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July 2015 San Francisco Residential Development

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July 2015 San Francisco Residential Development SAN FRANCISCO RESIDENTIAL DEVELOPMENT J U LY 2015 CONTENTS STATE OF DEVELOPMENT MARKET PERFORMANCE CURRENTLY SELLING The Planning Department recently released their bi-annual Housing Balance Report, tracking$/SqFt Currently Year-Over-Year Month-Over-Month Fulton 555 the net production of affordable housing as compared to the overall market. With the passage of Proposition K last year, the City’s goal is such that 33% of all new housing unitsNew be designatedCondominium $1,212/SqFt 12% 3% 555 Fulton Street at Octavia | Hayes Valley as affordable. The calculated “Citywide Cumulative Housing Balance” for the 2005-2014Resale Condominium period $1,023/SqFt 9% 3% Status: 139 units available/0 in-contract/0 measures at 21%. The “Projected Housing Balance Citywide” measures at 11%, and accounts for closed developments which have received approvals, but have not commenced construction.New Apartment However, $5.02/SqFt 7% n/a Ground Broken: May 2014 four major projects (Treasure Island, Park Merced, Hunters Point and Schlage) are not included in Date on Market: June 2015 the “Projected Housing Balance Citywide”. These projects have the potentialNEW to yield CONDOMINIUM over 25,000 PRICING & VOLUME First Closings Anticipated: Q4 2015 units, with 21% designated as affordable. The full Report is available Online at SF-Planning.org. Project info: 5-stories, 148 parking spaces (77 Median Price & Closing Volume retail/68 residential), Developer: Fulton Street Ventures CUMULATIVE HOUSING BALANCE BY PLANNING DISTRICT $1,600,000 30 $1,400,000 Architect: Ian Birchall & Associates 100.0% 73.5% 65.5% 25 43.6% $1,200,000 26.9% Most Recent Month Retail: 30,000 SqFt grocery store 10.8% 11.5% 19.2% $1,000,000 20 0.0% $800,000 15 Median: $1,130,000 Features & Finishes: n/a $600,000 10 Amenities: Lounge, Roof terrace, Dog park, p. $400,000 Units Closed: 15 Bicycle repair station, Conference room -100.0% 5 Number Closed Median Sale Price $200,000 p. p. -26.1% -4.0% 3 -7.6% Fulton555.com -126.9% -108.9%$0 4 0 Units Available: 831 5 Website: -200.0% -181.5% -29.5% -300.0% Median Sale Price # Closings -400.0% A large negative Housing Balance percentage indicates removal of a significant number of rent-controlled -395.7% units, relative to new housing production. RESALE CONDOMINIUM PRICING & VOLUME -500.0% Median Price & Closing Volume $1,400,000 250 NEWS... $1,200,000 225 $1,000,000 200 Most Recent Month 175 $800,000 150 $600,000 Median: $1,111,250 CURRENTLY SELLING 125 $400,000 100 Units Closed: 176 There are 25 units in-contract at Fulton 555, after just one month of selling. Number Closed Median Sale Price $200,000 75 $0 50 Units Available: 131 400 Grove is nearly sold-out. Closings are anticipated for September. Absorption at the Shipyard’s 2nd phase measures at about 15 units/month, and $/SqFt nears $750. Median Sale Price # Closings Unit Mix & Pricing Summary SOLD-OUT & RESALE UPCOMING DEVELOPMENTS PIPELINE SUMMARY 50% of the units at Lumina are in-contract. First closings are anticipated for this summer. Number of Unit Type Units Size Range Price Range Vida is now sold-out. Average $/SqFt measures at approximately $1,100. NEW APARTMENT PRICING & OCCUPANCY Development Developer / Owner Area Approved,JuniorSales 1 - Bedroom UnderUnits Review and21 Conceptual446 - 523 SqFt n/a VIDA Commence Average Price & Occupancy 1 - Bedroom Area 51 542 - 1,269 SqFtApproved n/a Under Review Conceptual 2558 Mission Street at 22nd | MissionLuxe - 1650 Broadway Street at Van Ness Belrich Partners Van Ness Corridor Q3 2015 34 IN PLANNING $3,800 95.0% Bayview/Hunters2 - Bedroom Point/Candlestick64 Point690 - 1,153 SqFt12,771 n/a 499 3,780 8 units/month, Approximate absorption: $3,700Average $/ 94.0% 3 - Bedroom 2 1,852 - 2,118 SqFt n/a The Giants increased their Below Market Rate programSqFt: to $1,090 40% of the 1,500 units 2655 Bush Street at Divisadero KB Home Lower Pac Heights Q3Dogpatch 2015 81 2,360 907 0 proposed at Mission Rock. $3,600 93.0% 4 - Bedroom Penthouse 1 2,304 SqFt n/a Developer: Oyster Development Architect: Kwan Henmi Most RecentHayes Quarter Valley 116 170 24 $3,500 92.0% Park 181 - Fremont Street at Howard Jay Paul Company Transbay Q3 2015 67 Pacific Eagle Holdings/SKS Investments filed preliminaryProject info: plans 114 for units, a mixed-use 8-stories, off-site Transbay BMRs, 77 park- Average:Mid-Market $3,774 32 2,590 0 project at 555 