New Development Market Insights
San Francisco Q2 2019
COMPASS DEVELOPMENT 1699 VAN NESS AVENUE SAN FRANCISCO, CA 94109 — P: 415.615.6815 — COMPASS.COM/DEVELOPMENT EXECUTIVE SUMMARY
Compass Development and The Mark Company’s research teams have joined forces to create this New Development Market Insights report, an in-depth review of San Francisco’s core downtown neighborhoods. Published quarterly and highlighting the city’s vast condo market, we pull information from a combination of public and proprietary databases which access the most up-to-date closing information for new development properties as well as resales.
The quarterly Market Watch, beginning on Page 3, highlights overall market trends in District 6, 7 , 8, and 9, which collectively encompass the majority of new development projects in the city. We subsequently break down each of these districts individually to paint a more granular picture of each submarket.
On Page 9, we begin a citywide exploration of each currently-selling new development project, including the most recent closings at each, followed by a brief overview of upcoming projects which are under construction or have yet to break ground.
For any inquiries regarding our research, please reach out to [email protected].
TABLE OF CONTENTS
Quarterly San Francisco Market Watch ...... Page 3
San Francisco Districts 6-9 ...... Page 3
San Francisco District 6 ...... Page 4
San Francisco District 7 ...... Page 5
San Francisco District 8...... Page 6
San Francisco District 9 ...... Page 7
New Construction Project Overviews ...... Page 8
New Development Pipeline ...... Page 24
New Development Market Insights - San Francisco - Q2 2019 2 SF MARKET WATCH/ Q2 2019 Q2 is typically the strongest quarter each year for the San Francisco Map of Coverage: SF Districts 6-9 condominium market, and Q2-19 held true to form, with an 85% increase in sale volume from Q1-19. There were 713 closings recorded during the quarter, at an average price of $1.4M and an average $/SF valuation of $1,235. All of these figures were down YoY from Q2-18, a standout quarter in which the ultra-luxury 181 Fremont and 288 Pacific projects reported batches of closings over $2,000/SF. Q2-19 represents a significant recovery from the market’s pause in the winter and early spring, as an influx of IPO money coupled with favorable interest rates and a bullish stock market to spur buyers back into action.
Market Performance, Districts 6-9
San Francisco Market Performance CONDO Q2-19 YoY% Q2-18 QoQ% Q1-19 # of Sales Condos in Districts 6-9 Blended Avg. PPSF
1,000 $1,400 Avg. Sales Price $1,389,930 -6.5% $1,485,764 0.9% $1,377,461
900 $1,300 Blended Avg. PPSF $1,235 -5.5% $1,306 7.0% $1,154
800 $1,200 Number of Sales 713 -21.1% 904 85.2% 385
700 $1,100 DOM 36 N/A 87 N/A 38
600 $1,000 ANNUAL 2018 YoY% 2017 YoY% 2016 PERFORMANCE 500 $900 Avg. Sales Price $1,420,562 2.6% $1,384,097 1.7% $1,361,378 400 $800 Avg. PPSF $1,252 6.6% $1,174 -0.5% $1,180 300 $700 Number of Sales 2,685 6.5% 2,521 -13.3% 2,907 200 $600 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DOM 53 N/A 42 N/A 43 2014 2015 2016 2017 2018 2019
Sales by Price Point, Districts 6-9
Under $1M Q2-19 YoY% Q2-18 QoQ% Q1-19 $2M-$3M Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $790,248 -3.5% $818,909 -0.1% $791,029 Avg. Sales Price $2,341,343 -0.7% $2,358,019 -2.8% $2,409,251
Avg. PPSF $1,136 0.7% $1,128 14.4% $993 Avg. PPSF $1,343 -2.5% $1,378 -2.4% $1,377
Number of Sales 228 -21.1% 289 56.2% 146 Number of Sales 78 1.3% 77 77.3% 44
DOM 33 N/A 159 N/A 15 DOM 29 N/A 27 N/A 13
$1M-$2M Q2-19 YoY% Q2-18 QoQ% Q1-19 $3M+ Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $1,376,148 -2.2% $1,406,731 1.2% $1,359,560 Avg. Sales Price $4,101,200 -16.4% $4,907,367 -8.5% $4,481,786
Avg. PPSF $1,166 -2.4% $1,195 7.3% $1,087 Avg. PPSF $1,762 -17.8% $2,144 12.7% $1,564
Number of Sales 382 -21.2% 485 111.0% 181 Number of Sales 25 -49.0% 49 78.6% 14
DOM 25 N/A 21 N/A 16 DOM 66 N/A 24 N/A 20
Note: Data includes new construction and resale
New Development Market Insights - San Francisco - Q2 2019 3 SF MARKET WATCH/ Q2 2019 District 6, which encompasses Lower Pacific Heights, Anza Vista, SF District 6 - Condos Western Addition, North Panhandle, Alamo Square, and Hayes Valley, had 82 condo closings in Q2-2019 (-10.0% YoY) at an average sales Q2 2019 price of $1.3M (flat YoY).
