August 2016 San Francisco Residential Development
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SAN FRANCISCO RESIDENTIAL DEVELOPMENT AUGUST 2016 NAVIGATION Click page numbers to be taken directly to page NEWS & FORWARD MARKET HIGHLIGHTS DESIGN PERFORMANCE NEWS AND HIGHLIGHTS MARKET PERFORMANCE MARKET PERFORMANCE Median $/SqFt Currently Year-Over-YearMedian $/SqFt Month-Over-MonthCurrently Year-Over-Year Month-Over-Month CURRENTLY SELLING... New Condominiump. $1,218/SqFt +New 15% Condominiump. + 2% $1,218/SqFt + 15% p. + 2% Nearly half of second phase is under contract. Price per square foot3 is 4 5 Shipyard’s Resale Condominium $1,042/SqFt +Resale 11% Condominium + 2% $1,042/SqFt + 11% + 2% averaging approximately $760. The first phase averaged approximately $660 per square foot. New Apartment $5.10/SqFt +New 7% Apartment N/A $5.10/SqFt + 7% N/A Less than 100 units remain available at The Rockwell. Current absorption surpasses 30 units a month. NEW CONDOMINIUM PRICING & VOLUME NEW CONDOMINIUM PRICING & VOLUME Sales are expected to commence this month at the second phase of Onyx , consisting of 21 condominiums. Median Price & Closing Volume Median Price & Closing Volume Closings have commenced at Lumina’s Plaza A. Price per square$1,200,000 foot is averaging $1,200,000180 180 approximately $1,500. 160 160 $1,000,000 $1,000,000 140 Most Recent Quarter 140 Most Recent Quarter $800,000 ROWAN 1450 FRANKLIN SHIPLEY$800,000120 HOUSE ONE FRANKLIN 181120 FREMONT 100 Median: $1,000,000 100 Median: $1,000,000 PROPOSED... $600,000 $600,000 ONE MISSION BAY THE HARRISON THE80 PACIFIC 388 FULTON 450 HAYES80 THE DISTRICT 131 Group Housing untis have been proposed for 1798 Bryant Street$400,000 at 17th. The 7-story $400,00060 Units Closed: 52 60 Units Closed: 52 project will offer a shared kitchen as amenity space. 40 Number Closed 40 Number Closed Median Sale Price $200,000LUMINA ROCKWELL LUXE FULTONMedian Sale Price $200,000 555 72 TOWNSEND SHIPYARD SUMMIT 800 20 Units Available: 758* 20 Units Available: 758* 36 Group Housing units have been proposed for 45 Dore Street in Western SOMA. The project has not proposed any car parking, and will include a communal$0 Click living development space. to be taken directly to page 0 $0 0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 A six-story building has been proposed for 1075 Folsom Street at 7th. The project consistsMedian Sale of Price # Closings Median Sale Price # Closings 34 units, 15 car spaces and 40 bicycle spaces. Panoramic Interests has proposed two five-story buildings at 333 12th Street at Folsom. 182 * As of September 2015; Restricted * As of September 2015; Restricted units have been proposed, along with 182 bicycle spacesRESALE and no carCONDOMINIUM parking. PRICING & VOLUME RESALE CONDOMINIUMby phased marketing PRICING releases & VOLUME by phased marketing releases 77 units have been proposed for 552 Brannan Street COMINGat 4th. The Project proposes SOON/ 34 car SOLD-OUT & UPCOMING spaces and 80 bicycle spaces. Median Price & Closing Volume Median Price & Closing Volume 700 SELLING 700 $1,150,000RESALE DEVELOPMENTS$1,150,000 600 600 $1,100,000 $1,100,000 CITY PLANNING... AFFORDABLE HOUSING BONUS PROGRAM Most Recent Quarter CLICK TO RETURN