by Gary Belk | Jan 12, 2015 | Blog, Business, Hayes Valley, Neighborhood, News and Reviews, Uncategorized |
San Francisco real estate has been pulling in the records in 2014. Earlier this year, we saw the highest price per square foot in Hayes Valley at 8 Octavia. And condos have been selling at the speed of light. The 267-unit Mission Bay development Arden by Bosa, for instance, sold out in a few months this summer. Recently, though, there has been some evidence the market is starting to plateau. For instance, the median home price in San Francisco hit a record $1.072 million in November, but sales volume dipped by 20 percent. But that shouldn’t be a cause for alarm. The San Francisco housing market traditionally slows down late in the year. In fact, it’s not likely prices will come down in 2015. Why? The laws of supply and demand are alive and well in the city, and the huge demand and short supply are contributing to surging home prices. Plus, interest rates remain low, although they’re projected to climb, so there are more buyers looking. Here are a few market factors to consider in 2015: 1. Demand for Housing Is Off the Charts: Since 2010, San Francisco has added about 10,000 residents per year, and new housing construction hasn’t come close to keeping pace. According to The Chronicle,San Francisco added roughly 10,000 residents in 2013, while just 2,300 new housing units were built. The math doesn’t add up. Unfortunately, San Francisco’s population is estimated balloon to 1 million by 2032; it’s roughly 840,000 residents now. Plus, many new residents are employed in the booming tech industry, i.e. they’re earning high wages are ready to buy. In fact,...
by Gary Belk | Oct 30, 2014 | Hayes Valley, Neighborhood, News and Reviews, San Francisco Real Estate |
The team behind the much-praised 8 Octavia in Hayes Valley has set their sights on a new location right next door. Linden Partners is currently developing a new building along Octavia, between Page and Rose, which will house 26 studio, one- and two-bedroom units. The developers recently closed on what was originally Parcel T, which became available following the demolition of the Central Freeway, and have released renderings of the new housing development. In addition to the new condos and ground-floor retail, developers have plans for a street-level community beer hall as well, which developers are calling, “a living room for the neighborhood.” The beer hall concept could be a replacement for the SF Biergarten, which has found a temporary home down the street on Parcel L. ‘Smaller, More Economical’ Units The five-story building includes condos on the upper four floors, with the first floor devoted to the beer hall and additional retail space. As far as the units themselves, they won’t be as spacious as other new construction buildings. The design team notes that to take better advantage of the space, the units will be “smaller and more economical.” Information about floor plans and square footage has not yet been released. Other features include 13 underground parking spaces, 6 spots for car-shares, and street-level landscaped areas. Like 8 Octavia, the new project will feature a distinctive façade. Edmonds+Lee, the team behind the design, said they incorporated a contemporary version of traditional Victorian Bay windows, but the building is certainly modern and will complement other buildings in the neighborhood. Blocks from the Heart of Hayes Valley Since the demolition...
by Gary Belk | May 8, 2014 | Hayes Valley, San Francisco Real Estate |
Construction at 8 Octavia is moving along and we are excited to share the building’s louver system has begun installation and the exterior façade is starting to reveal itself. The wide-plank oak flooring from the Benedictine monastery of Admont, Austria arrived last week and will soon be set within each...