Valuations increased to $1,078 PSF in District 6, up 2% YoY. The quarterly $1.3M -0.5% average valuation in this area depends largely on its busiest subdistrict. Avg. Sale Price from Q2 2018 Closings in Hayes Valley, in which most of the district’s amenitized developments are located, averaged $1,214/SF. All other parts of $1,078/SF +2.0% District 6, which feature primarily low-rise buildings with a significant On 82 Sales from Q2 2018 proportion of less valuable tenancies-in-common (TICs), averaged $1,035 PSF. 82 -9.9% # Sales in Q2 2019 from Q2 2018
Market Performance, District 6
San Francisco Market Performance CONDO Q2-19 YoY% Q2-18 QoQ% Q1-19 # of Sales Condos in District 6 Blended Avg. PPSF 200 $1,200 Avg. Sales Price $1,277,000 -0.5% $1,283,079 9.0% $1,171,765
175 $1,100 Avg. PPSF $1,078 2.0% $1,056 11.0% $971
150 $1,000 Number of Sales 82 -9.9% 91 105.0% 40
125 $900 DOM 25 N/A 34 N/A 42
100 $800 ANNUAL 2018 YoY% 2017 YoY% 2016 PERFORMANCE 75 $700 Avg. Sales Price $1,267,446 3.1% $1,228,867 13.2% $1,085,353 50 $600 Avg. PPSF $1,092 7.8% $1,013 -5.2% $1,069 25 $500 Number of Sales 325 1.2% 321 -24.1% 423 0 $400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DOM 34 N/A 36 N/A 38 2014 2015 2016 2017 2018 2019
Sales by Price Point, District 6
Under $1M Q2-19 YoY% Q2-18 QoQ% Q1-19 $2M-$3M Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $745,920 2.3% $729,418 -0.6% $750,794 Avg. Sales Price $2,250,000 -3.3% $2,325,875 -11.8% $2,550,000
Avg. PPSF $1,015 0.2% $1,013 19.1% $852 Avg. PPSF $1,194 0.9% $1,184 -3.5% $1,237
Number of Sales 25 -16.7% 30 47.1% 17 Number of Sales 6 -25.0% 8 500.0% 1
DOM 37 N/A 32 N/A 26 DOM 12 N/A 12 N/A 0
$1M-$2M Q2-19 YoY% Q2-18 QoQ% Q1-19 $3M+ Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $1,422,863 -1.9% $1,451,136 -0.8% $1,434,413 Avg. Sales Price - N/A $3,300,000 N/A -
Avg. PPSF $1,072 0.2% $1,070 6.1% $1,010 Avg. PPSF - N/A $1,162 N/A -
Number of Sales 51 4.1% 49 131.8% 22 Number of Sales 0 N/A 1 N/A 0
DOM 17 N/A 28 N/A 22 DOM - N/A 14 N/A -
Note: Data includes new construction and resale
New Development Market Insights - San Francisco - Q2 2019 4 SF MARKET WATCH/ Q2 2019 District 7, which encompasses the Marina, Cow Hollow, Pacific Heights, SF District 7 - Condos and Presidio Heights, had 88 closings in Q2-19, down 9.3% YoY and up 38% QoQ. Valuations are up 11.7% YoY to an average sales price of just Q2 2019 under $2.0M, the highest quarterly average since Q4-17.
