October 2015 San Francisco Residential Development
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SAN FRANCISCO RESIDENTIAL DEVELOPMENT OCTOBER 2015 NAVIGATION Click page numbers to be taken directly to page NEWS & MARKET CURRENTLY NEWS AND HIGHLIGHTS MARKETHIGHLIGHTS PERFORMANCE PERFORMANCECURRENTLY SELLING SELLING Median $/SqFt Currently Year-Over-Year Month-Over-Month CURRENTLY SELLING... Luxe New Condominium $1,218/SqFt + 15% + 2% 1650 Broadway at Van Ness | Pacific Heights Nearly half of Shipyard’s second phase is under contract. PriceResale per square Condominium foot is $1,042/SqFt + 11% + 2% averaging approximately $760. The first phase averaged approximately $660 per Status: 34 units available/0 in-contract/0 closed square foot. New Apartment $5.10/SqFt + 7% N/A Pre-sale: August 2015 Closings anticipated: Q1 2016 Less than 100 units remain available at The Rockwell. Current absorption surpasses Project info: 34 units, 7-stories, 34 parking spaces 30 units a month. p. p. Belrichp. Partners NEW CONDOMINIUM3 PRICING & VOLUME 4 Developer: 5 Sales are expected to commence this month at the second phase of Onyx , consisting Architect: Forum Design of 21 condominiums. Median Price & Closing Volume Interior Design: Edmonds + Lee Features & Finishes: Marble tile and zinc facade, Floor- Closings have commenced at Lumina’s Plaza A. Price per square$1,200,000 foot is averaging 180 approximately $1,500. to-ceiling windows, Bay and Golden Gate views, Studio 160 $1,000,000 Becker Cabinetry, Mobile kitchen islands, Caesarstone 140 Most Recent Quarter countertops, Subzero refrigerators, Thermador ap- $800,000 120 pliances, Uline wine coolers, Duravit and Hansgrohe 100 Median: $1,000,000 fixtures, Victoria + Albert limestone soaking tubs, PROPOSED... $600,000 80 Frameless glass showers; Penthouses only: Gas fire- 131 Group Housing untis have been proposed for 1798 Bryant Street$400,000 at 17th. The 7-story 60 Units Closed: 52 places, Walk-in pantries and closets, Calacatta marble, project will offer a shared kitchen as amenity space. 40 Number Closed Custom millwork Median Sale Price $200,000 20 Units Available: 758* 36 Group Housing units have been proposed for 45 Dore Street in Western SOMA. The Amenities: Lounge, Two-story lobby $0 0 project has not proposed any car parking, and will include a communal living space. Luxe-SF.com Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Website: A six-story building has been proposed for 1075 Folsom Street at 7th. The project consistsMedian Sale of 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 units have been proposed, along with 182 bicycle spacesRESALE and noSOLD-OUT car CONDOMINIUM parking. PRICING & & VOLUME UPCOMINGby phased marketing releases PIPELINE 77 units have been proposed for 552 Brannan Street at 4th. The Project proposes 34 car CLICK TO RETURN TO THE NAVIGATION PAGE CLICK TO RETURN TO THE NAVIGATION PAGE spaces and 80 bicycle spaces. RESALEMedian Price & Closing Volume DEVELOPMENTSPIPELINE SUMMARY SUMMARY 700 $1,150,000 600 $1,100,000 CITY PLANNING... AFFORDABLE HOUSING BONUS PROGRAM Approved, UnderMost Review Recent Quarterand Conceptual 500 MISSION@1875 Development $1,050,000 Developer / Owner Area Units Sales Area ApprovedCommence Under Review Conceptual What is the Affordable Housing Bonus Program (AHBP)?400 This new City Program aims to increase Median: $1,111,250 the supply of affordable housing, by increasing allowable residential density1875 Mission and height Street limits. at 15th | Mission $1,000,000 300 2655 Bush Street at Divisadero Bayview/HuntersKB Home Point/CandlestickLower Point Pac Heights 8112,771 Q4 2015 499 3,780 Status: Average $/SqFt: $1,055 $950,000 Units Closed: 560 How does it work? Developers who provide 30 percent (or200 greater) affordable units will 1001be relieved17th Street at Pennsylvania 1001 17th Street Associates Potrero Hill 26 Q4 2015 of density limits, and be allowed to build two additional residential stories. The affordable units Dogpatch 2,360 907 0 Date on market: October 2014 $900,000 would be broken down into two categories: 100 1868 Van Ness Avenue at Sacramento Hayes ValleyMonthsN/A Supply Inventory:Van 1 Ness Corridor 35 116 Q4 2015 170 24 Developer: M1875 LLC 0 p. $850,000 p. p. 12% low income (55% of area median income for rental; 90% for ownership) 17 30 32 Q1 2014 ProjectQ2 2014 info: 39Q3 units, 2014450 4-stories, HayesQ4 2014 Street 6 BMRs, atQ1 Gough 2015 24 parkingQ2 2015 spaces, MonthlyMid-Market DDG/DM Hayes Valley 41 32 Q4 2015 2,590 0 HOA fee: $400 - $520 Mission 141 1,559 134 18% moderate income (120% of area median income for rental; 140% for ownership) Number PacificClosed - 2155Median Webster Sale PriceStreet at SacramentoUNIT