After two quarters of either no or negative price appreciation, San Francisco’s luxury condo market has bounced back, according to Compass Development’s Q2 Market Report.\
From Dogpatch to the Russian Hill area, the new projects launching sales in the fall are sleek and modern, yet designed to foster a sense of community that takes the edge off of big-city life.
The new quarterly median price—$1.25 million—was fueled by June’s new monthly high of $1.3 million and was slightly higher than last year’s $1.235 million.
A combination of factors—“high stock markets, low-interest rates, surging luxury homes sales, limited inventory and a spring filled with unicorn IPOs”—created the perfect storm for the new high prices, according to the report.
The upswing in quarter two, which is typically the city’s strongest one for condos, is being heralded with a handful of luxury projects in Dogpatch, South of Market (SOMA) and Cow Hollow that are set to launch sales in the fall.
In quarter two, there were 713 closings—an 85% increase in sales volume from quarter one, according to a New Development Market Insights report by Compass Development and The Mark Co.
With their yoga classes, outdoor courtyards, fitness centers, these walkable new projects are catering to a younger set of buyers who live healthy lifestyles yet want to be where all the action is. Here are some of the luxury residences launching sales in the fall and early next year.
950 Tennessee, Dogpatch
950 Tennessee (Photo: Steelblue)
The residences, set in a tree-lined section of Dogpatch, a walkable neighborhood with an artistic air that’s minutes from the city’s downtown, feature Danish-inspired interiors and public spaces accented with a signature art collection.
The project, which covers the width of a city block, is U-shaped and has a common open space in the form of a central courtyard. The building is broken into two divisions: One has the look of luxury residences; the other is more industrial, paying homage to the architectural style of the immediate Dogpatch Historic District.
The industrial side of 950 Tennessee channels the style of the adjacent building, 970 Tennessee St., built in 1935. The residential side reflects the style of other residential buildings, notably the Pelton Cottages and its neighbors along Tennessee and Minnesota streets.
Mid-block, a 30-foot-wide public corridor connects Tennessee and Minnesota streets.
Sales are starting in October, and the project is expected to be complete by January 2020.
Number of Units: 100
Price Range: Units start in the $600,000s
Developer/Architect: LEAP Development/ Handel Architects
Apartment Sizes: Junior one-bedroom: 421 to 505 square feet; one bedroom: 722 to 795 square feet; one bedroom plus den: 798 to 962 square feet; two bedrooms: 870 to 1,419 square feet; three bedrooms: 1,414 to 1,440 square feet. Amenities: In addition to a rooftop retreat, the building has a designer lobby, courtyard areas, outdoor dining spaces, bike storage and a dog wash.
Website: Click here
OneEleven, 588 Minna St., South of Market (SOMA)
Photo: Oxygen
The sleek, modern eight-story building occupies a corner site in the SOMA neighborhood, which is home to the San Francisco Museum of Modern Art as well as the LGBTQ and Leather Cultural District, which commemorates the decades-long leather subculture popular in the area.
Known for its walkability and being a haven for cyclists, it’s close to the BART subway and elevated rail system, the MUNI railway system, and the commuter rail line Caltrain. It’s also a block and a half from the $1 billion 5M project, which will include two new towers, an apartment building, two parks and renovated historic buildings.
Photo: Oxygen
Preview tours will start in September, sales will begin in late fall and the building is expected to be completed in January, according to a spokesman for the sales/marketing company Compass Development..
Number of Units: 39
Price Range: To be determined.
Developer/Architect: 119 7th Street Development LLC/Architecture International Ltd. Apartment Sizes: 21 one-bedroom units of 500 to 800 square feet and 18 two-bedroom units of 984 to 1,303 square feet.
Amenities: A landscaped rooftop terrace with a barbecue exclusive to residents, a retail component on the ground floor, bicycle storage, a package and mail room, a wood-paneled lobby with built-in seating, hardwood floors in the main living areas, oversized windows to bring in natural light, Bosch stainless steel appliances in the kitchens and washer-dryer hookups. Some units have private balconies and underground parking.