The most expensive area in San Francisco’s core in terms of per-square- $2M +11.7% foot valuations, District 7 averaged $1,325/SF this quarter (-2.1% YoY). Avg. Sale Price from Q2 2018 Favorable market conditions boosted the luxury resale segment in the area. There were 39 closings for more than $2M in Q2-19, compared to $1,325/SF -2.1% 21 last quarter and 26 in Q2-18. On 88 Sales from Q2 2018 88 -9.3% # Sales in Q2 2019 from Q2 2018
Market Performance, District 7
San Francisco Market Performance CONDO Q2-19 YoY% Q2-18 QoQ% Q1-19 # of Sales Condos in District 7 Blended Avg. PPSF
175 $1,500 Avg. Sales Price $1,977,538 11.7% $1,770,651 13.5% $1,741,854
150 $1,400 Avg. PPSF $1,325 -2.1% $1,354 8.0% $1,227
125 $1,300 Number of Sales 88 -9.3% 97 37.5% 64
100 $1,200 DOM 45 N/A 20 N/A 31
ANNUAL 2018 YoY% 2017 YoY% 2016 75 $1,100 PERFORMANCE
Avg. Sales Price $1,764,606 -13.1% $2,030,902 6.7% $1,903,974 50 $1,000
Avg. PPSF $1,292 -4.9% $1,358 5.4% $1,289 25 $900
Number of Sales 318 -7.3% 343 -0.9% 346 0 $800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DOM 27 N/A 31 N/A 38 2014 2015 2016 2017 2018 2019
Sales by Price Point, District 7
Under $1M Q2-19 YoY% Q2-18 QoQ% Q1-19 $2M-$3M Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $846,000 3.0% $821,478 1.1% $836,708 Avg. Sales Price $2,338,630 0.6% $2,325,313 -5.7% $2,480,413
Avg. PPSF $1,230 -0.1% $1,230 7.3% $1,146 Avg. PPSF $1,246 -4.3% $1,303 1.0% $1,233
Number of Sales 17 -26.1% 23 41.7% 12 Number of Sales 27 68.8% 16 58.8% 17
DOM 78 N/A 27 N/A 11 DOM 29 N/A 15 N/A 21
$1M-$2M Q2-19 YoY% Q2-18 QoQ% Q1-19 $3M+ Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $1,301,449 -11.6% $1,471,649 -6.9% $1,397,456 Avg. Sales Price $4,571,000 1.5% $4,501,500 14.6% $3,987,500
Avg. PPSF $1,165 -4.1% $1,214 -0.9% $1,175 Avg. PPSF $1,622 -8.5% $1,772 12.5% $1,442
Number of Sales 32 -33.3% 48 3.2% 31 Number of Sales 12 20.0% 10 200.0% 4
DOM 26 N/A 15 N/A 12 DOM 55 N/A 22 N/A 2
Note: Data includes new construction and resale
New Development Market Insights - San Francisco - Q2 2019 5 SF MARKET WATCH/ Q2 2019 District 8 includes the North Waterfront, North Beach, Telegraph Hill, SF District 8 - Condos Financial District/Barbary Coast, Russian Hill, Nob Hill, Downtown, Tenderloin, and Van Ness/Civic Center areas. There were 161 closings Q2 2019 in the area, nearly double the 85 in Q1-19, and the average valuation rose 2.1% YoY to $1,202/SF.
$1.3M -16.8% A penthouse closing at the newly built Palace at Washington Square in Avg. Sale Price from Q2 2018 North Beach set the city’s high-water mark for the quarter at $3,215/SF. It was one of 20 closings over $2M in District 8, which historically sees $1,228/SF -8.0% some of the city’s highest-priced resales because of the views atop On 161 Sales from Q2 2018 Nob Hill and Russian Hill. 161 -3.0% # Sales in Q2 2019 from Q2 2018
Market Performance, District 8
San Francisco Market Performance # of Sales CONDO Q2-19 YoY% Q2-18 QoQ% Q1-19 Condos in District 8 Blended Avg. PPSF 250 $1,400 Avg. Sales Price $1,281,233 -16.8% $1,540,367 -9.0% $1,408,424
225 $1,300 Avg. PPSF $1,228 -8.0% $1,334 2.1% $1,202 200 $1,200 Number of Sales 161 -3.0% 166 89.4% 85 175 $1,100 DOM 42 N/A 33 N/A 49 150 $1,000 ANNUAL 125 $900 2018 YoY% 2017 YoY% 2016 PERFORMANCE
100 $800 Avg. Sales Price $1,377,178 0.8% $1,366,317 11.6% $1,224,800
75 $700 Avg. PPSF $1,243 2.2% $1,216 3.9% $1,171 50 $600 Number of Sales 567 -1.2% 574 -5.4% 607 25 $500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DOM 43 N/A 48 N/A 40 2014 2015 2016 2017 2018 2019
Sales by Price Point, District 8
Under $1M Q2-19 YoY% Q2-18 QoQ% Q1-19 $2M-$3M Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $756,614 -1.1% $764,962 7.3% $704,895 Avg. Sales Price $2,447,920 -1.2% $2,478,103 3.8% $2,358,214
