As we head into the final turn of the 2016 spring selling season, April churned out new highs for combined house-condo median prices. While the market made new highs, the year-over-year rate of appreciation has begun to slow significantly compared to the dramatic appreciation of the 2012-2015 spring selling seasons.
On the rental front, sometimes a leading indicator for the sales market, we are hearing from multiple sources, available inventory has significantly increased and renter demand significantly decreased in recent months. This may be a reflection of softening in new, high-tech hiring, but also is just as likely a result of the number of large luxury condo buildings recently completed and now leasing. Regardless we'll be continuing to monitor it over the coming months to see if it's an emerging trend or just a temporary lull.
On the ground, in our day to day conversations, we have definitely noticed an increase in price reductions and longer marketing times. However, generally those are for properties that were already pushing the price envelope to begin with or had a perceived market flaw. The most sought after properties are 'turn-key' aka ready to move into properties in traditional neighborhoods.
This month we've included a larger number of statistical charts in our newsletter so you can draw your own conclusion. As far as the working market is concerned, there does not appear to be a softening of demand on offer prices for the most desirable properties, high or low-end.
But first we've profiled a mixture of extraordinary once-in-a-lifetime properties, updates on our previous favorites, and the latest new condo developments to officially come to market.
As always, if you have any questions about the market, or know anyone that would benefit from our experience we'd be most grateful for the introduction. When I first met her, I knew I was dealing with someone different. A deep understanding of the local fluctuations in the market and a (literal!) block by block knowledge of builders/buildings/owners/historical pricing. The woman is a walking real estate encyclopedia.
Back to our original stomping grounds in South Beach at 2nd and Bryant, the one-of-a-kind penthouse that houses the actual clock of the Clock Tower Lofts fame has just been listed for sale. Having been in this property on a few occasions over the years I have to say she's fresh from a recent remodel and looking better than ever! There are no open houses but we do have the listing agent's number on speed dial so if you'd like to see a property very few have been in, just give us a holler!
This is a once-in-a-lifetime opportunity to live within San Francisco's most visible and historic Clock Tower. Perched high above South Beach and South Park, a burgeoning epicenter of industry and technology. The Clock Tower Penthouse is on the open market for the first time since being offered to the public nearly a quarter century ago. This amazing penthouse also comes with exclusive use of the top three adjoining tower levels, including the interior of the famous and iconic "Clock Room'". The property spans 3,000 square feet of internal space and offers panoramic views in all directions plus offers up an enormous wrap around view deck offering the best in indoor-outdoor living.
[Sotheby's International Realty]
Sold! Pacific Heights Mansion
2600 Jackson Street:One of our favorite mansions we've seen in a long time, reported in last month's newsletter, closed escrow shortly after hitting the market in an old fashioned bid out. A favorite fellow Paragonian brought the winning buyer and we're looking to get an invite to the housewarming.
List Price: $7,900,000
Sale Price: $11,000,000 Photos
This majestic Pacific Heights residence designed by Ernest Coxhead exhibits an eclectic, turn-of-the-century Jacobean Renaissance style. Located on a corner lot, the home's premier setting fronts the center of Alta Plaza Park and showcases iconic SF Bay views to the north. Spanning four levels, the home features breathtaking entertaining spaces, five bedrooms (including guest quarters), five full baths and two powder rooms. A picturesque Garden Room adjoins the Foyer, serving as a parlor for welcoming guests and leading to the enchanted garden. Details include extensive millwork, leaded glass windows, elaborate relief carvings, and period lighting. Ideal location near the shops and restaurants along Fillmore and Union Streets.
New Development: One Mission Bay
With the official address of 1000 Channel Street, but going by the more majestic name of One Mission Bay, sales officially began last month for the most recent entry, and the final 'for sale' development in San Francisco's Mission Bay.
Prices begin at $600,000 for studios and go up to $3M+ for the penthouse suites with a nice grouping of one bedrooms (started at $800k), two bedrooms (starting at $1M) and three bedroom floor plans (starting in the $1.5m range). Occupancy is currently slated for the beginning of 2017 and you need to be accompanied by your real estate agent on your first in-person visit to benefit from representation outside of the developer's salespeople.
The value of having outside representation we'll be highlighting in next month's newsletter, but it goes without saying we are available to answer your questions about this project and the pros / cons of this versus any other new development on the market.
"We are blessed we got referred to you, Meredith- thank you & Michael for all the hard work under the crazy time pressures to help us secure our new home. We couldn't be happier and know that without this dream team at Paragon this would have been only a dream and far from reality."