 2 BR, 1 BA, 1270 sq.ft. 1924 condo; yard, deck. $783/sq.ft.
For about $750,000
Sunnyside: 4 BR, 2 BA, 1600 sq.ft. 1921 SFD; 1 car pkg. $463/sq.ft.
Potrero Hill: 3 BR, 2.5 BA, 1334 sq.ft. 2007 townhouse condo; 1 car pkg. $569/sq.ft.
Miraloma Park: 3 BR, 2 BA, 1851 sq.ft. 1976 condo; canyon view, deck, 1 pkg. $404/sq.ft.
Bernal Heights: 3 BR, 2 BA, 1790 sq.ft. 2006 condo; park views, 1 car pkg. $415/sq.ft.
Central Sunset: 3 BR, 1 BA, 1939 tunnel-entrance SFD; bonus room/bath, sunroom, 2 pkg.
Cole Valley: 2 BR, 2 BA, 1131 sq.ft. 1928 Arts & Crafts condo, 1 pkg. $668/sq.ft.
Eureka Valley: 2 BR, 2 BA, 1066 sq.ft. 1890 Italianate Victorian condo; 1 pkg. $705/sq.ft.
Parkside: 2 BR, 1.5 BA, Doelger center-patio SFD; deck, garden, 2 pkg.
Inner Sunset: 2 BR, 1 BA, 1210 sq.ft. 1924 Marina-style SFD; sunroom, 2 pkg. $616/sq.ft.
Buena Vista Park: 2 BR, 1 BA, 1375 sq.ft. 1905 Edwardian condo; 1 pkg, yard. $545/sq.ft.
Mission Dolores: 2 BR, 1 BA, 1458 sq.ft. top-flr Edwardian condo; leased pkg. $511/sq.ft.
For about $650,000
Portola: 3 BR, 2.5 BA, 2085 sq.ft. 1965 SFD; in-law apt, 2 car pkg. $312/sq.ft.
Outer Sunset: 3 BR, 2 BA, 1509 sq.ft. 1944 SFD; in-law apt, deck, 2 car pkg.
Crocker Amazon: 3 BR, 2 BA, 1303 sq.ft. 1959 SFD; bonus room/bath, 2 car pkg.
Excelsior: 3 BR, 2 BA, 1612 sq.ft. 1965 SFD; full basement, 2 pkg. $402/sq.ft.
Anza Vista: 3 BR, 1 BA, 1194 sq.ft. condo; deck, no pkg. $536/sq.ft.
Forest Knolls: 2 BR, 2.5 BA, 1465 sq.ft. 1979 SFD; short sale, 2 pkg. $447/sq.ft.
South Beach: 2 BR, 2 BA, 1141 sq.ft. condo; deck, ballpark view, 1 pkg. $574/sq.ft.
Outer Richmond: 2 BR, 1 BA, 1240 sq.ft. 1920 SFD; 2 car pkg. $516/sq.ft.
Outer Parkside: 2 BR, 1 BA, 1137 sq.ft. 1948 SFD; REO sale, bonus room/bath, 2 pkg.
Sea Cliff: 1 BR, 2 BA, 944 sq.ft. 1922 2-level condo; leased pkg. $691/sq.ft.
SOMA: 1 BR, 1.5 BA, 1164 sq.ft. 2002 2-level condo-loft; den, 1 pkg. $550/sq.ft.
Noe Valley: 1 BR, 1 BA, 929 sq.ft. 1900 Victorian condo; yard, no pkg. $696/sq.ft.
Presidio Hghts: 1 BR, 1 BA, 1035 sq.ft. 1st flr, Edward. condo; no pkg. $623/sq.ft.
For about $500,000
Inner Mission: 3 BR, 2 BA, 1175 sq.ft. 2009 condo; 1 pkg. $426/sq.ft.* Specific sales occurring 6/21/09 – 9/21/09 and not necessarily representative of general values for property type and area delineated. Exact location, condition, construction, renovations, curb appeal, views, lot size and many other factors all impact property values. SFD = single family dwelling (house). Days on market = number of days between going on market and being designated “pending sale, contingencies removed.” Square footage is based on interior living square footage and does not include decks, patios, yards, garages, unfinished basements and attics, or rooms and units built without permit (so-called “bonus rooms” and “in-law apts”).
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:
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:
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:
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.
The SF luxury house market is usually defined by prestige location, large size, expensive appointments and sweeping views. One change that has occurred in the past 10 years is that high-end house sales have begun occurring in quantity in neighborhoods such as Noe Valley and Clarendon Heights (many sales over $3m; 2 sales over $5m in 2008), as well as in classic prestige neighborhoods like Pacific Heights, Russian Hill and Sea Cliff. However, since 9/15/08, the luxury market has been hit harder in the “new” neighborhoods than the old.