Avg. PPSF $1,094 -0.5% $1,099 25.5% $872 Avg. PPSF $1,392 -5.3% $1,469 -10.5% $1,556
Number of Sales 73 21.7% 60 92.1% 38 Number of Sales 16 -15.8% 19 14.3% 14
DOM 39 N/A 31 N/A 25 DOM 49 N/A 38 N/A 5
$1M-$2M Q2-19 YoY% Q2-18 QoQ% Q1-19 $3M+ Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $1,401,051 2.1% $1,371,949 5.8% $1,323,931 Avg. Sales Price $4,151,875 -11.8% $4,707,308 -9.1% $4,569,000
Avg. PPSF $1,169 1.1% $1,156 7.8% $1,084 Avg. PPSF $2,092 4.7% $1,998 23.2% $1,698
Number of Sales 68 -8.1% 74 142.9% 28 Number of Sales 4 -69.2% 13 -20.0% 5
DOM 33 N/A 27 N/A 12 DOM 39 N/A 39 N/A 55
Note: Data includes new construction and resale
New Development Market Insights - San Francisco - Q2 2019 6 SF MARKET WATCH/ Q2 2019 District 9 features the city’s highest density condo neighborhoods, SF District 9 - Condos including Yerba Buena, South Beach, SoMa, Mission Bay, Central Waterfront/Dogpatch, Potrero Hill, Inner Mission, and Bernal Heights. Q2 2019 This quarter’s 377 closings reflected a 92.3% increase from Q1-19 but paled in comparison to the 550 recorded in Q2-18, the district’s busiest $1.3M -8.8% quarter in at least five years. Valuations dipped 8.8% YoY, to $1.3M. Avg. Sale Price from Q2 2018 All of the city’s new high-rise developments sit within District 9, which is poised to continue benefiting as the IPO money settles. Sales velocity $1,251/SF -6.2% improved this quarter, as the average days on market for all closings On 377 Sales from Q2 2018 fell to 33, and the 29 condos in the $2-3M price segment averaged just 21 days on the market. The decrease in valuations compared to Q2-18 was primarily caused by last year’s first batch of closings at 181 377 -31.5% Fremont. $/SF valuations, which averaged $1,251 (-6.2% YoY), are likely # Sales in Q2 2019 from Q2 2018 to rise when projects like The Avery and Mira report their first closings later this year. Market Performance, District 9
San Francisco Market Performance CONDO Q2-19 YoY% Q2-18 QoQ% Q1-19 # of Sales Condos in District 9 Blended Avg. PPSF 600 $1,400 Avg. Sales Price $1,324,805 -8.8% $1,452,576 2.9% $1,287,027
550 $1,300 Avg. PPSF $1,251 -6.2% $1,333 9.6% $1,142 500 $1,200 Number of Sales 377 -31.5% 550 92.3% 196 450 $1,100 DOM 33 N/A 144 N/A 35 400 $1,000 ANNUAL 350 2018 YoY% 2017 YoY% 2016 PERFORMANCE $900 300 Avg. Sales Price $1,396,804 11.0% $1,257,971 -8.1% $1,369,166 $800 250 Avg. PPSF $1,282 13.2% $1,133 -3.7% $1,177 200 $700 Number of Sales 1,475 15.0% 1,283 -16.2% 1,531 150 $600 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DOM 72 N/A 44 N/A 47 2013 2014 2015 2016 2017 2018 2019
Sales by Price Point, District 9
Under $1M Q2-19 YoY% Q2-18 QoQ% Q1-19 $2M-$3M Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $813,395 -4.6% $852,218 -2.5% $834,179 Avg. Sales Price $2,303,966 -0.4% $2,313,868 -2.2% $2,356,250
Avg. PPSF $1,180 3.1% $1,144 10.6% $1,066 Avg. PPSF $1,489 5.8% $1,408 2.9% $1,447
Number of Sales 113 -35.8% 176 43.0% 79 Number of Sales 29 -14.7% 34 141.7% 12
DOM 22 N/A 258 N/A 8 DOM 21 N/A 33 N/A 14
$1M-$2M Q2-19 YoY% Q2-18 QoQ% Q1-19 $3M+ Q2-19 YoY% Q2-18 QoQ% Q1-19
Avg. Sales Price $1,370,142 -2.0% $1,398,075 2.1% $1,341,321 Avg. Sales Price $3,452,278 -34.1% $5,238,040 -27.9% $4,790,000
Avg. PPSF $1,193 -2.5% $1,224 10.3% $1,082 Avg. PPSF $1,888 -23.2% $2,458 23.0% $1,535
Number of Sales 226 -28.0% 314 126.0% 100 Number of Sales 9 -64.0% 25 80.0% 5
DOM 24 N/A 20 N/A 17 DOM 94 N/A 13 N/A 0
Note: Data includes new construction and resale
New Development Market Insights - San Francisco - Q2 2019 7 NEW CONSTRUCTION PROJECT OVERVIEW
The following section contains sales information and updates for actively selling developments with 20+ Market Rate units.
