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April 2015 San Francisco Residential Development

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April 2015 San Francisco Residential Development SAN FRANCISCO DEVELOPMENT April 2015 CONTENTS State of Development . 2 Market Performance . 3 Currently Selling . 4 Recently Sold-out & Resale . 12 Upcoming Developments . 23 Development Pipeline and Projections . 25 . About Vanguard Properties Developer Services . 27 REPORT NOTES While the Report focuses on condominiums, select information on apartments is presented as well . The most recent available data has been used, with data from March 2014/2015 used for month-over- month figures . Below Market Rate (BMR) units and senior housing have been omitted from closings and statistics . Note that It can take a few months before closings appear in the records . PG.1 SAN FRANCISCO DEVELOPMENT APRIL 2015 STATE OF DEVELOPMENT The City continues to benefit from several Area Plans, such as Market and Octavia, Eastern Neighbor- hoods and Rincon Hill . These Plans have acted as a catalyst for the construction of thousands of new market-rate and Below Market Rate (BMR) units . The Planning Department recently hosted an open house for the Central SOMA Plan, which seeks to address challenges and opportunities in preparation for the Central Subway, which opens in 2019 . The Plan area encompasses 2nd Street to the East, 6th Street to the West, Townsend Street to the South and Market Street to the North . While the Plan focuses on transit-oriented job growth, housing is also addressed . It is estimated that approximately 3,500 additional residential units would be pos- sible through re-zoning and allowable height increases . The greatest building heights would be possible along 4th Street, where the Central Subway is slated to run . The City will mandate greater numbers of BMR units in areas with newfound residential capacity . Combined with existing zoning and height parameters, Central SOMA could yield nearly 12,000 new units . The City expects to complete the Environmen- tal Impact Report by Q2 2016, with implemen- tation of the Plan thereafter . For additional information, visit CentralSOMA .SFPlanning .org . DEVELOPMENT NEWS... CURRENTLY SELLING Sales have commenced at The Rockwell, a two-tower condominium Development in Pacific Heights . 16th & Bryant is sold-out, with a price per square foot of approximately $950 . Lumina announced the release of a 37th floor, four-bedroom penthouse at $29,000,000, including 8,000 square feet of furnished interiors . 8 Octavia is nearly sold-out, with just two units left . The Development originally began sales in June of last year, and absorption currently measures at about five units per month . Sales have commenced at Townhomes on Tennessee, a new boutique Development in Dogpatch . UNDER CONSTRUCTION Construction is complete at V20, a new condominium Development in the Mission . Construction at Luxe in Pacific Heights has topped-out, and presales are expected to commence in the second quarter . The next release at The San Francisco Shipyard consists of 159 units, and sales are expected to commence in mid-April . Groundbreaking has taken place at 1050 Valencia Street, a 12-unit Development in the Mission . PG.2 SAN FRANCISCO DEVELOPMENT APRIL 2015 MARKET PERFORMANCE $/SqFt Currently Year-Over-Year Month-Over-Month New Condominium $1,163/SqFt 5% 3% Resale Condominium $1,043/SqFt 13% 5% Apartment $4.48/SqFt 10% n/a NEW CONDOMINIUM PRICING & VOLUME Median Price & Sales Volume Most Recent Month $1,600,000 50 $1,400,000 Median Sale Price: $1,017,500 40 $1,200,000 Number of Units Sold: 24 $1,000,000 30 $800,000 $600,000 20 $400,000 Number Sold 10 Median Sale Price $200,000 $0 0 Median Sales Price # Sold RESALE CONDOMINIUM PRICING & VOLUME Median Price & Sales Volume Most Recent Month $1,400,000 250 Median Sale Price: $1,110,000 $1,200,000 225 200 $1,000,000 Number of Units Sold: 186 175 $800,000 150 $600,000 125 $400,000 100 Number Sold Median Sale Price $200,000 75 $0 50 Median Sale Price # Sold APARTMENT PRICING Average Price Most Recent Month $4,250 $4,150 Average List Price: $4,021/month $4,050 $3,950 $3,850 $3,750 $3,650 $3,550 Average Price List Average $3,450 $3,350 $3,250 PG.3 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling THE ROCKWELL 1688 Pine Street | Pacific Heights - Van Ness Corridor Status: Sales commence mid-April Project info: Two 13-story towers, 260 units (first phase: 64 units), 31 BMRs, 201 parking spaces, 5,500 SqFt retail, Ground broken: Q4 2014 Developer: Oyster Development (Tricon Capital – equity partner) Architect: Kwan Henmi Amenities: Resident’s lounge with kitchen/screening room, Roof terrace with fireplace, Fitness center, Courtyard garden with fire- place/BBQ, 24-hour lobby attendant, Lounge with bar Features & Finishes: Private