The price of new construction condos in San Francisco continues to grow. According to The Mark Company’s August Condo Pricing Index, the average price per square foot of a new condo in San Francisco was $1,119, a 10 percent jump year-over-year.
So it’s no surprise we’re seeing some record listing prices in the city. Just last month, a luxury two-bedroom at 8 Octavia in Hayes Valley listed for $1,384 per square foot – a record price per square foot for the neighborhood.
This summer has been a sales bonanza for many developments in the city. By the end of August, Arden by Bosa in Mission Bay had sold nearly all of its 267 units, with just 17 available. That equates to an impressive rate of 62 units per month since opening in May. Other smaller boutique buildings, including 1515 15th (45 units) in the Inner Mission and 1645 Pacific (34 units) in Lower Pacific Heights took just three months to sell out. And similarly, only 2 of the 39 units at Millwheel North in Dogpatch have sold since the development’s sales office opened in May.
SF New Condo Inventory Update: New Developments Opening This Fall
In August, new construction inventory dropped 10 percent month-over-month compared to July, with 386 units available during the month. Two new developments – the SF Shipyard and Summit 800 – both of which haven’t yet released sales data – helped improve new construction availability in San Francisco. Both developments accounted for 260 new units coming online this summer.
Here’s a broader snapshot of the city’s 386 available units:
- 8 Octavia – Hayes Valley – There are 40 units available at this Hayes Valley building, and prices range from $700,000 to $1.395 million. The 8-story building features a variety of one-, two- and three-bedroom units, and although some of the upper units are asking record per-square-foot prices, lower units are closer to the city’s $1,000+ per square-foot price.
- Amero SF – Cow Hollow – Located in Cow Hollow, Amero features 27 two- and three-bedroom units. They’re spacious, from 1,000 to 2,000 square feet, and are adorned with luxury furnishing. Amero offers a unique opportunity to buy new construction in Cow Hollow. Sales began this summer, although data hasn’t been released yet.
- Vida – Mission – Vida opened to much fanfare earlier this year, and sales at the development have been steady. At the end of August, 53 of 114 units at Vida had been sold, leaving 63 up for grabs. Move-ins will begin in the next few months, and the second release of units was announced recently.
- The SF Shipyard – Hunter’s Point – The SF Shipyard might be one of the most ambitious housing developments in San Francisco. But its location in the far southeastern corner of the city may dissuade some buyers. One of the biggest selling points for Shipyard single-family homes is price. Currently, units start in the mid-$400,000s.
- Summit 800 – Park Merced – Located at 800 Brotherhood Way, Summit 800 is a family-friendly almost-suburban development in San Francisco. The two- and three-bedroom townhouses at Summit 800 feature the comforts of the suburbs – think garages, more space and parks nearby – but remain connected to the city.
In the next few months, several notable new developments are coming online. Fall 2014 will be a busy month for new construction condo listing in San Francisco. And although there will likely be an uptick in inventory, chances are prices won’t likely drop much. The good news: Options are opening for buyers.
- Lumina – SoMa – The sales gallery for this super-luxury South Beach building is opening this month, September 2014. When finished, the Lumina building will house 655 one-, two- and three-bedroom condos, with some unreal amenities, including a lap-pool, fitness center with a climbing wall and private dining room with chef’s kitchen.
- 35 Dolores – Castro – Construction has been moving along swiftly at 35 Dolores and a sales office is expected to open shortly. The four-story building includes plans for 33 one-, two- and three-bedroom condos. The location couldn’t be more perfect: One block off of Market Street, near Mission Dolores Park and just minutes to the neighborhood’s shiny-new Whole Foods.
- 870 Harrison – SoMa – The buzz for this 22-unit building hasn’t loud, but based on its prime SoMa location, chances are these units will sell fast. The one- and two-bedroom units will feature floor-to-ceiling windows and some will come with balconies. Floor plans haven’t been released. Expect a sales office to open in the next few months.
- V20 Valencia – Mission – Located on Valencia Street at 20th, V20 will feature 18 units in the heart of the Mission district. The building will house two- and three-bedroom units averaging about 1,300 square feet. Currently, interested buyers can pre-registration to be first in-line when sales begin this fall.