Project List* Coming Soon
181 Fremont Residences 1433 Bush 719 Larkin 1515 Union 901 Tennessee 2177 Third 99 Rausch 950 Tennessee Four Seasons Private Residences Crescent Fulton 555 One Eleven Lumina Mira Recently Sold Out One Mission Bay Stage 1075 1598 Bay Sutter North 1868 Van Ness The Austin 288 Pacific The Avery 815 Tennessee The Harrison The Alexandria The Westerly * Sorted in alphabetical order
Notes
1) New Construction developments are either actively selling for the first time or a rental development that has been con- verted to for sale and is now actively selling. Recent sales include publicly available information on closings over the last four quarters. Active listings include inventory listed on the MLS as of 7/8/19.
2) This report covers new construction condominium developments with 20+ market rate units.
3) Assume that developments in the New Construction section are actively selling units unless noted otherwise. In addition, list prices and number of units available are based on the month of the report and closings are based on what has been recorded to date. Please note that closings can take 30-60 days to be recorded.
4) Date On Market refers to the date the Sales Center opened.
5) Average Absorption is calculated from Date On Market through the date of the report. It accounts for units both in con- tract and closed.
6) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the weighted average of unit closing prices and square footages.
7) Below Market Rate units are omitted from new construction and resale closings whenever possible.
New Development Market Insights - San Francisco - Q2 2019 8 181 FREMONT
Address 181 Fremont Street San Francisco, CA
Developer Jay Paul Company
Residences 55 and 12 Accessory Suites
Average HOA Fees ~$3,000/month
Date on Market May 2016
Closings Commenced May 2018
Average Absorption N/A
SALES STATUS 31 Closed N/A In Contract N/A Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 1 $1,431,500 $2,298 Studio 0 - -
1-BR 1 $1,400,000 $2,108 1-BR 0 - -
2-BR 6 $6,052,417 $3,069 2-BR 3 $7,588,333 $3,699
3-BR 3 $8,600,000 $3,496 3-BR 1 $5,950,000 $3,017
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 11 $5,904,182 $3,168 Total/Avg. 4 $7,178,750 $3,533
New Development Market Insights - San Francisco - Q2 2019 9 719 LARKIN
Address 719 Larkin Street San Francisco, CA
Developer JS Sullivan
Residences 42 (36 Market Rate)
Average HOA Fees $534/month
Date on Market April 2019
Closings Commenced TBD
Average Absorption 6 units/month
SALES STATUS 0 Closed 18 In Contract 18 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 0 - - 1-BR 6 $760,667 $1,246
2-BR 0 - - 2-BR 0 - -
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 0 - - Total/Avg. 6 $760,667 $1,246
New Development Market Insights - San Francisco - Q2 2019 10 901 TENNESSEE
Address 901 Tennessee Street San Francisco, CA
Developer Local Capital Group
Residences 40 (34 Market Rate)
Average HOA Fees $600 - $700/month
Date on Market January 2019
Closings Commenced May 2019
Average Absorption 6 units/month
SALES STATUS 29 Closed 4 In Contract 1 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 8 $600,000 $1,559 Studio 0 - -
1-BR 5 $892,725 $1,474 1-BR 0 - -
2-BR 11 $1,226,500 $1,456 2-BR 0 - -
3-BR 2 $1,757,750 $1,412 3-BR 1 $1,699,000 $1,384
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 26 $993,319 $1,469 Total/Avg. 1 $1,699,000 $1,384
New Development Market Insights - San Francisco - Q2 2019 11 99 RAUSCH
Address 99 Rausch San Francisco, CA
