August 2015 San Francisco Residential
Total Page:16
File Type:pdf, Size:1020Kb
SAN FRANCISCO RESIDENTIAL DEVELOPMENT AUGUST 2015 REPORT CONTENTS click page numbers to be taken directly to page STATE OF DEVELOPMENT MARKET PERFORMANCE CURRENTLY SELLING Median $/SqFt Currently Year-Over-Year Month-Over-Month Mission Rock is San Francisco’s newest Luxe planned community to hit center stage. In New Condominium $1,196/SqFt 18% 1% November, San Francisco voters will de- Resale Condominium $1,021/SqFt 13% 0% 1650 Broadway at Van Ness | Pacific Heights cide the fate of an Initiative which calls for Status: 34 units available/0 in-contract/0 closed New Apartment $5.10/SqFt 7% n/a increasing allowable building heights up to Pre-sale: August 2015 Closings anticipated: Q1 2016 240 feet at the Development Site, locat- Project info: 34 units, 7-stories, 34 parking spaces ed just South of AT&T Park. In 2014, Voters NEW CONDOMINIUM PRICING & VOLUME passed Proposition B, requiring voter ap- Developer: Belrich Partners proval of height increases along Waterfront Architect: Forum Design Median Price & Closing Volume land owned by the Port. The November Interior Design: Edmonds + Lee Initiative proposes heights between 90 and $1,200,000 180 Features & Finishes: Marble tile and zinc facade, Floor- 160 240 feet, stepping down heights closer to $1,000,000 to-ceiling windows, Bay and Golden Gate views, Studio the Waterfront. Part of the Site currently 140 Most Recent Quarter Becker Cabinetry, Mobile kitchen islands, Caesarstone serves as the Giants’ parking lot, while the $800,000 120 countertops, Subzero refrigerators, Thermador ap- 100 Median: $1,000,000 $600,000 pliances, Uline wine coolers, Duravit and Hansgrohe rest consists of historic Piers in need of 80 fixtures, Victoria + Albert limestone soaking tubs, restoration. Plans for the 28-acre Site call $400,000 60 Units Closed: 52 Frameless glass showers; Penthouses only: Gas fire- for 1,500 apartments, a 3,100-spacep. parking 40 Number Closed Median Sale Price $200,000 p. p. places, Walk-in pantries and closets, Calacatta marble, garage (to serve Giants games)3 and 8 acres 20 Units Available: 766* 4 5 Custom millwork of public open space. The Plans also call for $0 0 the restoration of Pier 48, which is to serve Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Amenities: Lounge, Two-story lobby as Anchor Brewing’s newest manufacturing Median Sale Price # Closings Website: Luxe-SF.com facility. Most impressively, the Developers have called for 40% of the apartments to be * As of August 2015; Restricted by marketing phases designated Below Market Rate. The Initiative, sponsored by Developer, The RESALESan Francisco CONDOMINIUM Giants, PRICING & VOLUME has gained the support of all members of the Board of Supervisors, including the Mayor. For addi - tional information, visit SF-Port.org or MissionRock.org. Median Price & Closing Volume $1,200,000 250 $1,000,000 225 NEWS... 200 Most Recent Month $800,000 175 $600,000 150 Median: $1,060,000* CURRENTLY SELLING/SOLD-OUT $400,000 125 100 Units Closed: 175 $200,000 Number Closed Pre selling has commenced at Luxe, a 7-story, 34-unit building in Pacific Heights. Median Sale Price 75 $0 50 Units Available: 137 Over half of the units at Rockwell are in-contract. Current absorption measures at about 35 units per month. V20 is nearly sold-out. Price per square foot measures at over $1,500, for the 5-story building. Median Sale Price # Closings SOLD-OUTAll market rate units are& in-contractRESALE at Mission@1875. Price per square foot measuresUPCOMING at $1,050. DEVELOPMENTS * ExcludesPIPELINE loft-condominiums SUMMARY NEW APARTMENT PRICING & OCCUPANCY UNIT MIX SalesUnit Type Number of Size Range Development Developer / Owner Area Approved,Commence UnderUnits Review andUnits Conceptual UNDER CONSTRUCTION/IN PLANNING VIDA Average Price & Occupancy 1 - Bedroom Area 9 Approved902 - 918 SqFt Under Review Conceptual 2558 Mission Street at 22nd | MissionLuxe$4,000 - 1650 Broadway Street at Van Ness Belrich Partners Van95.0% Ness Corridor Q3 2015 34 Align Real Estate is proposing to build up to 618 units at 30 Otis Street in Mid-Market,$3,900 Bayview/Hunters2 - Bedroom Point/Candlestick11 Point 1,11212,771 - 1,697 SqFt 499 3,780 94.0% dependant on a request to increase allowable heightApproximate to 450 feet. absorption: 8 units/month,$3,800 Average $/ 3 - Bedroom 14 1,607 - 2,014 SqFt SqFt: $1,090 2655$3,700 Bush Street at Divisadero KB Home Lower93.0% Pac Heights Q3Dogpatch 2015 81 2,360 907 0 Build Inc. is proposing to build 120 apartments at 830 Eddy Street. The 14-story project$3,600 would Most Recent Quarter break ground in 2017. Developer: Oyster Development Architect:$3,500 Kwan Henmi 92.0% Hayes Valley 116 170 24 Project info: 114 units, 8-stories, off-sitePark$3,400 181 BMRs, - Fremont 77 park Street- at Howard Jay Paul Company 91.0%Transbay Average:Q3 2015 $3,875 67 $3,300 Mid-Market 32 2,590 0 The first phase of redevelopment is set for a February 2016 groundbreaking. Occupancy Park Merced’s ing spaces, Monthly HOA fee: $430 - $620, Date on mar- 90.0% Average Price Average $3,200 Occupancy: 91% The Project will eventually yield 8,900 new units orket: 5,679 March net 2014, new Allunits. units in-contract: July 2015 Mission 141 1,559 134 1450$3,100 Franklin Street at Bush Village Properties Western89.0% Addition Q3 2015 67 Amenities: Roof terrace with BBQ, lounge$3,000 area Mission Bay 520 1,500 0 JS Sullivan has submitted an application to build 52 condominiums at 1198 Valencia Street$2,900. 88.0% Environmental cleanup at the former gas station SiteFinishes: is now Bosch complete. & Bertazzoni appliances,1001 17th quartz Street Q1counter at 2014 Pennsylvania Q2 2014 Q3 2014 Q41001 2014 17th StreetQ1 2015 AssociatesQ2 2015 Potrero Hill Q3Northern 2015 Neighborhoods26 132 1,663 0 tops, exposed concrete ceilings and columns, porcelain A four-story, 42-unit development has been proposed for 1001 Quintara Street in the Sunset. 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 1,188 832 Sutter Street at Jones n/a Lower Nob Hill Q3Southern 2015 Neighborhoods20 1,704 1,201 334 Closing Details p. p. p. PG.4 SAN FRANCISCO RESIDENTIAL DEVELOPMENT AUGUST 2015 Transbay 949 784 0 PG.3 SAN FRANCISCO RESIDENTIAL DEVELOPMENT17 AUGUST 2015 28 PG.5 SAN FRANCISCO RESIDENTIAL DEVELOPMENT30 AUGUST 2015 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 RESIDENTIALVida - 316 0/1 SUPPLY517 0 $585,000 $1,132 ABOUT12/3/2014 REPORT NOTES 2655 BUSH Transbay 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 leadsWhile theVan way Ness the to Corridor Report focuses on34 0 34 The spike in apartment supply in Q1 2016 reflects the anticipation of 1,300successful new units development.