TO THE NAVIGATION PAGEMost Recent Quarter CLICK TO RETURN TO THE NAVIGATION PAGE 500 500 $1,050,000 $1,050,000 What is the Affordable Housing Bonus Program (AHBP)?400 This new City Program aims to increase 400 Median: $1,111,250 Median: $1,111,250 theCURRENTLY supply of affordable housing, SELLING by increasing allowable residential density and height limits. $1,000,000 $1,000,000 300 300 $950,000 Units Closed: 560 $950,000 Units Closed: 560 How does it work? Developers who provide 30 percent (or200 greater) affordable units will be relieved 200 of density limits, and be allowed to build two additional residential stories. The affordable units would be broken down into two categories: 100Luxe 100 $900,000 Months Supply Inventory: 1 $900,000 Months Supply Inventory: 1 Sales MISSION@1875p. Development p. Developer / Owner Area Units Commence 0 p. 0 $850,000 32 $850,000 1650 Broadway at Van Ness | Pacific Heights 35 12% low income (55% of area median income for rental; 90% for ownership) 6 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q1 20141875 Q2Mission 2014 StreetQ3 2014 at 15th Q4 | 2014Mission2655Q1 Bush 2015 StreetQ2 at 2015 Divisadero KB Home Lower Pac Heights 81 Q4 2015 Status: 34 units available/0 in-contract/0 closed 18% moderate income (120% of area median income for rental; 140% for ownership) Status: Average $/SqFt: $1,055 Pre-sale: August 2015 ClosingsNumber anticipated: Closed MedianQ1 2016 Sale Price Number Closed Median1001 Sale 17th Price Street at Pennsylvania 1001 17th Street Associates Potrero Hill 26 Q4 2015 Date on market: October 2014 The development would also be required to offer at least Project40 percent info : two-bedroom34 units, 7-stories, units. 34 parking spaces 1868 Van Ness Avenue at Sacramento N/A Van Ness Corridor 35 Q4 2015 Developments which contain 100 percent affordable units would be offered the same relief from Developer: M1875 LLC Developer: Belrich Partners density limits, and up to three additional residential stories.NEW APARTMENT PRICING & OCCUPANCY NEW APARTMENTProject info: PRICING 39 units, &4-stories, OCCUPANCY 6 BMRs,450 Hayes 24 parking Street at spaces, Gough Monthly DDG/DM Hayes Valley 41 Q4 2015 Architect: Forum Design HOA fee: $400 - $520 There is also an alternate State mandated Bonus Program, which allows for greater density and Pacific - 2155 Webster Street at Sacramento Trumark Urban Pacific Heights 76 Q1/Q2 2016 Interior Design: Edmonds + Lee heights on a graduated basis, depending on the number and type of BMR units provided.Average Price & Occupancy Amenities: RooftopAverage pool, Price dog & runOccupancy Features & Finishes: Marble tile and zinc facade, Floor- Finishes: Ann Sacks/Porcelanosa tile,1450 hardwood Franklin Street floors, at BushBlanco Village Properties Western Addition 67 Q1 2016 Where does it apply? The Program applies to residential mixed-useto-ceiling$4,000 windows, districts. Bay The and program Golden does Gate views,not Studio $4,00095.0% 95.0% apply for RH-1 or RH-2 (one- and two-family house) zoning districts, which account for over 70% of faucets, Bertazzoni microwaves/ranges,One Rincon Leibherr Hill refrigerators,II - 401 Harrison brass Street Rockpoint/Maximus Rincon Hill 298 Q1 2016 Becker$3,900 