MIX Trumark Urban Pacific Heights 76 Q1/Q2 2016 Amenities: Rooftop pool, dog run The development would also be required to offer at least 40 percent two-bedroom units.1450 Franklin Street at Bush Mission BayVillage Properties Western Addition 67 520 Q1 2016 1,500 0 Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, BlancoUnit Type Number of Size Range Developments which contain 100 percent affordable units would be offered the same relief from Northern Neighborhoods Units 132 1,663 0 density limits, and up to three additional residential stories. faucets, Bertazzoni Onemicrowaves/ranges, Rincon Hill II - 401 HarrisonLeibherr Street refrigerators, brass Rockpoint/Maximus Rincon Hill 298 Q1 2016 NEW APARTMENT PRICING & OCCUPANCY 1 - Bedroom 9 902 - 918 SqFt entry doors, Heath Ceramics house numbers, radiant heated Potrerofloors Hill 131 1,019 323 There is also an alternate State mandated Bonus Program, which allowsWebsite: for greater M1875.com density3420 and 18th Street at San Carlos 2 - Bedroom N/A 11 Mission 1,11216 - 1,697 SqFtQ1 2016 heights on a graduated basis, depending on the number and type of BMR units provided. South3 - Bedroom of Market 14 1,6071,560 - 2,014 SqFt 5,037 1,188 Average1050 Price Valencia & Occupancy Street at Hill N/A Mission 12 Q1 2016 Southern Neighborhoods 1,704 1,201 334 Where does it apply? The Program applies to residential mixed-use$4,000 districts. The program does not 95.0% CLOSING DETAILS 388 Fulton Street at Franklin 7x7 Development Hayes Valley 61 Q1 2016 apply for RH-1 or RH-2 (one- and two-family house) zoning districts,$3,900 which account for over 70% of the City. 94.0%Transbay 949 784 0 $3,800 Rowan - 346 Potrero Avenue at 16th Trumark Urban Potrero Hill 70 Q1 2016 Unit Type SqFt$3,700 HOA $ Parking Closing Price $/SqFt Closing DateTreasure Island 8,619 0 0 What are next steps? The City aims to have Program legislation enacted by year’s end. For full 93.0% Most Recent Quarter $3,600 580 Hayes Street at Laguna Laguna Hayes LLC Hayes Valley 29 Q1 2016 program details, visit SF-Planning.org.109 2/2 1,272$3,500 $560 1 $1,200,000 $943 8/28/201592.0%Upper Market 24 222 0 410 2/1 779$3,400 $420 1 One Mission$945,000 Bay - 1000$1,213 Channel Street8/3/2015 at 3rd91.0% CIMAverage: Group $3,875 Mission Bay 350 Q1 2016 $3,300 Van Ness Corridor 0 1,485 0 404 2/1 750 $412 1 $935,000 $1,247 7/28/201590.0% Occupancy Average Price Average $3,200 1 Franklin Street at Market JS Occupancy:Sullivan 91% Hayes Valley 35 Q2 2016 311 1/1 777 $419 0 $729,000 $938 6/23/2015Western Neighborhoods 9,007 574 750 $3,100 89.0% 310 1/1 779$3,000 $419 0 181 Fremont$739,000 Street at Howard$949 6/5/2015 Jay PaulTotal Company Transbay REPORT6738,066 Q2 2016 NOTES19,210 6,533 PG.3 SAN FRANCISCO RESIDENTIAL DEVELOPMENT SEPTEMBER 2015 $2,900 88.0% 411 2/1 778PROJECTEDQ1$420 2014 Q2 2014 1 Q3832 2014 Sutter&$950,000 Q4Street 2014 at JonesQ1$1,221 2015 ABOUT,Q2 20156/5/2015 CONTACTN/A Lower & Nob Hill 20 Q2 2016 308 0/1 623 $376 0 $675,000 $1,083 5/14/2015 While the Report focuses on RESIDENTIAL SUPPLY AverageKnox Price - 645 TexasOccupancy Street at 22nd Trumark Urban Potrero Hill 91 Q3 2016 HISTORICAL SUPPLY PG.5 UnderSANDISCLAIMER FRANCISCO Construction RESIDENTIAL DEVELOPMENT (by product AUGUST type) 2015 208 0/1 626 $363 0 $625,000 $998 5/11/2015 condominiums, select informa- Area Condominiums Apartments All PROJECTED SUPPLY 312 2/1 805 $410 1 TowerABOUT$910,000 at Nob Hill - 1545$1,130 Pine Street at4/24/2015 Van Ness Pacific Eagle Holdings Nob Hill tion103 on Q3apartments 2016 has been Dogpatch 0 259 259 210 1/1 779 $420 1 5800Vanguard $780,000Third Street - PhaseProperties$1,001 II 4/23/2015expertly guidesHolliday low- Development to high-densityBayview residentialpresented136 developers.Q4 2016 as Core well. The most The spike in apartment supply412 in Q1 20162/1 reflects801 the anticipation$426 of 1,3001 new $980,000units $1,223 4/22/2015Hayes Valley 166 280 446 PG.4 SAN FRANCISCO RESIDENTIAL DEVELOPMENT 1450SEPTEMBER consulting15th Street 2015 at Shotwell services include Research,10 South Land Shore Acquisition, LLC Design,Mission Branding,23 Promotion,Q4 2016 Sales being released, mostly located in large Developments South of Market. Condominium recent available data has been 204 1/1 752 $451 1 Strategy$740,000 and$984 Risk Management.4/21/2015Mid-Market From concept to close-out, Vanguard 0leads the way to 143 143 supply continues to be minimal,203 as few1/1 developments754 have broken$421 ground1 in690 recent Page$754,000 Street at Steiner$1,000 4/17/2015 Page Steiner Associates Lower Haight used,12 withQ4 2016 data from September successful development. ForMission a list of developments, visit VanguardSF.com12 0 12 months.