Howard Street, consisting of 127 unitsing and spaces, 223 hotelMonthly rooms. HOA fee: $430 - $620,$3,400 Date on mar- 91.0% $3,300 90.0% Occupancy Mission 141 1,559 134 ket: March 2014, All units in-contract: Price Average July 2015 A new Development has been proposed for the site of the now shuttered Pacific Sales1450 Franklin Street at Bush Village Properties Western AdditionOccupancy:Q3 2015 93% 67 building at 975 Bryant Street. The plans call for 184Amenities: units in a Rooffour-story terrace building. with BBQ, lounge$3,200 area 89.0% Mission Bay 520 1,500 0 Finishes: Bosch & Bertazzoni appliances,1001$3,100 17th quartz Street counter at Pennsylvania 1001 17th Street Associates 88.0%Potrero Hill Q3Northern 2015 Neighborhoods26 132 1,663 0 tops, exposed concrete ceilings and columns, porcelainQ1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Average Price Occupancy Potrero Hill 131 1,019 323 tile bathroom floors Onyx Phase II - 310 Carolina Street at 17th LNF Partners Potrero Hill Q3 2015 21 South of Market 1,560 5,037 1,188 Southern Neighborhoods 1,704 1,201 334 p. 832 Sutter Street at Jones n/a Lower Nob HillPG.4 SANQ3 2015FRANCISCO RESIDENTIAL20 p. DEVELOPMENT JUNE 2015 PG.2ClosingSAN Details FRANCISCO RESIDENTIAL DEVELOPMENT JULY 2015 p. 16 PG.4 SAN FRANCISCO RESIDENTIAL DEVELOPMENT27 JULY 2015 Transbay 29 949 784 0 1868 Van Ness Avenue at Sacramento JS Sullivan Van Ness Corridor Q4 2015 35 Unit Type SqFt Parking Closing Price $/SqFt Closing Date Treasure Island 8,619 0 0 Upper Market 24 222 0 Vida - 314 1/1 507 0 $575,000 $1,134 388 Fulton3/31/2015 Street at Franklin 7x7 Development Hayes Valley Q4 2015 61 Vida - 204 1/1 680 0 $649,000 $954 3/25/2015 Van Ness Corridor 0 1,485 0 Vida - 306 2/2 943 1 $939,000 $996 450 Hayes3/6/2015 Street at Gough DDG/DM Hayes Valley Q4Western 2015 Neighborhoods41 9,007 574 750 Vida - 413 1/1 631 0 $689,000 $1,092 2/27/2015 Total 38,066 19,210 6,533 Vida - 402 1/1 816 1 $799,000 $979 The Pacific2/17/2015 - 2155 Webster at Sacramento Trumark Urban Pacific Heights Q4 2015 76 Vida - 315 0/1 494 0 $579,000 $1,172 1/30/2015 Vida - 307 2/2 916 1 $917,000 $1,001 Knox -1/29/2015 645 Texas Street at 22nd Trumark Urban Potrero Hill UnderQ1 Construction2016 91 (by product type) Vida - 415 0/1 494 0 $599,000 $1,213 1/27/2015 Area Condominiums Apartments All 1 Franklin Street at Market JS Sullivan Hayes Valley Q1 2016 35 Vida - 416 0/1 517 0 $599,000 $1,159 1/15/2015 Dogpatch 0 259 259 Vida - 509 2/2 1,003 1 $1,195,000 $1,191 1/15/2015 Rowan - 346 Potrero Avenue at 16th Trumark Urban Potrero Hill HayesQ1 2016 Valley 75 166 280 446 Vida - 313 1/1 631 0 $654,000 $1,036 1/13/2015 Mid-Market 0 143 143 Vida - 212 1/1 631 0 $691,500 $1,096 12/3/2014 580 Hayes Street at Laguna Laguna Hayes LLC Hayes Valley MissionQ1 2016 29 12 0 12 Vida - 215 0/1 494 0 $585,000 $1,184 12/3/2014 Vida - 216 0/1 517 0 $595,000 $1,151 12/3/2014 Mission Bay 0 574 574 Vida - 301 2/2 1,144 1 $1,190,500 $1,041 12/3/2014 Northern Neighborhoods 279 0 279 Vida - 303 1/1 832 1 $822,500 $989 12/3/2014 Potrero Hill 213 453 666 Vida - 305 2/2 1,104 1 $1,155,000 $1,046 12/3/2014 388 FULTONSouth of Market 0 3,165 3,165 PROJECTEDVida - 316 0/1 SUPPLY517 0 $585,000 $1,132 ABOUT12/3/2014 DEVELOPER SERVICES 2655 BUSH REPORTTransbay NOTES 67 472 539 Vida - 318 1/1 725 1 $765,500 $1,056 Vanguard12/3/2014 Properties expertly guides low- to high-density residential developers. Core PROJECTEDVida - 409 SUPPLY2/2 1,003 1 $1,137,000 $1,134 consulting12/3/2014 services include Research, Land Acquisition, Design, Branding, Promotion,Upper Market Sales 0 87 87 Vida - 501 2/2 1,071 1 $1,174,000 $1,096Strategy 12/3/2014 and Risk Management. From concept to close-out, Vanguard leads theVan way Ness to Corridor 34 0 34 As condominium supply is projected to dwindle in the coming quarters, the first While the Report focuses on Vida - 503 1/1 832 1 $849,000 $1,020 successful12/3/2014 development. For a list of developments, visit VanguardSF.com announcement has been made where a Development previously slated as apartments, Totals 771 5,433 6,204 willVida likely - 510 be sold 2/2as condominiums.930 Leasing1 efforts $1,019,000have stopped $1,096at the newest12/3/2014 Tower condominiums, select infor- at VidaOne - 513 Rincon Hill,1/1 consisting of631 298-units and0 49-stories.$696,000 It is estimated$1,103 that 12/3/2014about 40 For Developer Services, contact: NOTES:mation on apartments has percentVida - 515 of the building0/1 was leased,494 before being0 withdrawn$631,500 from the$1,278 market.
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