balconies, Air conditioning, Caesar- stone counter tops, Porcelain tile in bathrooms, Studio Becker cabinetry, Bosch/Bertazzoni appliances, Walk-in shower and dual sinks in master bathrooms Website: TheRockwellSF .com Unit Mix & Pricing Summary (Currently Selling) Number of Unit Type Units Size Range Price Range 1 - Bedroom n/a 686 - 750 SqFt n/a 2 - Bedroom n/a 914 - 1,203 SqFt n/a 3 - Bedroom n/a 1,762 SqFt n/a PG.4 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling SEVENTY 2 TOWNSEND 72 Townsend Street at 2nd | SOMA - South Beach Status: 72 units available/2 units in-contract/0 closed Project info: 74 units, 7 BMRs, 9-stories, 74 parking spaces, HOA: $653 - $1,257 Ground broken: Q1 2014 Date on market: April 2015 Closings anticipated: Q3 2015 Developer: KB Home Architect: SB Architects Amenities: Lobby attendant, Roof terrace, Resident’s lounge Features & Finishes: Private decks, Bay and City views, Walk- in showers, Soaking tubs, Floor-to-ceiling windows, Approxi- mately 9’ ceilings Website: 72Townsend .com Unit Mix & Pricing Summary (Currently Selling) Number of Unit Type Units* Size Range Price Range 1 - Bedroom 31 619 - 1,005 SqFt $950K - $1.4M 2 - Bedroom 33 935 - 1,289 SqFt $1.4M - $1.8M 2 - Bedroom Penthouse 1 1,444 SqFt $3.5M 3 - Bedroom Penthouse 2 1,571 - 1,740 SqFt $3.5M - $4.4M *BMRs excluded PG.5 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling TOWNHOMES ON TENNESSEE 1189 Tennessee Street at 22nd | Dogpatch Status: 11 units available/0 in-contract/0 closed Project info: 11 units, 4-stories, 12 parking spaces, HOA: $481 - $693 Date on market: April 2015 Architect: Gary Gee Amenities: Elevator, Bicycle storage Features & Finishes: Wide-plank oak floors, Underfloor heating, Elfa closet systems, Vaulted ceilings, Private terraces, Viking ap- pliances, Quartz counter tops, Grohe faucets, Soaking tubs Website: DogpatchTownhomes .com Unit Mix & Pricing Summary (Currently Selling) Number of Unit Type Units Size Range Price Range 1 - Bedroom 2 1,275 - 1,443 SqFt $1.1M 2 - Bedroom 4 1,218 - 1,501 SqFt $1.25M - $1.6M 3 - Bedroom 2 1,444 SqFt $1.7M - $1.8M Commercial Condominium 3 844 - 1,571 SqFt $695K - $1M V20 3584 Valencia Street at 20th | Mission Status: 18 units available/0 in-contract/0 closed Project info: 18 units, 5-stories Date on market: March 2015 Amenities: Roof terrace, Courtyard, Elevator, Bicycle storage Features & Finishes: Private outdoor spaces, Oak floors, Studio Becker cabinetry, Miele appliances, Pentalquartz counter tops, Grohe fixtures, Walk-in showers, Gas fireplaces Website: Valencia20 .com Unit Mix & Pricing Summary (Currently Selling) Number of Unit Type Units Size Range Price Range 2 - Bedroom 4 1,126 - 1,221 SqFt n/a 3 - Bedroom 14 1,266 - 1,634 SqFt n/a PG.6 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling LUMINA 201 Folsom Street at Beale | South Beach Status: 406 units available/250 in-contract/0 closed, Approximate $/SqFt: $1,400, Approximate absorption: 40 units/month Project info: 656 units, one 42-story tower, one 37-story tower, two 8-story podiums Developer: Tishman Speyer (China Vanke – equity partner) Architect: Bernardo Fort-Brescia of Arquitectonica Date on market: September 2014 First closings anticipated: Q3 2015 Amenities: 10,500 SqFt rooftop with vegetable garden/dining/fire pits/movie screening, 7,000 SqFt fitness center with yoga studio/ aerobics room/20-foot climbing wall, lounge with fireplace/bar, private dining room with chef’s kitchen/prep kitchen/fireplace/out- door terrace, screening room with tiered seating for thirty/surround sound, 75-foot lap pool, library with WIFI, 2,000 SqFt spa with treatment room/day lockers/steam room/sauna, children’s room, music practice room, pet grooming station, on-site gourmet grocer Features & Finishes: 9’ to 10’10” ceilings, Bay views, Gaggenau ovens/cook tops, Bosch refrigerators/dishwashers, Caesarstone quartz counter tops/backsplash, SieMatic cabinetry, marble vani- ty counter tops, porcelain tile bathroom floors/shower walls, Nest Thermostats Website: LuminaSF .com Unit Mix & Pricing Summary (Currently Selling) Number of Unit Type Units Size Range Price Range Studio/Jr. 1-Bedroom 16 650 - 870 SqFt $850K - $950K 1 - Bedroom 200 850 - 1,400 SqFt $1.1M - $1.7M 2 - Bedroom 373 1,180 - 1,600 SqFt $1.5M - $3.5M 3 - Bedroom 67 1,700 - 2,650 SqFt $3.2M - $6M PG.7 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling MISSION@1875 1875 Mission Street at 15th | Mission Status: 12 units available/14 in-contract/13 closed, Average $/SqFt: $1,048, Approximate absorption: 5 units/month Date on market: October 2014 Developer: M1875 LLC Project info: 39 units, 4-stories, 6 BMRs, 24 parking spaces, HOA: $400 - $520 Amenities: Rooftop pool, dog run Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, frosted glass walls, Blanco faucets,
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