Developer Belrich Partners/Pillar Capital
Residences 112 (99 Market Rate)
Average HOA Fees $781/month
Date on Market May 2017
Closings Commenced May 2018
Average Absorption 3 units/month
SALES STATUS 78 Closed 4 In Contract 17 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 8 $642,621 $1,527 Studio 0 - -
1-BR 24 $847,354 $1,299 1-BR 0 - -
2-BR 15 $1,317,564 $1,384 2-BR 3 $1,468,333 $1,455
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 47 $956,040 $1,361 Total/Avg. 3 $1,468,333 $1,455
New Development Market Insights - San Francisco - Q2 2019 12 FOUR SEASONS PRIVATE RESIDENCES
Address 706 Mission Street San Francisco, CA
Developer Westbrook Partners
Residences 146
Average HOA Fees ~$4,000/month
Date on Market May 2019
Closings Commenced TBD
Average Absorption N/A
SALES STATUS N/A Closed N/A In Contract 146 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 0 - - 1-BR 1 $2,535,000 $2,358
2-BR 0 - - 2-BR 2 $6,147,500 $2,282
3-BR 0 - - 3-BR 1 $7,840,000 $2,492
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 0 - - Total/Avg. 4 $5,667,500 $2,359
New Development Market Insights - San Francisco - Q2 2019 13 FULTON 555
Address 555 Fulton Street San Francisco, CA
Developer Fulton Street Ventures, LLC
Residences 139 (122 Market Rate)
Average HOA Fees $475 - $815/month
Date on Market June 2015 - Launch July 2017 - Relaunch
Closings Commenced TBD
Average Absorption 1 unit/month - Launch 2 units/month - Relaunch
SALES STATUS 0 Closed 56 In Contract 66 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 0 - - 1-BR 1 $970,000 $1,351
2-BR 0 - - 2-BR 3 $1,451,333 $1,432
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 0 - - Total/Avg. 4 $1,331,000 $1,416
New Development Market Insights - San Francisco - Q2 2019 14 LUMINA
Address 201 Folsom Street San Francisco, CA
Developer Tishman Speyer Properties; Vanke
Residences 656
Average HOA Fees ~$1,000/month
Date on Market October 2014
Closings Commenced September 2015
Average Absorption 11 units/month
SALES STATUS 643 Closed 10 In Contract 3 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 14 $1,220,643 $1,351 1-BR 0 - -
2-BR 15 $2,295,133 $1,664 2-BR 7 $2,243,000 $1,640
3-BR 8 $4,230,500 $1,893 3-BR 1 $3,549,000 $1,982
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 37 $2,307,027 $1,666 Total/Avg. 8 $2,406,250 $1,694
New Development Market Insights - San Francisco - Q2 2019 15 MIRA
Address 280 Spear Street San Francisco, CA
Developer Tishman Speyer
Residences 392 (235 Market Rate)
Average HOA Fees $1,120 - $1,450/month
Date on Market November 2018
Closings Commenced TBD
Average Absorption 6 units/month
SALES STATUS 0 Closed 50 In Contract 185 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 0 - - 1-BR 1 $1,325,000 $1,679
2-BR 0 - - 2-BR 5 $1,496,000 $1,408
3-BR 0 - - 3-BR 2 $3,337,500 $1,930
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 0 - - Total/Avg. 8 $1,935,000 $1,619
New Development Market Insights - San Francisco - Q2 2019 16 ONE MISSION BAY
Address 110 Channel St./1000 3rd St. San Francisco, CA
Developer CIM Group Strada Investment Group
Residences 350
Average HOA Fees $600 - $1,011/month
Date on Market May 2016
Closings Commenced November 2017
Average Absorption 9 units/month
SALES STATUS 315 Closed 21 In Contract 14 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 11 $1,076,727 $1,356 1-BR 0 - -
2-BR 24 $1,626,567 $1,374 2-BR 3 $1,730,000 $1,400
3-BR 8 $3,043,063 $1,745 3-BR 3 $3,258,333 $1,796
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 43 $1,749,444 $1,472 Total/Avg. 6 $2,494,167 $1,636