Website: Click here
2301 Lombard, Cow Hollow
2301 Lombard (Photo: Smilodon)
Lombard Street, which is known as the most crooked street in the world, is a gateway to the city, and this development is in the center of things.
It straddles the Marina, Cow Hollow and Pacific Heights neighborhoods, and it’s close to the Union Street Commercial District and the commercial strip of Chestnut Street.
This building’s undulating design was inspired by the lines of movement in its landscape. The back of the famous hill on upper Lombard Street is visible from the site, and the building’s façade captures the serpentine streaks of light that follow the topography on the opposite side with ribbons of metal that rise and fall between window sills and floor slabs. The distinctive perforated panels, which let light in, match the material color of the Marina area.
Behind the panels, the glass window wall jogs in and out, tying it to the forms of the traditional townhouses nearby. The ground level of the development is retail.
Information on when the development will be completed and sales would be launched was not available.
Number of Units: 22
Price Range: To be determined
Developer/Architect: Centrix Builders Inc
Architects Apartment Sizes: 700 square feet to 1,710 square feet
Amenities: A rooftop terrace, a barbecue area, a bike room, storage lockers and a laundry for oversize goods.
Union House, 1515 Union St., Pacific Heights/Russian Hill/Cow Hollow/The Marina
Union House (Photo: Handel Architects)
Union House, which is at the nexus of four highly desirable neighborhoods, is in the heart of things—it’s close to Michelin-star restaurants and boutique stores that define the area, offers access to the waterfront and parks and has spectacular views of the city’s iconic landmarks.
The building’s façade, made of poured-stone panels and brushed bronze, is in a timeless contemporary style that complements the rich architectural heritage of the neighborhood. Oversized, acoustically engineered windows provide solitude and allow an abundance of natural light to flow into each residence.
The lobby takes its style from European boutique hotels, and the interiors of the units, which feature high-end finishes, including European oak, Italian Calacatta marble and polished nickel, are reminiscent of the grandest homes on the Gold Coast.
Sales will launch in January 2020, with the first closings set for February 2020.
Number of Units: 41
Price Range: To be determined
Developer: DM Development/Handel Architects Apartment Sizes: One bedrooms: 783 to 955 square feet; two bedrooms: 1,124 to 1,657 square feet; three bedrooms: 1,940 to 2,362 square feet; townhomes: 1,481 to 1,815 square feet; penthouses: 1,618 to 2,437 square feet.
Amenities: A lobby with a concierge desk and a private sitting room with a fireplace and a dramatic floor-to-ceiling plaster art piece by Parisian craftsman Atelier Premiere; a panoramic sky lounge that has views of San Francisco Bay, the Golden Gate Bridge, the 1,500-acre Presidio park and the Marin Headlands, which is part of the Golden Gate National Recreation Area.
Website: Click here
Website: Click here
2177 Third, Dogpatch
Union House (Photo: Handel Architects)
The contemporary design of the seven-story condo complex, which features a central landscaped courtyard and a large “living wall” of plants, is in the city’s epicenter for entertainment. Located in Dogpatch, an art-centric neighborhood, it’s within walking distance of the Chase Center multipurpose arena and Thrive City, the arena’s 11-acre community gathering space that features fitness clinics, yoga classes, farmer’s markets, ice skating, public art installations, and 29 shops and restaurants.
The residences in 2177 epitomize luxury: The kitchens feature Greek white marble countertops and Miele appliances, and the bathrooms are appointed with Italian marble vanities. The units boast broad views of San Francisco Bay and the future Crane Cove Park, a large green space.
Sales will launch in October, and the project is expected to be completed in January.
Number of Units: 114
Price Range: To be determined
Developer/Architect: Align/Woods Bagot Apartment Sizes: Studios: 501 to 521 square feet; one bedrooms: 651 to 757 square feet; two bedrooms: 954 to 1,483 square feet.
Amenities: 24/7 concierge service, a residence lounge and a roof deck, a roof terrace, a fitness center, co-working space, valet, electric car-charging stations, car share, a bike workshop, bicycle storage, a pet spa, a resident management portal app, monthly curated events for residents, housekeeping, on-demand dry cleaning, dog walking and car washing services.
Website: Click here