Cabinetry, Mobile kitchenClick islands, development Caesarstone to be taken directly$3,900 to entrypage doors, Heath Ceramics house numbers, radiant heated floors the City. $3,800 $3,80094.0% 94.0% countertops, Subzero refrigerators, Thermador ap- 3420 18th Street at San Carlos N/A Mission 16 Q1 2016 $3,700 $3,70093.0% Website: M1875.com 93.0% What are next steps? The City aims to have Program legislationpliances,$3,600 enacted Uline wine by year’s coolers, end. Duravit For fulland Hansgrohe $3,600 Most Recent Quarter Most Recent Quarter 1001 17TH MILLENNIUM TOWER ONE RINCON HILL 1050 Valencia Street at Hill N/A Mission 12 Q1 2016 program details, visit SF-Planning.org. fixtures,$3,500 Victoria + Albert limestone soaking tubs, $3,50092.0% 92.0% Frameless glass showers; Penthouses only: Gas fire- $3,400 CLOSING DETAILS $3,40091.0% Average: $3,875 388 Fulton Street at Franklin91.0% Average: 7x7$3,875 Development Hayes Valley 61 Q1 2016 places,$3,300 Walk-in pantries and closets, Calacatta marble, $3,300 90.0% Occupancy 90.0% Occupancy Custom Price Average $3,200 millwork Price Average $3,200 Occupancy: 91% Rowan - 346 Potrero Avenue at 16th Occupancy:Trumark 91% Urban Potrero Hill 70 Q1 2016 Unit Type SqFt HOA $ Parking Closing Price $/SqFt Closing Date $3,100 $3,10089.0% 89.0% Amenities:$3,000 Lounge, Two-story lobby $3,000 109 2/2 1,272 $560 1 $1,200,000 580 Hayes$943 Street at8/28/2015 Laguna Laguna Hayes LLC Hayes Valley 29 Q1 2016 PG.3 SAN FRANCISCO RESIDENTIAL DEVELOPMENT SEPTEMBER 2015 Website:$2,900 Luxe-SF.com $2,90088.0% 88.0% Q1 2014 Q2 2014 Q3 2014410 Q4 2014 2/1Q1 2015 Q2779 2015 $420Q1 2014 Q2 20141 Q3 2014$945,000Q4 2014 One Mission$1,213Q1 2015 Bay -Q2REPORT 10008/3/2015 2015 Channel Street at 3rd NOTESCIM Group Mission Bay 350 Q1 2016 Average Price404 Occupancy2/1 750 $412 1 Average Price$935,000 Occupancy$1,247 7/28/2015 PIPELINE/ ABOUT & 1 Franklin Street at Market JS Sullivan Hayes Valley 35 Q2 2016 311 1/1 777 $419 0 $729,000 $938 While6/23/2015 the Report focuses on condo- 310 1/1 779DISCLAIMER$419 0 $739,000 181 Fremont$949 Streetminiums, at6/5/2015 Howard select informationJay Paulon Companyapart- Transbay 67 Q2 2016 PROJECTIONS411 2/1 778 $420 1 $950,000 832 Sutter$1,221 Street ments at6/5/2015 Jones has been presented as well.N/A The Lower Nob Hill 20 Q2 2016 PG.4 SAN FRANCISCO RESIDENTIAL DEVELOPMENT SEPTEMBER308 2015 0/1 PG.4 SAN623 FRANCISCO RESIDENTIAL$376 DEVELOPMENT0 SEPTEMBER$675,000 2015 $1,083 most5/14/2015 recent available data has been Knox - 645 Texas Street at 22nd Trumark Urban Potrero Hill 91 Q3 2016 208 0/1 626 $363 0 $625,000 $998 used,5/11/2015 with data from July 2015/2016 312 2/1 805 $410 1 $910,000 Tower$1,130 at Nob Hillused -4/24/2015 1545 for Pine comparisonsStreet at Van Ness andPacific statistics. Eagle Holdings Nob Hill 103 Q3 2016 PIPELINE SUMMARY Below Market Rate (BMR) and senior 210 1/1 779 $420 1 $780,000 5800$1,001 Third Street -4/23/2015 Phase II Holliday Development Bayview 136 Q4 2016 412 2/1 801 $426 1 $980,000 $1,223 housing4/22/2015 units have been omitted from 1450 15th Street at Shotwell 10 South Shore LLC Mission 23 Q4 2016 Approved, Under Review and Conceptual 204 1/1 752 $451 1 $740,000 $984 closings4/21/2015 and statistics where possible.