# ACTIVE Listings on Market: 68 Median List Price: $3,545,000
Average Square Footage: 5334 sq.ft. Average Dollar per Square Foot at List Price: $939
Average Days on Market: 118 days Median Days on Market: 64 days
High Listing: $65,000,000 in Pacific Heights, asking $3154/sq.ft. (on the market for 3.5 years)
Active Listings by List Price:
Neighborhoods with Most Luxury House Listings:
Currently PENDING SALE (offer accepted, but sale not closed): 17
Median List Price of Pending Sales: $2,695,000 Average Square Footage: 3972 sq.ft.
Average Dollar per Square Foot at List Price: $751 (for the 8 of 17 that gave square footage)
Average Days on Market: 103 days (the time between going on market and being designated as “Pending Sale, Contingencies Removed”)
One can see that the median list price of homes pending sale is well below the median list price of active listings, i.e. the lower end of the high end is more active.
Highest Priced Pending Sale: $7,995,000 in Presidio Heights
LUXURY HOUSE SALES in 6 Months to August 7, 2009: 79 (7.6% of all SF house sales)
Of the 79 sales, 32 were confidential: since sales prices were not revealed, final list prices are used in the calculations. Therefore, assuming most went under asking price (and not over), many of the below statistics are probably skewed somewhat high. Dollar per square foot could only be calculated on those homes reporting square footage.
Median Sales Price: $2,895,000 Average Square Footage: 4093 square feet
Average Dollar per Square Foot: $832 Average Days on Market: 82 days
High Sale: $11,500,000 (approx.) for 9 BR/ 7 BA, 10,600 sq.ft. Pacific Heights bank-owned (through foreclosure) sale
Expired Luxury House Listings during 6 Months (listed but not sold): 138
(almost 2 expired for every 1 sold)
Sales by Sales Price:
Neighborhoods with Most Luxury House Sales:
Comparing recent 6 months of luxury house sales with the same period of 2008:
Number of Sales: down 39% (but down 23% for past 3 months as the market picked up)
Median Sales Price: unchanged
Average Dollar per Square Foot: down 6.4% Average Days on Market: up 35 days
Noe/Eureka/Haight (District 5): # of luxury house sales down 49%; avg $/sq.ft. down 17%
35% of luxury house sales in 2009 went pending sale within 30 days (very quickly), and their average sales price to list price % was 99.9% (barely below asking price). In 2008, 61% of sales went pending within 30 days at an average sales price 104.3% of list (hot market). In 2007, 64% went pending within 30 days at an average SP of 107% of LP (very hot market).
In 2008, the percentage of expired listings to sold listings was 64%, compared to 175% in 2009. Listings typically expire when considered significantly overpriced by buyers and agents. Months-Supply-of-Inventory (the time it would take existing inventory to sell at current sales rates) has more than doubled year over year, from 2-3 months to 5-7 months (but down from the 10-20 months during the crash months, November 08 to March 09).
A Sample of Recent Luxury Home Sales
$2,260,000: 4 BR/3.5 BA, 3845 sq.ft., 1930 Alamo Square Spanish Colonial
$2,700,000: 5BR/5.5 BA, 5000 sq.ft., 1909 Potrero Hill house
$2,895,000: 5BR/4 BA, 5852 sq.ft., 1890 Noe Valley Queen Anne Victorian
$3,000,000: 4BR/3BA, 4600 sq.ft., 1980 Clarendon Heights contemporary house
$3,158,000: 3BR/3.5 BA, 3038 sq.ft., 1914 Nob Hill penthouse condo
$4,700,000: 2 BR/3.5 BA, 2576 sq.ft., Four Seasons condo on Market Street
$4,980,000: 6BR/4.5 BA, 5184 sq.ft., 1908 Presidio Heights house
$5,500,000: 4 BR/4 BA, 1951 Russian Hill condo
$7,750,000 (approx.): 7 BR/ 5 BA, 7000 sq.ft., 1896 Pacific Heights house on Gold Coast
2009 Home Sales as Reported to MLS by June 22, 2009
The below charts track year to date sales by property type and neighborhood by number of sales; low, high and median sales price; average days on market (how long it took the home to be designated “pending sale”); and average sales price to original list price (that percentage of original list price buyers ended up paying). An asterisk signifies a confidential sale — thus the final asking price is shown, not the actual sales price.
Market activity in SF increased substantially these past 3 months — of course, spring is usually the most active time of the year — though median prices generally continued to decline. Buyers are out in increasing numbers but continue to cherry pick those homes they consider the best values, and those they do purchase are selling, on average, at much higher discounts to the original list price than a year ago.
As always with general statistics, many aspects of value are not reflected below: curb appeal, condition, views, outdoor space, parking, rooms built without permit, quality of location within the neighborhood, and so forth. Thus, how the following statistics apply to any particular home and its value is unknown. Note the huge disparity that often appears between the low and high price for a particular property type in the same neighborhood: it sometimes runs in the multi-millions of dollars. With real estate, the devil’s always in the details.
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All data from sources deemed reliable but subject to error and omission, and not warranted. 6/26/09
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