New Development Market Insights - San Francisco - Q2 2019 17 STAGE 1075
Address 1075 Market Street San Francisco, CA
Developer Encore Capital Management
Residences 90 (79 Market Rate)
Average HOA Fees $585 - $820/month
Date on Market October 2017
Closings Commenced February 2018
Average Absorption 4 units/month
SALES STATUS 64 Closed 13 In Contract 2 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 8 $626,689 $1,312 Studio 0 - -
1-BR 16 $870,567 $1,318 1-BR 1 $879,050 $1,434
2-BR 5 $1,178,720 $1,294 2-BR 1 $1,259,000 $1,481
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 29 $850,706 $1,318 Total/Avg. 2 $1,069,025 $1,461
New Development Market Insights - San Francisco - Q2 2019 18 SUTTER NORTH
Address 1238 Sutter Street San Francisco, CA
Developer Celtic Development
Residences 37 (33 Market Rate)
Average HOA Fees $530 /month
Date on Market May 2018
Closings Commenced September 2018
Average Absorption 2 units/month
SALES STATUS 21 Closed 11 In Contract 1 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 5 $622,000 $1,414 Studio 0 - -
1-BR 13 $678,538 $1,439 1-BR 0 - -
2-BR 3 $978,000 $1,421 2-BR 0 - -
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 21 $706,136 $1,435 Total/Avg. 0 - -
New Development Market Insights - San Francisco - Q2 2019 19 THE AUSTIN
Address 1545 Pine Street San Francisco, CA
Developer Pacific Eagle Holdings
Residences 100 (88 Market Rate)
Average HOA Fees $600 /month
Date on Market February 2017
Closings Commenced December 2017
Average Absorption 3 units/month
SALES STATUS 78 Closed 0 In Contract 10 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 1 $715,000 $1,135 Studio 0 - -
1-BR 13 $942,192 $1,445 1-BR 0 - -
2-BR 8 $1,580,375 $1,414 2-BR 0 - -
3-BR 0 - - 3-BR 0 - -
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 22 $1,163,932 $1,419 Total/Avg. 0 - -
New Development Market Insights - San Francisco - Q2 2019 20 THE AVERY
Address 488 Folsom Street San Francisco, CA
Developer Related
Residences 118
Average HOA Fees $1,715
Date on Market June 2018
Closings Commenced TBD
Average Absorption 2 units/month
SALES STATUS 0 Closed 28 In Contract 90 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 0 - - 1-BR 2 $2,012,500 $2,115
2-BR 0 - - 2-BR 2 $2,980,000 $2,130
3-BR 0 - - 3-BR 3 $4,480,000 $2,247
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 0 - - Total/Avg. 7 $3,346,429 $2,176
New Development Market Insights - San Francisco - Q2 2019 21 THE HARRISON
Address 401 Harrison Street San Francisco, CA
Developer Rockpoint Group Maximus Real Estate Partners
Residences 298
Average HOA Fees $1,022 - $1,887/month
Date on Market April 2016
Closings Commenced August 2016
Average Absorption 7 units/month
SALES STATUS 205233 Closed 0N/A In Contract 1449 Available
Recent Sales (Q3 2018 - Present) Active Listings
Unit Type # Sales Avg. Sales Price Avg. $/SF Listings # Listings Avg. Listing Price Avg. $/SF
Studio 0 - - Studio 0 - -
1-BR 30 $1,124,537 $1,403 1-BR 2 $1,096,500 $1,605
2-BR 42 $2,191,193 $1,607 2-BR 7 $2,581,000 $1,981
3-BR 2 $5,700,000 $2,171 3-BR 3 $5,808,333 $2,453
4-BR+ 0 - - 4-BR+ 0 - -
Total/Avg. 74 $1,853,598 $1,540 Total/Avg. 12 $3,140,417 $2,142
New Development Market Insights - San Francisco - Q2 2019 22 THE WESTERLY
Address 2800 Sloat Blvd San Francisco, CA
Developer Propriis
Residences 56 (49 Market Rate)
Average HOA Fees TBD
Date on Market July 2019
Closings Commenced TBD
Average Absorption NA
SALES STATUS N/A Closed N/A In Contract N/A Available
No sales update available at this time.
New Development Market Insights - San Francisco - Q2 2019 23 NEW DEVELOPMENT PIPELINE
Oceanwide Center
Developer Oceanwide Holdings Architect Foster + Partners Condo Units & Stories 265 units & 2 towers (52 and 61 floors) Completion Date 2023 Status Under Construction Unit Mix N/A Additional Info 135 million square feet of office space, hotel, and public spaces
Four Seasons Private Residences (706 Mission)
Developer Westbrook Partners Architect Handel Condo Units & Stories 146 units & 45 floors Completion Date 2020 Status Under Construction, Currently Selling Unit Mix N/A Additional Info Standalone Four Seasons private residence
One Steuart Lane (75 Howard)
Developer John Buck Co./SRE Architect SOM Condo Units & Stories 120 units & 20 floors Completion Date Q3 2020 Status Under Construction Unit Mix 1BR: 22%, 2BR: 58% , 3BR: 17%, 4BR+: 3% Additional Info Ground-floor Restaurant
Crescent (875 California)
Developer Grosvenor Americas Architect Robert A. M. Stern Architects Condo Units & Stories 44 units Completion Date 2020 Status Under Construction Unit Mix TBD Additional Info N/A
New Development Market Insights - San Francisco - Q2 2019 24 NEW DEVELOPMENT PIPELINE
2177 Third
Developer Align Real Estate Architect Woods Bagot Condo Units & Stories 114 units & 7 floors Completion Date Late 2019 Status Under Construction/Registration Unit Mix N/A
1554 Market
Developer Z&L Properties Architect Handel Condo Units & Stories 109 units & 12 stories (2 buildings) Completion Date TBD Status Under Construction Unit Mix N/A
950 Tennessee
Developer LEAP Development Architect Handel Condo Units & Stories 100 units & 4 floors Completion Date Sales in Fall 2019 Status Under Construction Unit Mix N/A
950 Gough
Developer Westbrook Properties & Maracor Architect Handel Condo Units & Stories 95 units & 8 floors Completion Date 2021 Status Under Construction Unit Mix N/A Additional Info Formerly the site of Saint Paulus Lutheran Church, this project will include a 10,000-SF sanctuary
New Development Market Insights - San Francisco - Q2 2019 25 NEW DEVELOPMENT PIPELINE
Pier 70
Developer City of San Francisco & Forest City Architect TBD Residential Units 2,100 units w/ 30% affordable (condo v. rentals TBD) Completion Date Final phase estimated 2028 Status Approved Unit Mix N/A Additional Info The three phase project will include housing, retail, office space, parks, etc.
5M (5th and Mission)
Developer Forest City Architect Kohn Pederson Fox Associates Condo Units & Stories 400 units & 45 floors Completion Date Phased, 2022 - 2025+ Status Approved Unit Mix N/A Additional Info Office, retail, apartments
524 Howard
Developer Crescent Heights Architect Handel Condo Units & Stories 334 units & 48 floors Completion Date 2022 Status Approved Unit Mix Studio: 14%, 1BR: 40%, 2BR: 45% Additional Info Site on the market
One Oak (1540 Market)
Developer BUILD Architect SCB Architects Condo Units & Stories 304 units & 40 floors Completion Date Q2 2021 Status Approved Unit Mix Studios, one- and two-bedroom units and several three-bedroom penthouses.
New Development Market Insights - San Francisco - Q2 2019 26 NEW DEVELOPMENT PIPELINE
1601 Mission
Developer Zhuguang Group Architect Handel Condo Units & Stories 220 units & 12 floors Completion Date TBD Status Approved Unit Mix N/A Additional Info 7,000 SF of retail space
888 Tennessee
Developer S.Hekemian Group Architect David Baker Condo Units & Stories 110 units & 4 floors Completion Date TBD Status Approved Unit Mix N/A Additional Info 5,500 SF of restaurant/retail space
1200 Van Ness
Developer Van Ness Post Center LLC Architect Woods Bagot Condo Units & Stories 96 units & 13 floors Completion Date TBD Status Approved Unit Mix N/A Additional Info Include rooftop garden, fitness/yoga, & a pet grooming area. 95K SF for commercial/retail space
555 Howard
Developer Pacific Eagle Architect Renzo Piano/Mark Cavagnero Condo Units & Stories 69 units & 36 floors Completion Date 2022+ Status Approved Unit Mix 1BR: 31%, 2BR: 39%, 3BR: 28%, 4BR: 2% Additional Info 255 room Langham Hotel
New Development Market Insights - San Francisco - Q2 2019 27 NEW DEVELOPMENT PIPELINE
Transbay Block 4 (201-299 Howard)
Developer Hines/Urban Pacific Architect SCB Condo Units & Stories 713 units & 45 floors Completion Date 2022+ Status Under Review Unit Mix N/A Additional Info N/A
Parcel F (564 Howard)
Developer Hines/Urban Pacific Architect Pelli Clark Pelli Condo Units & Stories 170 units & 61 floors Completion Date TBD Status Under Review Unit Mix N/A Additional Info 210 room hotel, 250K SF office space
325 Fremont
Developer Fulton Street Ventures Architect Handel Condo Units & Stories 118 units & 25 floors Completion Date 2022 Status Under Construction Unit Mix Studio:19%, 1BR:40%, 2BR:41% Additional Info N/A
New Development Market Insights - San Francisco - Q2 2019 28 Compass Development Disclaimer
Compass makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation or other information provided by Compass herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that Compass shall not be deemed to provide legal, accounting or other professional services. This is not intended to solicit the purchase or sale of any property. Any and all such warranties are hereby expressly disclaimed. Equal Housing Opportunity.
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New Development Market Insights - San Francisco - Q2 2019 29